±2.3-Acre Uptown Development Site
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Stadium±2.3-ACRE UPTOWN Terraces DEVELOPMENT SITE CONFIDENTIAL OFFERING MEMORANDUM CAPSTONE BROKERAGE TEAM RON CORRAO Senior Advisor direct 757.749.6994 office 800.746.3175 ext. 712 [email protected] CALEB TROOP Investment Sales Advisor direct 314 . 6 07. 3 4 81 office 800.746.3175 ext. 725 [email protected] ERIC LIEBICH Investment Sales Advisor direct 248.225.3706 office 800.746.3175 ext. 730 [email protected] CONTENTS PROPERTY OVERVIEW 5 property details parcel view executive summary & key contacts survey & utility map concept plans INVESTMENT RATIONALE 17 ideal zoning prime location nearby development advantageous characteristics MARKET OVERVIEW 25 charlotte overview multi-family fundamentals thriving economy APARTMENT MARKET 31 comparable sales—existing assets comparable sales—land rental competitors OFFERING DETAILS 47 offering details brokerage team PROPERTY OVERVIEW property details parcel view executive summary & key contacts survey & utility map concept plans PROPERTY DETAILS 800 W MOREHEAD ST CHARLOTTE, NC 28208 16 ADDRESS MUDD 85 ZONING & ENTITLEMENT 07324301/07324302/07324303 74 PARCEL IDs ±2.269 TOTAL (±1.201/±0.534/±0.534) ACREAGE PODIUM OR PARTIAL WRAP MULTI-FAMILY 77 PRODUCT TYPE ±280 POTENTIAL DENSITY [6] STADIUM TERRACES PARCEL VIEW ±2.269 ACRES VPD) ± W MOREHEAD ST (29,000 PROPERTY INVESTMENT MARKET APARTMENT OFFERING DETAILS RATIONALE OVERVIEW MARKET DETAILS EXECUTIVE SUMMARY Capstone Land Sales is pleased to present the Stadium Terraces Development Site: three contiguous parcels totaling ±2.27 acres, located in Uptown Charlotte on West Morehead Street. The site is zoned Mixed Use Development District (MUDD) and is currently vacant land, ripe for development. Stadium Terraces is located in the shadow of Bank of America Stadium, home of the Carolina Panthers, offering pristine views of Uptown’s skyline. The site is surrounded by an influx of development activity as Charlotte’s burgeoning economy shows no signs of slowing. The development opportunity is ideally suited for a multi-family developer; however, office, hospitality, or more versatile mixed-use development projects could be pursued due to the excellent location and accessibility along I-77 and I-277. EXISTING VALUE PROPOSITIONS » In-Place MUDD Zoning » Unmatched Visibility Along I-77 and I-277 » Uptown Charlotte Site—One Block from Panthers Stadium » Brownfields Program Tax Benefits » Surrounded by Ongoing Development Projects » One Block from LYNX Silver Line Proposed Route [8] STADIUM TERRACES SITE OVERVIEW & KEY CONTACTS SITE DETAILS KEY CONTACTS » Current Zoning: Mixed Use Development District (MUDD) CIVIL ENGINEER » Multi-Family Residential, Office, Hospitality Entertainment plus Additional Lauren Myers Young BKV Group Other Uses Permitted by Right Associate Partner www.bkvgroup.com » 120’ Height Restriction email: [email protected] phone: 571.305.3460 » 14’ Minimum Setback » Minimum Parking Requirements for MUDD: CHARLOTTE CITY COUNCIL MEMBER • Residential: 1 space per dwelling unit Justin Harlow, • Hotels/Motels: 0.5 space per room Council Member, District 2 • All Other Uses: 1 space per 600 gross square feet email: [email protected] phone: 704-336 -6105 » Zoning Ordinance (Page 132–153): http://ww.charmeck.org/Planning/ZoningOrdinance/ CHARLOTTE PLANNING ZoningOrdCityChapter09.pdf John Kinley email: [email protected] UTILITIES phone: 70 4 - 336 - 8311 » Water/Sewer to the Site CHARLOTTE WATER » Sewer Improvement Project in Process with the City of Charlotte Micah Burgess Eric Howard • Hill Street Minor Storm Drainage Improvement Project Senior Engineer Senior Engineer * Type: Storm Drainage Improvement phone: 704-391-5178 email: [email protected] email: [email protected] phone: 704-336-1041 * Phase: Design * Contact: Danee McGee, Project Manager OTHER email: [email protected] | phone: 704-336-4102 StormWater.CharMeck.org » Duke Energy: 800-653-5307 • Latest News and More Information: » Mecklenburg County Land Development Fee Schedules: www.charlottenc.gov/StormWater/Projects/Pages/HillStreet.aspx www.charlottenc.gov/ld/Pages/ReviewFees.aspx SURVEY [10] STADIUM TERRACES UTILITY MAP !( N 2 I t h - S in c 7 h ch in 7 c 2 n E !( i 24 n 2 x inc c 4 i h M in t c 1 h 6 h 0 !( inc 24 in A i E n c 24 ch h × R h!( !( c a 2 n 4 in i ch 8!( !( 24 inc W !( 2 h h !( 8 4 i c 24 i M nc in !( i nc o h nc h re 4 2 h h 2 4 !( e 24 a in inch d h !( c S c h W t n i 2 H h 1 il c l n h !( S i c t × n 6 i !( 2 1 1 !(8 inc !( !(h h c 8 n i i n 8 1 c 8 h !( in 6 c !( i h !( n h c c h n 8 i × 8 in 1 !( c h !(h c in 1 !( 8 6 in c t 1 h S 6 1 in 2 r c × a h in d c e h 8 C !( in S !( c !(W h 8 h H in c i c n ll h i S 8 1 t 8 !( in !( c h h c n i 8 h 8 c n in M i c 8 h o h !( r c ri n s i × S !( Wastewater !(8 t 8 8 Manhole i × n !( in c c h h Wastewater !( !( h Gravity c n i !( 8 × Water Hydrant 2 1 2 in h i c c 6 n h Water Distribution in h i 8 c n c 2 8 n c h !( 1 in i h !( c in 8 8 h c t h 8 !( in S 1 inc h = 133 feet !( × r Waitner h e c h n h c r Transmission 0 37.5 75 150 n a i W Feet 8 !( Charlotte Water geographic data and other records are provided Project: PID 07324301 Created By:Kenny Buckenmeyer for general information purposes only. While Charlotte Water makes every effort to confirm the accuracy of information, it does Technology Services - GIS Group not warrant nor guarantee information provided is accurate, current or complete. Charlotte Water assumes no responsibility for the Map Number: 1 2/7/2019 consequences of inappropriate uses or misinterpretations of released data. PROPERTY INVESTMENT MARKET APARTMENT OFFERING DETAILS RATIONALE OVERVIEW MARKET DETAILS CONCEPT PLAN—MASSING PERSPECTIVE Lauren Myers Young BKV Group Associate Partner www.bkvgroup.com email: [email protected] phone: 571.305.3460 [12] STADIUM TERRACES CONCEPT PLAN DETAILS BKV Group www.bkvgroup.com PROPERTY INVESTMENT MARKET APARTMENT OFFERING DETAILS RATIONALE OVERVIEW MARKET DETAILS CONCEPT PLAN—FLOORPLANS [14] STADIUM TERRACES CONCEPT PLAN, CONTINUED Lauren Myers Young BKV Group Associate Partner www.bkvgroup.com email: [email protected] phone: 571.305.3460 PROPERTY INVESTMENT MARKET APARTMENT OFFERING DETAILS RATIONALE OVERVIEW MARKET DETAILS INVESTMENT RATIONALE ideal zoning prime location nearby development advantageous characteristics IDEAL IN-PLACE MUDD ZONING Stadium Terraces is ideally zoned as a Mixed-Use Development District (MUDD), which encourages a multitude of development types, including both multi-family and mixed-use development and its accompanying support of commercial and office uses. This zoning maintains a strong emphasis on pedestrian scale, urban development, and amenities, per Charlotte’s Zoning Ordinance. The MUDD zoning offers a generous 120’ restriction on building height, allowing for creative site planning to achieve the ideal parking/unit mix for future projects. Additionally, the minimum setback allowed is 14’ from the existing or proposed curb. Thoughtful urban design and pedestrian friendly access is paramount for new construction in MUDD zoning, as the development group will be expected to add value to the improving cityscape in Uptown Charlotte, per the City of Charlotte. Open space along with unique design elements is encouraged in order to enliven the streetscape. [18] STADIUM TERRACES PRIME UPTOWN CHARLOTTE LOCATION ONE BLOCK FROM BANK OF AMERICA STADIUM Stadium Terraces is ideally located in Uptown Charlotte, which is the city’s largest employment center. Uptown Charlotte has seen tremendous growth and development over the last 10 years and shows no signs of slowing, as there are various commercial development projects proposed or under construction. Specifically, East Stonewall Street is experiencing an influx of development projects that are heading west towards Bank of America Stadium and this site. Uptown Charlotte is home to more than 100,000 jobs, making it the largest employment center in Charlotte, with a host of high paying white-collar jobs, including a substantial concentration of financial services jobs. Wells Fargo is the largest employer in the city, boasting 23,000 employees across the city with the majority housed in Uptown. Additionally, Bank of America is headquartered in Charlotte and employs more than 15,000 people in Charlotte, with the majority located in Uptown as well. LARGEST EMPLOYERS LOCATED IN UPTOWN Company Industry Employment Wells Fargo & Co. Financial Services 23,000 Bank of America Corp. Financial Services 15,000 Duke Energy Corp. Energy 7,8 0 0 AT&T Inc. Telecommunications 3,290 PROPERTY INVESTMENT MARKET APARTMENT OFFERING DETAILS RATIONALE OVERVIEW MARKET DETAILS ABUNDANCE OF NEARBY DEVELOPMENT ACTIVITY The southern portion of Uptown Charlotte and South End are experiencing an influx of development activity, with many projects offering an abundance of new office space, attracting more employment opportunities to the area. Stadium Terraces sits within 1 mile of the majority of the outlined development projects. DUKE ENERGY UPTOWN TOWER THE RAILYARD » 39-Story Office Tower » 1,000,000 SF Office Space » Two 160,000 SF Office Buildings » Outdoor Plaza/Rooftop Park » Expected to House » 25,000 SF Ground Floor Retail » Four Restaurant Spaces » 2019 Delivery 3,600 Employees » 2021 Delivery DIMENSIONAL FUND ADVISORS OFFICE BUILDING FIRST NATIONAL BANK TOWER » 8-Story Office Building » 15,000 SF Retail Space » 31-Story Mixed-Use Tower » Ground Floor Retail » 265,000 SF Office Space » 2019 Delivery » 160,000+ SF Office Space » 2020 Delivery 300