Developer Faison expects to finally break ground on a new development in Charlotte’s Elizabeth neighbourhood this summer. The timeline once ground is broken is about 18 to 20 months to completion. The project should take between 18 and 20 months to complete, senior managing director Kris Fetter told Charlotte Business Journal.
The mixed use development is expected to contain 60 apartments and 21,000 sq. ft. of commercial space. There will be two buildings on the 1.7-acre site. There could be 5,300 sq. ft. of restaurant space while the rest of the commercial space could be retail or office space.
Located at the corner of East Seventh St. and North Caswell Rd., the new development is a short block away from Independence Park. There are many restaurants and businesses within walking distance. An Uptown commute is a quick trip down Seventh St.
“We’re really gearing after more of an empty nester, older demographic” of potential apartment tenants, Fetter said.
Faison purchased the property in late 2016 for about $5 million.
“There’s a lot of history there,” Fetter said, referring to the Elizabeth neighborhood. “And I’m respectful of that, so we want to make sure we’re sensitive to the neighborhood. We’ve worked closely with ECA (Elizabeth Community Association) closely on design intent to make sure we respect that and we are mindful that we meet those intentions.”