High-end apartment tower breaks ground soon in midtown
The apartment developer Northwood Ravin will break ground soon on a 27-story luxury residential tower in midtown, a project that could evolve the whole vibe of the neighborhood.
Why it matters: The 283-unit property aims to make the Metropolitan area the kind of high-end live-work-play destination that you’d find at places like Phillips Place in SouthPark, according to Northwood Ravin president and CEO David Ravin.
Zoom out: Northwood Investors, with whom Northwood Ravin is affiliated, purchased Metropolitan and the land surrounding it in 2020 for $92.25 million. For the last few years, the commercial real estate company has been giving the shopping center a refresh that includes a fresh look and new tenants like Open Rice.
- Northwood Investors is also the firm that bought the Ballantyne Corporate Park in 2017 for $1.2 billion.
Details: The apartment tower will go up on the vacant grassy area near the park and adjacent to the Metropolitan — but not on the park itself, which is county-owned. The tower will be easily accessible to the Cross Charlotte Trail nearby. Among the features of the building:
- Two-story penthouses with private hot tubs on terraces with city views.
- Multiple outdoor pools.
- Private bar and speakeasy on the rooftop.
The development is meant for a range of residents seeking high-end living, from professionals associated with the new medical school nearby to people who may be downsizing, per Ravin. “We’re really going after that demographic that can afford a lot (and) expects a lot,” he added.
Timeline: Preliminary site work begins this month, with groundbreaking expected early next year. The building will open within three years or so, Ravin adds.
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