Terwilliger Pappas announced that it has closed on the sale of an approximately eight-acre, fully entitled, multi-family development site in Charlotte, North Carolina within the 150-acre master planned City Park community – once the site of the Charlotte Coliseum and original home to the Charlotte Hornets.
Capstone Land Sales brokered the transaction on behalf of the seller and the site’s master developer, Atlanta-based Pope & Land Real Estate, and procured the buyer, Charlotte-based Terwilliger Pappas, one of the premier apartment developers in the southeast, known for building high-quality, distinctive properties including Solis Southline, Solis Berewick, Solis Keltonwood, and Solis South Park. Terwilliger Pappas plans to build a 272-unit, Class A apartment project called Solis City Park.
City Park is located adjacent to the burgeoning Charlotte Douglas International Airport submarket and the West Charlotte employment node that includes employers such as Belk, Sealed Air, Amazon and UTC Aerospace Systems, among others.
“We recently broke ground in this exciting, underserved suburban market of Charlotte,” said Craig Miller, Terwilliger Pappas Executive Vice President. “Solis City Park will meet the increased demand for residential living near major employers in a walkable, amenity-rich community of City Park.”
The site is located in the center of City Park along the tree-lined City Park Dr. The trees, planted in 1989 as part of the Maya Lin landscape art installation called “Topo,” were preserved by Pope & Land and have become a central feature of the 5-acre linear park which is in front of Solis City Park. Solis is also across from prominent retailers within City Park, including Panera, Chipotle, and Starbucks, as well as walkable to the Charlotte Regional Farmers Market, Renaissance Park, the Harry Jones Municipal Golf Course and the future Sugar Creek Greenway extension. Nearby development within City Park includes a Fairfield & Residence Inn, Charlotte’s first dual-brand hotel, City Park View apartments, an Aloft Hotel, several hundred single-family and townhomes from Ryan Homes in various stages, and a wide variety of current and future retailers.
“We are proud of the history of the site and the manner in which City Park has grown over the years since we demolished the old Coliseum. City Park has become the walkable, suburban mixed-use development that we had envisioned, and we are excited that Terwilliger Pappas has joined our community,” said Pope & Land Senior Managing Development Partner, Mason Zimmerman.
The Capstone Land Sales advisory team representing the seller consisted of Caleb Troop and AJ Klenk.
“We continue to see significant development interest in high-quality, well-planned multi-family housing around the I-485 loop; thereby, providing different housing options to meet the growing demand across our city,” Troop said. “City Park, including this next phase of Solis City Park, is a great example of what can be done with creativity, commitment and vision. What was once a vacant 18,000 seat arena with 50 acres of abandoned asphalt around it has been transformed over the years into truly one of the great revitalization projects in Charlotte.”