Jonathan Taft discusses why Greenville is a great city for business.
Taft Development Group (TDG) acquired Melrose Place apartments, at 1351 E. Woodlawn Road, which is near the intersection with Park Road and is in walking distance to Park Road Shopping Center. TDG paid $8 million for the 2.9-acre site, which includes Melrose Place and four single-family residential lots on Drexel Place, according to Mecklenburg County real estate records.
The site was the subject of a rezoning that was filed in 2015 but wasn't approved by Charlotte City Council until late 2017. The new zoning allows for up to 265 apartments and eight townhouse-style units, but TDG is expecting to rezone the site again to accommodate its plans, said Mike McCarty, President of Taft Development Group.
The Park Road corridor has become an attractive submarket for investors in Charlotte, led at least in part by the redevelopment of Park Road Shopping Center by Edens, which has spent significant capital in renovations and new tenancy at the 1950s-era retail center.
The 54 apartments at Melrose Place were built in 1967. Units are in a series of low-rise, garden-style buildings and rent at rates markedly below new construction apartments in the immediate area. The property would likely qualify as naturally occurring affordable housing, as the rents are below market average but the property isn't subsidized.
McCarty said new construction is likely at least a year or, potentially, two years out and that TDG does not plan to demolish any buildings or make tenant changes until the project moves close to groundbreaking.
Elsewhere in the region, TDG is under construction on a $35 million, 250-unit multifamily development in Matthews near Family Dollar's headquarters.
Read more at Charlotte Business Journal
An in-state, family-owned real estate company making efforts to diversify its holdings has purchased a Triad industrial building used by a regional health care delivery system.
Taft Family Ventures of Greenville paid $6.44 million for a 112,000-square-foot building on 8.1 acres at 2100 Summit Ave. in northeast Greensboro that Cone Health leases and uses for distribution, storage and office space. The facility was built in 1974.
Seller South Atlantic Warehouse bought the facility in March 2016 and installed new HVAC systems, lighting, racking, fencing and security systems.
Tom Taft, principal at TFV, told Triad Business Journal that the building is in good shape, and that no major changes or renovations are planned in the near future.
Cone Health is "just a great tenant," Taft said. "They have a 10-year lease."
Taft said multifamily residential communities have dominated TFV's holdings, especially in the Greenville area, and that the company is trying to diversify into different sectors and other geographical markets.
"We're in the process of investing between $22 million and $25 million to try to increase the diversity of our holdings," Taft told TBJ.
TFV also owns a 60,000-square-foot building at Kimel Park and South Park Shopping Center in Winston-Salem.
TFV has an assortment of medical buildings as well as student apartments, single- and multifamily residential communities, and industrial and office developments throughout the Carolinas and several other states.
The company, through subsidiary Taft-Mills Group, has started construction on Amberly Trace, an 80-unit affordable housing apartment community at 1029 Chapel Hill Road in Burlington. It plans to start construction on Oliver's Trace, an 88-unit affordable complex at 1134 Oliver's Crossing Circle in south Winston-Salem, in summer 2019.
Read more at Triangle Business Journal