Construction will soon commence on a Luxury Apartment Project in Dilworth, Charlotte. The project estimated at $110 million is owned by East Boulevard Development Co. LLC, and a construction loan of $80 million has already been secured from S3 Capital Partners, a New York-based private lending platform.
The East Boulevard Development company, owned by Brian and Brittani Philips, has purchased multiple parcels of land at East Boulevard and Lombardy Circle, totaling about 2.4 acres. Jim Gross Development Co. who is in charge of the development has gathered and mapped out the multiple parcels owned by the company, making a total of 13 parcels to be used for the project.
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Located at 1701 East Blvd. in Charlotte, snuggled in between Myers Park and the neighborhood of Dilworth, the Luxury Apartment Project in Dilworth will occupy about 392,000 square feet and consist of 334 grandeur apartments ranging from studio, one, two, and three-bedroom units. An underground parking lot with a capacity of 437 spaces will also be included in the building.
Bulk of the building will consist of one-bedroom units, and each will occupy about 791 square feet, while the two-bedroom apartments will cover 1,141 square feet. Each three-bedroom unit will have two bathrooms included and will cover 1,853 square feet, while the individual studio unit will be about 473 square feet.
Joshua Crane, the principal, and co-founder of S3 Capital said in a statement that the project will offer a high-quality tenant experience with abundant amenities and a perfect location, as it is located in proximity to Charlotte’s premier 98-acre urban park, dozens of restaurants, a shopping area and Atrium Health Carolinas Medical Center.
Crane said, “We anticipate tremendous leasing momentum for this project, which offers a superior-quality tenant experience with abundant amenities and an ideal location.”
Construction on the Luxury Apartment Project in Dilworth is slated to commence sometime in the last quarter of the year, as demolition at the site has already been completed. The project is expected to be completed in two years.
