CHARLOTTE, NC-The Houston-based Morgan Group Inc. plans to begin construction in the summer on Spectrum, a four-story, 331-unit apartment complex on 4.8 acres at 2203 Hawkins St. Units in the project will average 910 sf and will feature conventional and loft floor plans. Among features will be hard-surface flooring in entry, kitchen and living areas and walk-in closets. The project, which will be located near the city's South Corridor Light Rail Line, is expected to be completed in spring 2009.
Target rents were not released, but average rents at similar multifamily properties in the area range from $1.33 to $1.57 per sf, Morgan Group vice president of development Carleton Riser tells GlobeSt.com. "The South End is a favored area due to its proximity to Uptown and the dynamic, evolving character of the neighborhood," Riser says.
The project is designed by Memphis-based architect LRK. The property's brick-and-metal exterior will feature design elements from the neighborhood's manufacturing past and from its current art scene. The project will be built on the site of a former plastics manufacturing plant, which has been demolished.
The project will be the Morgan Group's first in Charlotte. Among reasons the company targeted the area is its proximity to a transit center. "Increasing fuel costs, longer commutes and a growing desire for a community-centric lifestyle are driving inner-city population growth," says Morgan Group CEO Michael Morgan. "We see this trend spreading to smaller metropolitan areas as well and will continue to seek development opportunities near transit-oriented centers."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.