Phoenix-based Alliance Residential has filed a rezoning plan for a vacant, 10-acre lot just outside Charlotte, N.C., that would allow for up to 350 new apartments, a clubhouse, and a pool if approved. The city recommends the project’s approval, and Alliance expects to break ground on it in 2017 or 2018.
Named Broadstone Bryant Park, the new development will aim to attract tenants who don't qualify for subsidized housing but can't afford the city’s current supply of high-end apartments, where one-bedroom units can rent for $2,000 or more. Conversely, studios and one-bedrooms will rent for an average of $1,144 at Broadstone, where they'll make up 75% of the property's units. Two- and three-bedroom apartments will also be available, at $1,515 and $1,685, respectively.
“Our goal is to provide the finest Class A housing stock to this ignored band of the rent spectrum where limited options push residents further from the communities in which they work,” the company said in a community presentation earlier this year. One reason the rents could be cheaper: The plan doesn’t include an expensive-to-build parking deck, and instead relies on surface parking.