Atlanta-based Wood Partners has closed on a 3.4-acre land purchase in Charlotte, N.C.’s, Optimist Park neighborhood for about $5.3 million. The firm rezoned the property from industrial use to transit-oriented development in February and now plans to build a five-story, 280-unit apartment building on the site.
The project will be the 11th Wood Partners multifamily development in Charlotte. The plan is one of many slated for the historically industrial Optimist Park area, where an extension to the LYNX Blue Line light-rail system is set to open in 2018. The NRP Group, Miller-Valentine Group, White Point Partners, and Paces Properties are developing mixed-use and commercial space nearby.
Including the Wood Partners plan, 795 new apartment units and 148,100 square feet of commercial space are under development in the neighborhood.