Construction begins on SkyHouse UptownMarch 5, 2014 10:37 am
Novare Group, Batson-Cook Development Company and Grubb Properties have issued the notice to proceed for SkyHouse Uptown, a 24-story, 336-unit luxury apartment building on the corner of 10th and Church Streets in the Fourth Ward neighborhood.
The tower will be the 11th SkyHouse-branded luxury high-rise in the Southeast, following buildings in Atlanta, Dallas, Houston, Austin, Orlando, Tampa and Raleigh. The program represents more than $700 million in new construction and has created thousands of permanent and full-time jobs while putting intown properties on the tax digests. The towers are aimed at Generation Y professionals who want to live in urban infill areas close to business centers, night life, culture and public transportation. Click here to download additional information about Charlotte Gen Y professionals and residential trends in our 2014 State of the Center City report.
BBVA/Compass Bank is providing construction financing for the project, and NGI Investments, LLC, led by Borders, and Batson-Cook Development Company are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of the Atlanta office of CBRE advised on financing, while Ryan Clutter of CBRE represented the seller in the land transaction.
“There is a lot of momentum in Uptown from Bearden Park to the new Knights baseball stadium, and we are excited to work with Batson-Cook Development Company and Grubb Properties to add SkyHouse to the mix in the Fourth Ward,” said Jim Borders, President, Novare Group.
The innovation of the SkyHouse program lies in the experienced team lead by Jim Borders and Novare Group with co-sponsor Batson-Cook Development Company, general contractor Batson-Cook Construction and architectural firm Smallwood, Reynolds, Stewart, Stewart. The partnership allows the SkyHouse communities to be delivered in urban locations where strong economic and demographic trends favor intown living but where apartment cost economics are otherwise difficult for high-rise towers directed at a younger population. Because of a truncated build-time enabled by lean construction techniques, the projects are delivered quickly at attractive cost structures for high-rise apartments.
Grubb Properties, headquartered in Charlotte, is a 50-year veteran of real estate investment, development and management with a proven track record of successful multi-family communities in Charlotte and throughout the Southeast. Its Charlotte multi-family projects include the prestigious Ratcliffe condominiums on South Tryon, uptown Charlotte’s first luxury condominium high-rise with Batson-Cook Construction as the general contractor, as well as the Sterling Magnolia, Sterling Steele Creek, Park South and Quarterside apartment communities.
“This project will spark a transformation of the North Tryon area and underscores our commitment to provide upscale, close-in housing to a growing generation who prefer to rent rather than buy their residences, We are proud to partner with premier developers such as Novare Group and Batson-Cook, both leaders in providing homes to young professionals across the Southeast to Texas,” said Clay Grubb, president of Grubb Properties.
Novare Group developed Avenue and Catalyst, both on Church Street. Batson-Cook Development Company built the Trademark condominium tower as well as the Courtside condominium project with David Furman. Batson-Cook Company, a related general contracting firm, was the general contractor on the Duke Energy Center and Hearst Tower.
SkyHouse features residential units between one and three bedrooms with high-end finishes and floor-to-ceiling glass offering breathtaking views. The “SkyHouse” is situated on the 24th floor and features a club room, fitness area and outdoor plazas that include a swimming pool, fireplaces, covered outdoor lounges and birds-eye views of the city. The project will be environmentally sustainable and Energy Star certified.
“This is a demographically driven program targeting younger residents who desire a high-rise urban lifestyle with entertainment and leisure options close by,” said Mark Stewart, Director of Investments, Batson-Cook Development Company. “Between the years 2012 and 2017, 4.2 million people will turn 22 every single year and for many in this demographic, they will find SkyHouse to be an ideal place to call home.”