Area 15 is a 1.32-acre infill redevelopment site located between Uptown and NoDa in the flourishing Optimist Park submarket of Charlotte. Carolina Capital (CC) purchased the property in January 2020.
CC’s investment objective was to acquire a unique infill site with in-place cash flow for redevelopment or sale with high barriers to entry along North Davidson Street. Given the attractive basis, CC believes there are multiple avenues to creating value through, but not limited to, adaptive reuse redevelopment or sale to retail, multifamily, or office developer.
CC plans to assess all viable options to best reposition the asset throughout the hold.