by: Tenikka Smith Updated:
CHARLOTTE, N.C. - Once remnants of a building at the corner of South and Carson Boulevards is torn down, a brand new 331 unit apartment complex will be built in its place.
Tobe Holmes, director of Historic South End, said it will be the 11th complex built here in the last few years.
"It will bring approximately 3,000 residents to South End bumping our total residents up in five years -- doubling our population from 3,200 to over 6,000," Holmes said.
It's a population that consists of young professionals like Kyle Meloney. His job brought him to Charlotte from New York City three months ago. He's said South End was the ideal location.
"It was one the accessibility to the light rail, I-77 but also the modern rustic feel where you have a lot of renovated old mills that have that modern feel but you also have new construction," said Meloney.
According to the September 2013 Charlotte Apartment Report, more than 8,000 units were under construction in the Charlotte area and close to 12,000 were proposed. That same data shows in the southeast corridor, which includes South End and South Park, more than 2,000 units are under construction and another 3,500 units are planned.
And people are willing to pay for the convenience South End has to offer the average rent is just more than $1,100.
"Supply and demand will rule and it will be interesting to see how many will be absorbed over time and what 2014 and 2015 will look like -- and what that signals to the development community about how many more deals will come in," Ken Szymanski, executive director of the Greater Charlotte Apartment Association said.
Charlotte Center City Partners said the development also benefits the city's economy in other ways.
President Michael Smith said having a strong group of young professionals in the city's workforce helps to lure good jobs to the area as well.
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