CHARLOTTE — A California developer has acquired a historic property in Plaza Midwood with plans to redevelop the site into a multifamily community.
According to the Charlotte Business Journal, Ares Management Corp. purchased the 2.54-acre site on Central Avenue for $18.5 million.
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The property was formerly home to Midwood Elementary School and later the Midwood International & Cultural Center, which housed nonprofits such as The Light Factory Photo Arts Center and International House. The building itself dates back to the mid-1930s and served the community for over 75 years.
Ares plans to transform the site into a multifamily community featuring up to 340 apartments.
The investment firm filed a land development construction plan in February, which has been approved by the city. The firm also filed a land disturbance permit on Sept. 30, allowing for site work and construction while managing soil erosion.
According to previous CBJ reporting, Ares has been active in the Charlotte area, making several acquisitions over the past year. In November 2024, the firm purchased The Aritzia at LoSo, a 350-unit complex, for $95.5 million. Additionally, in December, Ares acquired two industrial buildings at Airport South Logistics Park for $44.5 million.
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