CHARLOTTE — Three companies partnering to transform a South End-area block into a creative, multi-use commercial microdistrict known as The Quarter have taken another step in that endeavor.
The latest addition at The Quarter came Tuesday when FCP, Abacus Capital and Big Cypress Capital acquired 6.7 acres at 704 W. Tremont Ave. and 2207-2315 Toomey Ave. for $10.6 million. A four-story apartment building that’ll house 306 units and 5,900 square feet of ground-floor retail space will be developed on that property.
Plans for The Quarter began taking shape last November when the trio of commercial real estate firms closed on two existing midcentury warehouse buildings, at 2213 and 2218 Toomey Ave. in the Wilmore neighborhood, to convert into adaptive-reuse commercial space. In May, a third single-story former warehouse at 2320 Toomey Ave. was acquired by the joint-venture group for the same use.
While the commercial portion of The Quarter already broke ground, the multifamily development is scheduled to begin at the end of 2021, with an expected completion in early to mid-2023.
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