The property is located in University City’s commercial core next to major thoroughfares. These include US Highway 29 (N Tryon St), Interstate 85, Old Concord Rd and Rocky River Rd. The city of Charlotte has also planned to extend the LYNX Blue Line to run along N Tryon St, which will run adjacent to the property. A proposed LYNX station and “Stop and Ride” has also been proposed across Tryon St adjacent to the property, along with a stoplight at its northern edge.
University City is located minutes north of Uptown Charlotte and 20 minutes from the Charlotte Douglas International Airport, the world’s 23rd busiest airport. Over half a million workers live within a half hour commute, and 6 million live within a hundred mile radius.
A Major Growth Location for University City
As the city of Charlotte paves the road for economic development through it's $1.5 billion expansion of it's world-class LYNX transit system, the University City area has been identified as one of the hottest urban development opportunities in the South East.
In it's latest reports, University City Partners details 61 public and private construction and renovation projects either under way or announced since 2013. Totaling $2.4 billion, the projects range from transformative infrastructure to large scale medical and retail growth. Here is just a snapshot of what's planned in the area:
- Office – 13 projects totaling more than $140 million in new construction and renovations, including upfits and a new parking deck at Innovation Park; the total reconstruction of the Exeter office building; headquarters expansions by Electrolux and Rack Room Shoes; and upfits at Environmental Way and 10101 Claude Freeman Drive for, respectively, IT companies Red Ventures and Yodle.
- Multifamily – Seven new communities totaling $220 million, including the first phase of the mixed-use Crescent Alexander Village in University Research Park, and five student-oriented communities just south of UNC Charlotte on NC 49 and East WT Harris Boulevard.
- UNC Charlotte – 14 projects totaling $316 million, including the recently dedicated PORTAL Building in Charlotte Research Institute; the Early College High School building to open this fall; and numerous student housing renovations and new buildings that could increase on-campus residents from about 5,500 to 7,000 students by fall 2017.
- Light rail and I-485 – Total of $1.586 billion to complete the last leg of the I-485 Outer Belt Road and I-85 interchange late this year and to construct the 9.3-mile LYNX Blue Line Extension, two parking decks and associated community improvements.
- Other Transportation and infrastructure – $82 million for several road , bike and pedestrian projects including the long-awaited new connector road linking Mallard Creek Road and Graham Street; extension of University City Boulevard; and three greenway and bike-ped paths.
- Property sales – 10 transactions totaling $76 million, including the former WalMart at University Place; Bank of America’s 24-acre tract at North Tryon Street and Mallard Creek Church Road; and the Wall Street Journal printing facility in URP (now owned by the Charlotte Observer and used to print both papers).