Greenville, North Carolina-based developer Taft Family Ventures has begun construction on Adler Montford Park, a redevelopment of the former Melrose Place Apartments near Park Road Shopping Center.
North Carolina developer Taft Family Ventures has kicked off its most recent Charlotte multifamily project in the Montford area.
Site work is underway on Adler Montford Park, a 202,000-square-foot apartment community with 241 studio, one- and two-bedroom units and eight three-bedroom townhomes situated on about 2.9acres. Starting rents will range between $1,600 and $2,400.
The property will include a clubhouse, resort-style pool, yoga and fitness center, remote work lounges, community kitchen and rooftop sky lounge with views of uptown. Thomas Taft Jr., TFV principal, said the most valuable amenity is the property's proximity to Park Road Shopping Center and shopping, dining and entertainment in the Montford neighborhood.
Taft said the project, at 1351 E. Woodlawn Road, is replacing the former Melrose Place Apartments development, which was demolished in mid-2019. TFV acquired the property in 2019 for $7.3 million, according to Mecklenburg County property records.
The $85 million project is expected to deliver in spring 2025. Vertical construction will likely begin early next year, Taft said.
"This time last year the interest-rate world blew up, so it took us until the start of this year to sort out the construction debt," he said. "It’s pretty substantial site work, so I would be surprised if there’s much out of the ground before the end of the year."
Taft said the intent was always to tear down the aging Melrose Place Apartments and redevelop the land.
"It was a fairly run-down property, and though we operated the apartments for a while as we worked through plans (for redevelopment), we knew eventually we’d tear it down," he said." The land has been vacant since then as we worked through design entitlement concepts, and now we’re basically ready to start construction."
Adler Montford Park is the Greenville-based developer's third Charlotte project. Taft said it won't be its last. "Our family’s equity investment in this project is further proof that Charlotte is a smart place to invest, thanks to the combination of robust public and private investment that create an ideal development environment," he said. "It's always been incredibly appealing to watch Charlotte grow."
Taft Construction Group is heading the construction, and Taft Management Group is managing the project. SouthPark Interiors is the interior designer; Land Design is handling site planning; and Cline Design is the architect.
See the full article at The Charlotte Business Journal