Business owners in Plaza Midwood are excited about the possibilities new construction brings to the neighborhood
It’s obvious that Midwood is growing! Construction is booming with new condos popping up everywhere, and don’t forget about our new Harris Teeter!
Want to know more? To name just a few of the complexes…
The Edison, at Pecan and Commonwealth avenues, features apartments that are smaller and less expensive than the city average and cater to renters who like to walk and enjoy the eclectic east Charlotte neighborhood. Lat Purser & Associates Inc. has been working with the Plaza Midwood Neighborhood Association in designing the projects look, which Purser describes as streamlined modern.
This is the firms third infill apartment community in Charlotte. The other two, The Davy and Arden, are in the Arts District, (NoDa), just minutes from uptown.
Commercial real estate developers and investors have been flocking to build apartment complexes while the rest of commercial development remains relatively flat. Demand for apartments is expected to grow thanks to a growing number of younger residents and the weak housing market, which may have scared some people from home-ownership.
The Charlotte Observer says: “The average occupancy rate for apartments in the Charlotte metro area is 93.3 percent, according to the March issue of the Charlotte Apartment Report, published by Real Data. Demand has been strong and new supply has been stifled over the past two years, resulting in a tighter market, the report says.”
Now, there are more than 3,000 units under construction and developers have plans for another 8,300 units in the area, according to the report.
At this point, all the buildings going up have been filled because there is demand, he said, speaking about the broader apartment market.
With 53 units,The Edison will be about one-sixth the size of a traditional 300-unit apartment community. It will have a community garden and common patio, but no swimming pool or large television room. Rooms will average 650 square feet, versus 850 square feet at larger developments. Prices will also be lower than average, ranging from roughly $500 a month to $980 a month for a two-bedroom unit with upscale finishes.
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Read more here: http://www.charlotteobserver.com/2012/05/25/3265582/plaza-midwood-to-get-53-unit-apartment.html#storylink=cpy