Taft Development Group Purchases Site Near Charlotte's Park Road Shopping Center

Taft Development Group has acquired Melrose Place apartments, a community near Park Road Shopping Center, located in Charlotte.

Taft Development Group (TDG) acquired Melrose Place apartments, at 1351 E. Woodlawn Road, which is near the intersection with Park Road and is in walking distance to Park Road Shopping Center. TDG paid $8 million for the 2.9-acre site, which includes Melrose Place and four single-family residential lots on Drexel Place, according to Mecklenburg County real estate records.

The site was the subject of a rezoning that was filed in 2015 but wasn't approved by Charlotte City Council until late 2017. The new zoning allows for up to 265 apartments and eight townhouse-style units, but TDG is expecting to rezone the site again to accommodate its plans, said Mike McCarty, President of Taft Development Group.

The Park Road corridor has become an attractive submarket for investors in Charlotte, led at least in part by the redevelopment of Park Road Shopping Center by Edens, which has spent significant capital in renovations and new tenancy at the 1950s-era retail center.

The 54 apartments at Melrose Place were built in 1967. Units are in a series of low-rise, garden-style buildings and rent at rates markedly below new construction apartments in the immediate area. The property would likely qualify as naturally occurring affordable housing, as the rents are below market average but the property isn't subsidized.

McCarty said new construction is likely at least a year or, potentially, two years out and that TDG does not plan to demolish any buildings or make tenant changes until the project moves close to groundbreaking.

Elsewhere in the region, TDG is  under construction on a $35 million, 250-unit multifamily development in Matthews near Family Dollar's headquarters.

Read more at Charlotte Business Journal

Developer Breaks Ground on $35M Multifamily Project in Matthews

Taft Development Group is developing Residences Galleria, which will include 250 units at the Charlotte-Matthews border on Monroe Road.

Taft Development Group is developing Residences Galleria, which will include 250 units — one-, two- and three-bedroom apartments as well as two- and three-bedroom townhouses. The $35 million project is being built on a 21.5-acre site at 10252 Monroe Road, on the Charlotte-Matthews border and across the street from Family Dollar's headquarters.

Units will include interior finishes like granite countertops, plank floors and stand-up glass showers. Some of the townhouses will have garages. Community amenities include a clubhouse with a swimming pool and sundeck, yoga and fitness center, business lounge, pavilion, billiard room, and clubroom with a cooking demonstration area.

Taft Development estimates pre-leasing for Residences Galleria to commence in late 2019 and that move-ins will begin in winter 2020. Taft Construction Group is the general contractor at Residences Galleria. The property will be managed by Taft Management Group.

This is the second project in the Charlotte metro for Taft Development Group, which also developed The Indigo at Cross Creek in Indian Land. The company says it is currently planning and developing 1,300 multifamily units, 300 single-family lots and 40,000 square feet of commercial space.

Read the full article at Charlotte Business Journal

Taft Family Ventures Plans New Housing Across from Red Hat Amphitheater in Downtown Raleigh

Taft Family Ventures has expanded its Raleigh footprint with the purchase of the Owens Roofing Co. property across from the Red Hat Amphitheater in the downtown Warehouse District for $5.1 million.

TFV’s Taft Development Group recently bought the nearly one-acre site at 301 West Cabarrus Street and plans to bring a new residential and retail building in that space.

“We are excited to launch another project in Raleigh, and especially so in the Warehouse District,” said Thomas Taft Jr., principal with Taft Family Ventures. “We believe this is a high-profile site in one of the region’s most vibrant urban neighborhoods.”

Read the full article at Triangle Business Journal

Taft Family Ventures' New Downtown Project Will Target Homebuyers

Taft Family Ventures announced it is building a 12-unit townhouse development on property bordered by Reade Circle, Dickinson Avenue and Evans Street.

Taft Family Ventures is pursuing a third housing development that is geared towards home buyers in downtown Greenville, a company spokesman announced at Wednesday’s annual Uptown Greenville State of the District event.

Unlike its previous two student housing projects in the district, Avenue Townes will be 12 for-sale townhomes. The development will be located on a lot that is bordered by Reade Circle, Dickinson Avenue and Evans Street.

“Greenville needs diversified housing in our downtown area. A for-sale product is very important to us,” said Mike McCarty, president of Taft Development Group.

McCarty described the site as a premiere location since it puts future homeowners within walking distance of restaurants, retail shops, the State Theatre, Sheppard Memorial Library and other amenities.

“Hopefully we want to inspire other developers to do more for-sale products downtown,” McCarty said.

The firm is finalizing the project’s cost, but McCarty described the structures as “brownstone-inspired, luxury” townhomes.

The units will range from 2,160 to 2,400 square feet and are expected to have three bedrooms. Some units will have rooftop decks, elevator access from the ground floor, cantilevered patios off the main living area and parking. Pre-sales will begin this spring.

McCarty also announced the company also plans to move its headquarters to a building it is renovating near the intersection of Eighth Street and Dickinson Avenue this fall.

Read the article at The Daily Reflector

Further coverage at WITN.com

For Second Year in a Row, The Boundary Ranked within Top 50 Student Housing Properties in the Nation

Taft Development Group's The Boundary at West End has been ranked as one of the Top 50 Student Housing Properties by online reputation for 2017.

This marks the second year in a row that The Boundary at West End has been recognized for its property performance and REITs, with regards to its online reputation, by J Turners ORA Power Rankings, earning an ORA score of 83.

Read more at Multifamily Executive