Echo Hills Neighborhood Assoc.

Morning Side Project

Morning Side Project

J. Lee Howard Senior Staff Writer


A partnership that includes an Atlanta developer has closed on its
purchase of the 32-acre Morningside Apartments site off Central Avenue,
with designs on building a $400 million mixed-use project.


Graham Development Inc.

will continue to operate the 336-unit apartment complex until the
spring, when construction is scheduled to begin.


Graham, as part of a limited liability company called Morningside
Village
,
paid local investors Jimmy White, Rennie Biggers, Ronald Payne and Bill
Wiktorek about $15 million for the property.


Graham is working on the project locally with Rob Pressley of Coldwell
Banker Commercial-MECA
.
Pressley has been scouting the country for design ideas from
well-established urban centers in such cities as Boston, Chicago, New
York and Providence, R.I.


The project, which will retain the Morningside name, will eventually
incorporate up to 30,000 square feet of retail and commercial space and
as many as 1,000 homes blending rental properties, high-density for-sale
condominiums and single-family residences.


The homes will have a broad price range, from condos that start at about
$200,000 to $1 million penthouses.


The commercial elements of Morningside will be largely geared toward
neighborhood services, including an ice cream shop, village market,
delis, pubs, cafes and restaurants with outdoor dining.


As those plans take shape, the developer has boosted its estimated value
of the project to $400 million from the $275 million Graham envisioned
when it announced its proposal 10 months ago.


Morningside, which will likely take six to eight years to complete, will
feature designs from more than a half dozen architectural firms from
across the country, Pressley says.


At Graham's request, the city rezoned the property in April to a
mixed-use category, switching from a combination of single-family and
multifamily zoning.


The project site is large enough to essentially create a new
neighborhood in an area convenient to uptown, but with homes that are
still affordable, says real estate consultant Frank Warren, president of
Warren & Associates.


The urban residential market is especially strong, appealing to young
professionals and empty-nesters.


The area promises to become a prime hub for mass transit, should the
Charlotte Area Transit System run a proposed streetcar along Central
Avenue from uptown to Eastland Mall.


The remade Morningside property also will give Central Avenue a boost,
offering an enclave of quality homes and much-needed shopping options,
Warren says.


The development will evolve over time, Pressley says. Sections of the
project will include some mid-rise buildings as tall as 10 stories.
Others will incorporate lower-level buildings and loft-style homes.


A central element of the project will be the incorporation of Veterans
Park as open space. Many of the development's buildings will front the
park.


John Nichols of The Nichols Co. represented the sellers in the land
transaction. Pressley represented the buyers.