Charlotte University Converting Hotel to Student Housing
Johnson & Wales University plans to fully renovate a major residence hall on its Charlotte, N.C. campus to accommodate a mixed-use of housing and student services. The 97,000 square-foot building, currently called “The Maple” and previously managed as the Doubletree by Hilton Hotel, will be completely overhauled with new mechanical and building systems and infrastructure, 150 rooms for upper-class students (with a potential occupancy of 276), an admissions welcome center, and a central location for student services.
The project is expected to take approximately two years to complete, and the expected investment by the university will be around $42 million, funded through a combination of investment reserves and philanthropy from individuals, corporations and foundations. The university will work with 3Ten Construction, a commercial contractor based in Charlotte, N.C., and Little Diversified Architectural Consulting, also based in Charlotte, N.C. Both firms have completed early-phase work on the project.
The Doubletree purchase aligns with its curriculum. The Charlotte campus offers a 90-credit, three-year Hospitality Management degree program under the University’s current accreditation, making it the first in the Southeast to offer such a degree.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout