Faison purchases site for apartments and retail for $10 million

Faison purchases site for apartments and retail for $10 million

Faison purchases NoDa property

Faison Enterprises has purchased a 5.7-acre site for $10 million in Optimist Park where the firm is planning a development with apartments and retail space.

The Charlotte real estate firm purchased the industrial property from the Wellmon family, which earlier this year won a transit-oriented, mixed-use zoning for 9 acres on the west side of North Davidson Street, along the Lynx Blue Line extension. The site is bounded by North Brevard Street, Charles Avenue, Matheson Avenue and Jordan Place.

Faison purchased four of those properties between Charles Avenue and Jordan Place, the largest of which is the old Chadbourn Hosiery Mills building, which was built in 1947.

The rezoning for the full 9 acres includes a commitment to provide ground-floor commercial space on any buildings facing North Davidson Street with doors that are accessible from the sidewalk and clear vision glass windows so that the interior of the space is visible from the street. And it also includes a commitment to invest at least $50,000 in public art that would be located in areas of the site that are visible from public streets.

The restoration or relocation of an existing smokestack on the property may be counted toward the $50,000 expenditure.

Greg Pappanastos of Argos Real Estate Advisors represented Faison on the acquisition, and John Nichols of The Nichols Co. represented the Wellmon family.

Click here to read the original article from the Charlotte Business Journal.