CHARLOTTE, NC - Quarterside, David Furman's 184-unit uptown condo project, will be converted to apartments available for lease. Centro CityWorks announced Wednesday it has selected Crosland to handle third-party leasing for the project, located in First Ward at Seventh and McDowell Streets.
"These projects were met with resounding enthusiasm, resulting in strong presales contracts on most of the units. But during the time it took to build Quarterside, the clouds of the national economy, exacerbated by the local financial industry, changed the mindset of most of these buyers," says Furman, president of Centro Cityworks. "I am optimistic about improvement of the Charlotte market but in the interim, it makes good business sense to respond to the consumer-behavior shift and let people rent while waiting for consumer confidence to grow. People still are attracted to living in the center city."
Quarterside comprises three buildings: The Quad, The Ledge and The Row. Apartments in the buildings range from 525 square feet to 1,363 square feet, and rental rates range from $785 to more than $2,000 per month.
Crosland owns and manages two other multifamily projects in the uptown area, Alpha Mill and The Arbors. "Crosland already manages more than 2,300 apartments for other developers, so we have the expertise to make Quarterside a success," says David Ravin, president of Crosland's residential division.
Last month, Novare Group Inc. announced it would lease about half the condos in the 27-story Catalyst building in Third Ward, a decision also prompted by sluggish sales.
According to Market Opportunity Research Enterprises, a research firm in Rocky Mount, the total number of condo sales in Mecklenburg County dropped to 2,303 in 2008, down from 4,062 in 2007.
The Quarterside leasing office will open on March 25 at 820 East Seventh Street, Apt. 118.
Source: Charlotte Business Journal