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​Joint Venture Closes On Purchase Of NoDa Brewery Site

Charlotte Business Journal - Sept. 2, 2016

A venture between an entity of Florida-based Ram Realty Services and Charlotte’s CitiSculpt recently closed on a land purchase surrounding a NoDa brewery site to develop a multifamily project.

Under the entity RRPIV Noda SAG JV LLC, Ram and CitiSculpt subsidiary, Southern Apartment Group, purchased the 3.6-acre site containing vacant land and Free Range Brewing at North Davidson and East 27th streets for nearly $5 million in a deal that closed Aug. 29, according to Mecklenburg County property records. The site was formerly co-owned by several entities, including a subsidiary of Legacy Real Estate Advisors.

As previously reported, the five-story project will include 250 apartments and renovations to Free Range Brewing. The mid-rise development will include studios; one-, two- and three-bedroom units; a gated parking garage; a pool and spa deck; a 24-hour fitness center; and approximately 2,000 square feet of retail space.

It joins the surge of NoDa-area multifamily projects popping up along the LYNX Blue Line light-rail extension, on track for completion late next year. The development will be less than two blocks from the future 25th Street Station.

“NoDa is poised to set a new benchmark for transit-oriented neighborhoods in Charlotte,” said Casey Cummings, Ram CEO, in a statement. “Interest in NoDa has skyrocketed since the announcement of the Blue Line expansion, and we have worked quickly to secure a location walkable to the 25th Street Station. We’re excited to be at the forefront of a new wave of growth for the neighborhood.”

Charles Lindsey McAlpine, managing partner at CitiSculpt, said earlier this week that the project will likely deliver in early 2018, with groundbreaking scheduled for November.

“This little section of NoDa hasn’t had as much (activity), but it’s closer to downtown,” McAlpine said. “There are a lot of exciting things about it.”

David Klepser, Ram’s lead developer on the deal, said in a statement that the goal for the project is to “complement the vibrant character of the neighborhood” through architecture and industrial-modern finishes.

Under the name Southern Apartment Group, a subsidiary of CitiSculpt, the partnership received rezoning approval for the site last September.

BSB Design is the appointed architect. LandDesign will handle landscape architecture and civil engineer work, while LDSI is the project surveyor.

Ram’s other Charlotte holdings include the Design Center of the Carolinas and Rock Creek at Ballantyne Commons. The company is also a partner in Midtown 205, a mixed-use development on Kings Drive that opened in December.

Capstone Apartment Partners brokered the transaction.

Shayla Odum