By Amalia Otet, Associate Editor
Atlanta-based Wood Partners is about to wrap up construction of Steele Creek Seniors, a $13 million apartment community in southwest Charlotte. The development is expected to be finalized before the end of the month.
Wood Partners, a national real estate firm that has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide, according to company statements, broke ground on the affordable, age-restricted property in November 2010 in partnership with the Charlotte Housing Authority (CHA). Part of the financing for the project came from Low Income Housing Tax Credits.
The new community is not the company’s first foray into the Charlotte market; in 2007 it opened the 168-unit Prosperity Creek Apartments at 3705 Prosperity Church Road.
Steele Creek Seniors is located fewer than 10 miles from downtown Charlotte, at 4314 Branch Bend Lane, in close proximity to RiverGate Shopping Center, and sits on seven acres of prime real estate. It includes 102 one-bedroom and 18 two-bedroom units in a single, four-story building covering approximately 100,000 square feet, of which more than 92,000 is livable space. The community will include amenities such as a library, laundry facilities, fitness and crafts rooms, a full-service salon, a computer lounge and a community meeting room with a theatre, outdoor gazebos and garden plots.
The company received certificate of occupancy for the amenity areas, leasing office and clubhouse as well as 54 units. Half of the property is already leased, according to Citybizlist.
In other news, Presbyterian Healthcare announced plans to build an $84 million orthopedic hospital in Charlotte to replace its current facility at 1901 Randolph Road. The project calls for a 64-bed healthcare center, totaling 141,000 square feet, to include 16 transitional-care beds for skilled nursing care, 12 dedicated observation beds and 10 operating rooms. Pending an approval from the N.C. Division of Health Service Regulation, construction could start within six months, with the facility to be completed over three years, as reported by the Charlotte Business Journal.