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07/18/2008

New development in the heart of NoDa

mercurynoda

NoDa project mixes theater, 130 condos $40 million development at NoDa's square article by: DOUG SMITH The Mercury in NODA rendering for Next Big Thing column on plans to deveop condos around the theater. DOUG SMITH - dsmith@charlotteobserver.com A landmark building in Charlotte's NoDa neighborhood would survive and be rejuvenated as part of a $40 million block-long residential-commercial redevelopment planned at North Davidson and East 36th streets. The Neighborhood Theatre, Boudreaux's Louisiana Kitchen and other tenants would be joined by midrise condos and more shops in a project called MercuryNoDa. The initial six-story building in the $26 million first phase would include 130 residential condos (500 to 1,160 square feet each) and 3,500 square feet of retail space. Condo prices start at $120,000 for the smallest studio and range to about $300,000 for the largest two-bedroom unit. Developer Tyler Foster of Hyperion Group said he hopes to start construction of the first mixed-use building by late fall and finish it in about a year. The timetable will depend on how quickly he can sell at least 50 percent of the condos. Foster envisions a development that blends with existing architecture and enhances the pedestrian friendliness of a corner of North Charlotte once known as the city's second square. His goal is to bring more services into the neighborhood in the first construction phase. A specialty grocer would be the targeted retail anchor for the second phase, which would include residences atop 16,000 square feet of commercial space in a three-story building with a parking deck. NoDa traces its roots to homes and businesses that sprang up in the North Charlotte neighborhood during the early 1900s, creating a mill village around the Highland Manufacturing Co. In the early days, a streetcar connected to a neighborhood business hub that included a hotel, drugstores, grocery stores, police station and movie theater. Today, MercuryNoDa is striving to become a Next Big Thing in a resurgence that originated in the 1970s with artists, dancers and actors seeking affordable homes and commercial space. They were the impetus behind the name North Davidson Arts District, which was concentrated around the North Davidson-East 36th streets intersection in a part of North Charlotte now known by the acronym NoDa. Foster said he intends to perpetuate the neighborhood's artsy theme and funky character with condos priced within reach of first-time buyers. City council member Patsy Kinsey, whose District 1 includes NoDa, said she walked the site with Foster before it came up for rezoning and was satisfied with his proposal because the neighborhood supported it. The City Council approved the zoning change for the 3.87-acre site earlier this month. "I think it will add to the neighborhood," Kinsey said. "And I think NoDa will embrace that price range. They are receptive to all types of residential opportunities." NoDa residents do worry about preserving the neighborhood's character in the face of large-scale land speculation fueled by anticipation of light-rail service to University City possibly by 2015. The Charlotte Area Transit System has begun planning for a proposed 11-mile extension of the Lynx Blue Line with stops in NoDa. The challenge for city leaders is encouraging the density needed to support light rail service without overwhelming the neighborhood. In MercuryNoDa's first-phase building, five floors of condos would be on top of one below-ground parking level and one above-ground level. Foster said the project's exterior design "will harken back a little bit to the mills with a contemporary flair." New and existing buildings would be connected by a courtyard, public plaza and pedestrian way. "The outdoor space will look like a big outdoor room with mosaics on the sides of the buildings," Foster said. "It will feature a lot of public art." One existing single-family house would remain after first-phase site clearing, and a neighboring funeral home would be demolished in the second phase. Foster said an arbor at the back of the site would help buffer the new masonry buildings from existing homes. Both phases would have parking decks. The second-phase deck is being designed with air rights available for the city if it chooses to expand the structure later, Foster said. Vehicles would enter MercuryNoDa via Mercury, North Davidson and North Alexander streets. Foster plans to start remodeling of the existing building, constructed in the mid-1940s, about the same time work begins on the new structure. "The back of the building will be completely renovated," he said. "Our goal is to put on an addition with more bathrooms, a bar-seating area and offices to the back of the theater." The exact work schedule will be determined in negotiations with existing tenants. "We want to do it at a time that's convenient for them," Foster said. He anticipates starting the second-phase building and parking deck when about 70 of the first-phase condos are completed. In the second phase, Foster said, he would let the market determine what type of residences to build. Possibilities include flats and live-work units, he said. The announcement of MercuryNoDa comes as the housing market experiences a construction slowdown and lower sales, but Foster believes his product is unusual enough to appeal even in a down market to fans of a unique neighborhood. He said he's negotiating with two banks for financing. About 70 percent of the first-phase condos are studio and one-bedroom units, and about 30 percent have two bedrooms, he said. "One of the differences in this housing climate is this is true work force housing," Foster said. "There is not much out there in this price range, and a person with good credit should be able to afford to buy." MercuryNoDa LocationNorth Davidson and East 36th streets. SIZE Six-story and three-story buildings plus parking developed around the Neighborhood Theatre. SPECIFICS 130 studio, one-bedroom and two-bedroom units in first-phase building with 3,500 square feet of retail. Second phase to include residences and 16,000 square feet of commercial space in three-story building. PRICES First-phase condos (500 to 1,160 square feet each) range from $120,000 to $300,000. TIMETABLE Construction tentatively starts by fall and takes about a year to complete. Second-phase start to be determined. FEATURES Rooftop decks, balconies with every unit, secure parking at one space per bedroom plus overflow spaces, two elevators in first building, sculptures in courtyard and mosaics on building walls, Leadership in Energy and Environmental Design (LEED) construction, storage units, bike storage, fitness center. DEVELOPMENT TEAM Hyperion Group, developer; BB+M Architecture, architect; CGR Creative, marketing. Negotiations under way with contractors. SALES On-site sales center to open by mid-April. Sheryl Hallow of Skyline by Bissell Hayes in charge of sales.