Wood Partners announced October 29 that it plans to begin construction in November on Village Park, a 372-apartment development in north Charlotte.
The developer is partnering with Sarofim Realty Advisors, with financing from J.P. Morgan. The companies target a May 2028 opening.
The site is at Prosperity Church and Benfield roads in the Highland Creek and Prosperity Church area, next to Wood Partners’ earlier Prosperity Village development.
Plans call for seven residential buildings and a separate clubhouse and leasing center. The apartment mix includes one-, two- and three-bedroom homes, plus six two-bedroom carriage-house units.
Five percent of the homes will be reserved as affordable housing for households earning up to 80% of area median income, according to the announcement.
The site plan includes a park, green space and sidewalks. Wood Partners says it is coordinating infrastructure improvements with Mecklenburg County and the Charlotte Department of Transportation.
Thursday’s announcement sets out the planned construction schedule and housing mix. Groundbreaking remains scheduled for November; the apartments are not completed homes available for occupancy.
Sources: Wood Partners — October 29 Village Park Announcement: https://www.streetinsider.com/PRNewswire/Wood+Partners+to+Break+Ground+on+372-Unit+Multifamily+Community+in+North+Charlotte/27257317.html