The Charlotte-based multifamily developer acquired 5 acres at 11301 Carmel Commons Blvd. from Vision Properties on Dec. 12, according to Mecklenburg County real estate records. The purchase price was $10.9 million.
Jeff Smith, Terwilliger Pappas executive vice president, said plans for the property include the demolition of a 27-year-old, 72,000-square-foot office building on site and the development of a 360-unit apartment community. That complex will have one-, two- and three-bedroom units and a pre-cast parking deck.
The developer is partnering with Arlington, Virginia-based AvalonBay Communities on the project.
Smith declined to disclose the total project cost. He said the property is an attractive location for a multifamily development for several reasons, including “great demographics, schools and walkability to high quality retail (like) Carmel Commons Shopping Center, a new Publix and Lidl.”
Demolition of the office building at 11301 Carmel Commons, which is part of the Carmel Crossing Office Park, is underway now. Some of its tenants have moved to the office building at 6701 Carmel Road, which will remain open during construction, Smith said.
Construction on the apartment project is expected to begin in the second quarter of this year. The first units are anticipated to deliver in the second quarter of 2026.
Vision Properties retains ownership of the site’s remaining 2 acres as well as the buildings at 6701 Carmel Road and 11440 Carmel Commons Blvd. The three buildings were part of a $25 million property portfolio. That loan matured in December, just before Terwilliger Pappas’ acquisition.
In January 2022, Vision submitted a rezoning petition proposing new apartments, retail and medical office space at the office park, according to previous CBJ reporting. In the petition, Vision proposed a 285-unit apartment building, up to 14,700 square feet of retail space and a 10,000-square-foot medical office building.
A Terwilliger Pappas spokesman said Vision is still planning to add a medical office to the remaining 2 acres at 11301 Carmel Commons.
Terwilliger Pappas, a sister company of Charlotte real estate firm Pappas Properties, is the multifamily developer behind the Solis brand. It has nearly 40 Solis properties across the Southeast, including 11 in Charlotte.
