By Ely Portillo, Charlotte Observer
It’s not just close-in, urban neighborhoods that are seeing rapid growth in Charlotte — the area’s apartment boom extends to the suburbs as well.
Developers are planning hundreds of new apartments in Huntersville and Indian Land, S.C., according to plans announced last week. They reflect continued interest from apartment developers in the areas on Charlotte’s edges that may have once attracted more single-family subdivisions.
“A fast-growing job base, proximity to major employers and strong demand for luxury multifamily housing were all factors for pursuing this opportunity,” said Palmer McArthur, vice president of development at Pollack Shores, which is building 300 apartments at Highway 521 and Bridgemill Drive, in Indian Land.
The Atlanta-based developer, which is also building apartments in Charlotte’s South End, is focusing more on suburban developments and seeing a strong return on those investments, executives said. Suburban apartments offer cheaper land prices than most sites close to city centers, and can also be built without parking decks, which add millions of dollars to a project’s cost.
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