By Ely Portillo, The Charlotte Observer
Charlotte’s newest apartment building is hitting the market: 5115 Park Place by Pollack Shores has started leasing.
The 273-unit development on Park Road is set to open to the first residents in January 2016. A temporary leasing office is open at 5110 Park Road Suite 1, in the shopping center across the street from 5115 Park Place.
Atlanta-based Pollack Shores, the developer behind the project, is getting ready to open another large project several miles away: The Gibson, in Plaza Midwood. Located at Central and Louise avenues, the 250-unit apartment building is expected to be open for its first move-ins this April.
Amenities at 5115 Park Place include “a resort-style swimming pool, state-of-the-art fitness center, controlled access parking and a beautifully designed clubroom.” The interiors are outfitted with granite countertops, stainless steel appliances and shaker-style cabinets.
The prices reflect the upscale amenities and finishes. Rent starts at $999 for a 592-square-foot 1-bedroom, 1-bathroom apartment and go up to $2,815 for a 3-bedroom, 2-bathroom unit that totals 1,416 square feet (That’s $1.69/sf to $1.99/sf, for those keeping close tabs).
Next year will be a major test for the booming Charlotte apartment market: With a record number of units under construction, thousand of new apartments will become available for lease. Many of them are in similar locations – uptown or close-in neighborhoods – and most are targeting the high end of the market. Will the market be able to sustain rent growth, or will landlords have to start offering breaks to lure tenants?
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