CHARLOTTE--A prime piece of real estate in Uptown Charlotte is now under contract. The land was part of the deal to help build the NASCAR Hall of Fame, but there was little interest until now.
A bulldozer is moving dirt at the intersection of East Stonewall Street and South McDowell Street. While that dirt is being moved for a road project in west Charlotte, the land is also being cleared for development.
"The great recession of 2008 certainly had a big impact on these five parcels and our ability to market them," said Deputy City Manager Ron Kimble.
The land is one of five parcels along Interstate 277 put up for sale in 2000 to pay for a portion of the Hall of Fame. This one piece is scheduled to be sold for just under $4 million dollars.
The developer didn't want to talk about his plans for the property yet, but under the contract it does call for a 210 unit apartment complex to be built on the land.
"We're starting to see more development on the residential side," said Tracy Dodson, Director of Economic Development for Charlotte Center City Partners.
Dodson said the rental market is booming in Charlotte. She added interest has picked up in vacant land in Center City, including the land along East Stonewall Street.
"It's an area that we see an opportunity for more residential growth. It does connect with what is happening in the Midtown area and what's happening in the Dilworth neighborhood," said Dodson.
The city once hoped to get $55-$60 million dollars for the five pieces of land.
"These parcels are prime parcels of real estate," said Kimble. Now, the appraised value is just above $40 million dollars.
Still, Kimble hopes selling one parcel will lead to more interest and sales in the other pieces.
"We're seeing some great signs of recovery now and there's greater interest than before," said Kimble.
Kimble expects to close on that one parcel early in 2013.