NOVARE GROUP AND TRINITY CAPITAL TO BE THE CATALYST IN CHARLOTTE’S THIRD WARD
June 28, 0207
New 27 -Story Residential Tower & I5-Story Office Tower To Jump-Start Area’s Redevelopment
CHARLOTTE, N.C.- June 28, 2007 – Novare Group, one of the leading developers of high-rise urban residential communities in the United States, today announced development details for its 5.5-acre site in Charlotte’s Third Ward. A new residential tower, Catalyst, will rise on the corner of Church St. and Martin Luther King, Jr. Blvd. in Uptown Charlotte. Additionally, Novare and Trinity Capital are jointly developing a 15-story office building on the same site.
New Residential Tower
Catalyst, a 27-story tower designed by architecture firm Smallwood, Reynolds, Stewart, Stewart, will commence construction in July with move-ins scheduled for Spring 2009. The building will feature 462 attainably-priced one and two-bedroom homes as well as signature Novare amenities, including an elevated pool and activity deck, private clubroom, state-of-the-art fitness center and street-level retail.
With an outdoor living room, pool, 1,600 square-foot fitness center, media room, club room with floating bar, gaming area and more, Catalyst is the ideal urban living space. The tower will also be adjacent to the planned five-acre Third Ward Park for which Novare Group has pledged $1 million.
Offices to Share Site
A 15-story office tower- a joint development between Novare Group and Trinity Capital will be integrated into the mixed-use environment, with tenants having easy access to retail and other onsite amenities. The 15-story tower is planned to include 375,000 square feet of office space, and the development team is finalizing building design and construction plans. Construction drawings are underway, and once permits are received, construction of the modem, class A office building is scheduled to commence in the first quarter of 2008. The building will be completed and ready for tenants in the second quarter of 2009. Leasing and management of the new office tower will be handled by Trinity Partners, and it is being designed by Smallwood, Reynolds, Stewart, Stewart.
“This development, coupled with the planned park, baseball stadium and other recently announced projects will propel Third Ward into a livable, mixed-use urban environment in its own right, all within three or four years,” said Gary Chesson of Trinity Capital. “To be a part of that transformation is exciting for all of us.”
About Novare Group
With a focus on creating great urban experiences, Novare Group Holdings, LLC is a leading developer of cutting-edge, mixed-use high-rise communities in U.S. urban markets. Since its founding in 1992, Novare Group has completed more than 3,500 condominium homes and currently has more than 3,000 condominium homes under construction. The company has also developed or acquired more than 1.1 million square feet of office space and 180,000 square feet of retail space and in 2006 launched TWELVE® Hotels & Residences, which pairs boutique hotels with attainably-priced condominium residences. Headquartered in Atlanta, Novare Group has development projects in Atlanta, Austin, Charlotte, Nashville and Tampa. For more information, visit www.novaregroup.com.
About Trinity Capital
Trinity Capital is a private real estate investment company focusing on the acquisition, development, and redevelopment of office, industrial and mixed use real estate throughout North and South Carolina. To learn more about Trinity Capital, please visit us at www.trinitycapitaladvisors.com.
About Trinity Partners
Trinity Partners provides a broad range of commercial real estate services for office and industrial users and institutional owners throughout North and South Carolina. Trinity offers project leasing, property and asset management, construction management, investment sales, industrial brokerage and tenant representation services. Clients range from users of office and industrial space to many of the country’s largest office and industrial institutional real estate owners. To learn more about Trinity Partners, please visit us at www.trinity-partners.com.