A Charlotte-based developer is confident in its ability to proceed with a $180 million apartment building project. Synco, the company behind The Colony mixed-use development in SouthPark, plans to construct a 14-story building as part of the third phase of their project. This new addition will consist of 650 units and requires approval from the city due to its height exceeding current code regulations.
The first phase of The Colony, which includes a five-story multifamily building with 340 units, is set for completion in spring 2022 and is already at an impressive leasing rate of approximately 80%.
The remaining residential buildings are part of an ongoing mixed-use development that encompasses a total of 990 units. Of these, there will be affordable housing options available for around fifty-five units. Additionally, there are plans for a luxury hotel with two hundred rooms and up to three hundred thousand square feet dedicated to retail space anchored by Publix grocery store. Furthermore,the complex will also include two hundred thousand square feet designated as office space and over three acres reserved as open green space.Synco anticipates construction on Publix’s store commencing soon.
This latest update on Charlotte’s “The Colony” highlights their continued growth through adding this significant apartment community investment into their existing portfolio.
