According to a site plan submitted to the city of Charlotte, Flournoy Development Group has proposed constructing up to 560 multifamily units and 20 townhomes on land that was previously intended for Centene’s $1 billion campus in University City.
The Atlanta Business Chronicle reports that Centene purchased the land for $9 million in August 2020. In July of the same year, they also acquired an adjacent property measuring 80.7 acres at 2405 Governor Hunt Road for $10 million. However, their plans fell through and they ultimately abandoned the project in August of this year after building a large office building spanning over 700,000 square feet.
In April, Vanguard Group bought this office building (pictured) from Centene for $117 million with intentions to consolidate its local workforce of around 2,400 employees currently spread out across various offices throughout Charlotte into one location at University Research Park.
Flournoy has filed a request with the city to rezone their proposed development site measuring approximately52 acres located at One Electrolux Way and Claude Freeman Drive from an office institutional zone designation to community activity center district which would allow them to proceed with their plans for multifamily construction.
This article was originally published by Connect CRE.
