A Florida-based real estate company has bought 16 acres near University Research Park, making way for more development in an area already home to hundreds of new apartments.
Development firm Stiles said in a press release Monday it is planning a mix of uses for the site, including residential, hotel, retail and outdoor dining. Stiles did not say what kind of residential units would be built.
Property records show Stiles bought the land, at Senator Royall Drive and West Mallard Creek Church Road, for $2.8 million last month. Part of the land along the east side of Senator Royall Drive will be developed with 40,000 square feet of retail, the firm said.
The site is across the street from two new multifamily developments: Alexander Village and Novel Research Park, which together have more than 600 apartment units, according to the release.
University Research Park, 10 miles from uptown Charlotte, is the second largest employment center in the region, with 30,000 employees, according to University City Partners, a group that promotes development in the area. Companies like TIAA, Wells Fargo, Allstate and Hewlett-Packard have a presence there.
Stiles plans to break ground in December, the firm said in the release. Foundry Commercial is leasing the space.
The development is next to the Arbors at Mallard Creek shopping center, which is anchored by Trader Joe’s. In 2017, Westwood Financial purchased the center, and said the average household income within a 1-mile radius was $120,727.
Since opening a Charlotte office in 2012, Stiles has developed three shopping centers anchored by Publix in Charlotte — Ballantyne Town Center, Shops at Southline and the Publix in Cotswold. The firm is also underway with an office project at 300 West Summit Ave., near South End.
This article first appeared in The Charlotte Observer.