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A Florida development and property management firm is embarking on another project in the Charlotte area.
ContraVest Development Partners, which is based in Altamonte Springs, Florida, will develop a 26-acre site in Concord for The Addison Eighty50, a 339-unit apartment complex. While a search of Cabarrus County real estate records did not turn up a deed, Ziegler and Co.’s Bill Ziegler, who represented ContraVest in the land purchase, said a sale price of $2.73 million has been agreed upon for the land.
An assignment and assumption of development agreement was filed on Friday to transfer the agreement from the previous owners to ContraVest. In September, ContraVest was granted a special use permit to develop the multifamily project on the site.
Alfred Rembowski, acquisitions director for ContraVest, said total investment in the project will be “in excess of $50 million.”
The complex will include 13 buildings, at three and four stories in height, according to the special use permit. The project will also feature amenities such as a fitness center with a yoga room, a cyber cafe, a game room, a pet spa and a two dog parks. A pool will be built at the complex and the site, which is located at 8255 Old Holland Road, has a 2-acre lake in the center.
The Addison Eighty50 is adjacent to the Great Wolf Lodge in Concord.
The new project is not the first multifamily development in the region for ContraVest, who has been active in the city of Charlotte in past years. It developed the 321-unit The Addison at South Tryon in 2013, the 280-unit Courtney Oaks in 2003 and the 280-unit Courtney Ridge in 2001.
David Niekamp of Concord-based Davco Properties represented the seller, Old Holland Road LLC, in the transaction.