Ascent Real Estate Capital, Centro Cityworks seek mixed-use development on church land in NoDa
Two developers are under contract to purchase the former Johnson Memorial Presbyterian Church site in the heart of NoDa.
Ascent Real Estate Capital and Centro Cityworks, which have joint-ventured on several projects around Charlotte, are expected to acquire the site, at 36th and McDowell streets, later this year. Ascent filed a rezoning petition on Wednesday to build up to 225 residential units and about 15,000 square feet of ground-floor retail space on the property.
The church is at 719 E. 36th St. It's part of a 1.9-acre parcel up for rezoning that stretches between McDowell and Alexander streets, along 36th. The site up for rezoning includes the church facility as well as undeveloped land that has occasionally served as parking for the church.
Forest Hill Church had been using the facility as its NoDa campus until earlier this year, when it relocated to the Movement School at Eastland Mall.
Jon Dixon, managing principal and cofounder of Ascent Real Estate Capital, said the developers have so far had three meetings with the NoDa neighborhood association and adjacent property owners.
"We know it’s a really meaningful site and we really want to get it right for the neighborhood," Dixon said.
Ascent also owns the Neighborhood Theatre-anchored property at 36th and North Davidson streets, which it acquired in 2016 for $5.6 million.
Ascent and Centro have partnered on two deals in South End, including Centro Railyard, which features apartments and micro-retail on the back end of The RailYard office development. Underway now is Centro Square, which will include 132 apartments and 7,300 square feet of ground-floor retail space. That project is also adjacent to a Beacon Partners-developed office building.
The plan in NoDa is to develop a project similar to the other Centro deals, including smaller-than-average apartments and incubator retail space, Dixon said. The retail spaces at Centro properties average 500 square feet each. Tenants at Centro Railyard include Cactus Club plant shop, Glory Days Apparel, Derby Skates roller skate store, BW Sweets Bakery and CLT Boutique.
"Because they’re fully built out and finished, it allows a very different price point and budget for opening a shop in a great neighborhood," Dixon continued.
At its Centro Railyard project, the micro-retail units were very popular and leased up faster than the apartments, he said.
All units planned at the pending project, Centro NoDa, will be for rent, although two-story, townhouse-style units along Alexander and McDowell are being contemplated. A community open space on McDowell is planned and noted on the site plan.
The hope is, pending rezoning approval, to break ground on the development shortly after closing. Work on Centro NoDa could begin in early 2022.
And it's possible more Centro projects could be developed in the future. Dixon said the developers are actively looking for additional sites.
"We’d like to do one of these in all of the key infill markets in Charlotte," he said.
The rezoning will go before Charlotte City Council in the coming months for a public hearing, followed by a vote.