Ram Realty Advisors plans apartment project at land under contract in west Charlotte
A real estate firm with a robust local development pipeline is planning its next project in west Charlotte.
Ram Realty Advisors, headquartered in Florida but with a Charlotte office, filed a rezoning petition this week to allow up to 275 apartments or single-family attached units, and 7,500 square feet of commercial space, at Gesco and State streets.
The 2.5-acre property is near Seversville Park and the Savona Mill site that Portman Residential and Portman Holdings are redeveloping. It's an area of west Charlotte seeing tremendous change, with new mixed-use projects, offices and retail outlets coming to the area. Also nearby is the Station West project and Lower Tuck.
Rachel Russell Krenz, director of development at Ram, said in an email late Thursday the developer recently put the site under contract and will be working with the design team, Seamon Whiteside and BB+M Architecture, to create a development plan. She said the city has limited rezoning review slots available so Ram decided to submit an application to start the rezoning in August.
"We have begun conversations with the community and look forward to hearing more feedback to help identify details in the rezoning plan," Krenz said.
Conversion rights of one residential unit per 1,000 square feet of commercial space, or vice versa, are included in the rezoning. An amenity area that could include a pool, cabana, landscaping, art, a garden, clubhouse, mail kiosk and dog park is also described.
Ram Realty's recent projects in Charlotte include Hawk, Hub South End, Design Center Tower (with Childress Klein) and Three30Five in South End, and The Collective in Villa Heights. The firm in February rezoned a site on West Tremont Avenue, near its Three30Five project. Ram was the seventh-most active real estate developer in Charlotte in 2020, according to recent research by the Charlotte Business Journal.
The Gesco Street rezoning will come before Charlotte City Council for an eventual public hearing, followed by a vote.
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $3.2 billion of capital. Ram and its predecessor entities were founded in 1978. The Company is headquartered in Palm Beach Gardens, Florida, and has offices in Charlotte and Chapel Hill, North Carolina.
Alchemy Communications Group
office: 561.935.9953 x. 101
Ram Realty Advisors