Mixed-use developer Third & Urban has secured $64.5 million in construction financing for the Residences at The Pass, a 335-unit multifamily project situated on the light rail at Sugar Creek Station in Charlotte’s popular NoDa Arts District. Construction on the residences began this month. The project is being integrated into a multi-phased mixed-use development called The Pass, named in reference to the overpass that runs adjacent to the site.
Located at 530 East Sugar Creek, 4100 and 4212 Raleigh Street, The Pass will encompass 260,000 square feet of office and retail space, along with the upscale apartments. The first phase — named Pass41 – is under construction and features 80,000 square feet of retail, entertainment and office space with first tenants, including Soul Gastrolounge, opening fall 2023. Third & Urban is preserving the character of the site’s existing warehouse buildings and supplementing with new construction to create a walkable retail district. The new multifamily building will add density to the site and bring an important sense of scale to the project.
“The development plan is as creative as the community it serves,” said Hank Farmer, co-founder of Third & Urban. “A combination of new buildings, restored warehouses, local art and outdoor gathering spaces – all bracketed by a pocket park underneath the overpass, the Cross Charlotte Trail and the light rail – will make for a truly unique experience in NoDa.”
Blueprint Local serves as the primary capital partner for the project, while CrossHarbor Capital Partners is the lender for the multifamily component.
“The fact that this capital stack came together in such a challenging market environment goes to show the level of conviction around this location and the special places this development team is known to create,” said CBRE’s Nate Sittema, who along with partner Elliott Voreis procured construction financing for the apartments.
Niles Bolton is the architect, Thomas & Hutton is the civil engineer and NRP Group is the general contractor. Foundry Commercial handles office leasing within the commercial components and retail leasing is led by Thrift Commercial Real Estate.
The Residences at The Pass will feature a mix of studios, one- and two-bedroom apartments anchored around a stylish resident club room, work lounge and cafe envisioned by Pixel Design Collaborative. Highlighting the amenity offering will be an expansive rooftop terrace overlooking the courtyard and pool deck with immediate access to the Cross Charlotte Trail and the light rail station across the street. First residents are expected to move in during the summer of 2025.
Third & Urban is known for its creative approach to mixed-use development and community building, with a portfolio that exceeds 1.2 million square feet throughout the Southeast. Locally the developer is recognized for its work on Lower Tuck, a highly successful office and retail project in West Charlotte.
About Third & Urban:
The Third & Urban team are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, engaging in a deliberate value creation process to produce truly unique destinations and best-in-class results for office, retail and residential spaces. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. With a current portfolio of more than 1.2 million square feet across the Southeast, Third & Urban has developed more than $500 million in institutional grade urban projects. For more information, please visit www.thirdandurban.com.
