Charlotte-based real estate developer Northwood Ravin is preparing to break ground on its new 27-story, 283-unit luxury apartment high-rise in Midtown.
The new development is set to go up on the vacant grassy area near the park and adjacent to the Metropolitan, according to Axios. Northwood Ravin affiliate Northwood Investors purchased Metropolitan and the surrounding land in 2020 for $92.25 million, giving the shopping center a fresh look over the years. Now, the developer is getting ready to break ground in early 2024 and is scheduled to be completed in about three years.
When this luxury hotel opens in a few years, customers can expect two-story penthouses with private hot tubs on terraces with city views and multiple pools. Another luxurious feature of this hotel will be the private bars and a rooftop speakeasy. While this high-end living space will offer plenty of amenities to its residents, the development will be welcoming to a range of people, including professionals associated with the new medical school nearby and people looking to downsize.
“We’re really going after that demographic that can afford a lot (and) expects a lot,” CEO David Ravin tells Axios.
Northwood Investors have a history of making significant investments in Charlotte to refresh the surrounding area. In 2017, the firm bought the Ballantyne Corporate Park for $1.2 billion. Since the purchase of the Metropolitan and the surrounding land, which doesn’t include the county-owned park itself, Northwood Investors has brought new tenants to the area, including Open Rice.
