2024 ULI Carolinas Meeting: Six Projects on the Rise

At the ULI Carolinas meeting held in February, the annual closing session Crane Watch highlighted six projects nearing completion that are poised to have a significant impact on each market. From a school of medicine innovation district to transit-oriented development to affordable housing and services for those with disabilities, these projects were recognized for their dynamic placemaking and innovative design.

The session was moderated by Rachel Russell Krenz, vice president of development – Carolinas for RAM Realty Advisors.

The Pearl
Charlotte, North Carolina
Wexford and Atrium Health

As the largest city in the country without a medical school, Charlotte is gearing up to welcome the Wake Forest School of Medicine Charlotte, nestled within the vibrant mixed-use development known as The Pearl. Situated in Midtown, adjacent to Atrium Health’s main hospital campus, The Pearl is a collaborative effort between Wexford Science + Technology and Atrium Health, in partnership with the City of Charlotte, Mecklenburg County and Ventas. With $1 billion in private investment and an additional $79 million in public investment, The Pearl is expected to create 5,500 on-site jobs and 11,500 in Mecklenburg County. Thirty to 40 percent will not require a bachelor’s degree, and the innovation jobs provide a 15 percent higher entry-level wage.

Designed with a keen focus on sustainability, walkability, and ample public spaces, The Pearl embodies the essence of a modern urban community. It incorporates six fundamental elements of a Wexford Knowledge Community: institutional anchors, superior-built environment, curated communities, corporate engagement, community inclusion, and a healthy building platform.

The first phase of the project is slated for completion in 2025. Rising 14 stories high and encompassing 356,000 square feet (33,073.5 sq m), this state-of-the-art facility is already fully leased, including the Wake Forest School of Medicine and the Atrium Health C-Suite. The next phase is a 10-story research building totaling over 313,000 square feet (29,078.6 sq m).

Oak Tree Farm
Conway, South Carolina
SOS Care

As a nonprofit serving the Myrtle Beach area, SOS Care recognized the need for proper housing for people with autism and intellectual disabilities when their families can no longer care for them. With a lack of affordable housing for those with disabilities, Oak Tree Farm was envisioned to fulfill this significant need in the community.

In 2017, 10.88 acres (4.4 ha) in Conway were purchased, and the groundbreaking was held in 2019. Volunteer days brought in community members and corporate volunteers to help build the facility. Primarily funded through grants, including $6.5 million from S.C. Housing Trust Fund and grants from Bank of Atlanta, SOS Care nonetheless had to overcome significant challenges, including financial requirements not aligning with coding requirements.

Developed in phases, the first apartment building opened last year, welcoming 72 special needs residents who can now live independently. Beyond the apartments, the $2 million Chapin Health and Wellness Center ensures comprehensive care, while an outdoor fitness center features unique equipment to serve those with disabilities. Currently in its fourth phase, Oak Tree Farm is expected to be completed in 2026 with an overall total cost of $18.75 million to house 133 residents and two training homes for 24/7 care.

Union West
Raleigh, North Carolina
Hoffman & Associates

Raleigh’s Warehouse District is undergoing a transformation, spearheaded by projects like Union West. Raleigh Union Station, which opened in 2018, serves as a central hub for transportation, connecting various modes of transit. Developed in partnership with GoTriangle, the area’s regional transit authority, Union West aims to enhance the public realm.

Developed by PPP experts Hoffman & Associates, Union West provides the first and only high-rise residential building in the district. Boasting stunning views of downtown Raleigh, the $190 million mixed-use development spans 400,000 square feet (37,161.2 sq m). With a focus on transit-oriented living, Union West caters to multifamily housing needs, including affordable options, aligning perfectly with the city’s vision for inclusive urban development, while bringing in retail to the ground floor of residential to connect to the public. With 385 high-rise apartments and a resort-style pool, Union West offers residents a prime, walkable location with unparalleled access to amenities and city life.

John Florian, executive vice president of development for Hoffman, urged municipal leaders to have flexibility in timeline and compliance and work together for a long-term partnership.

Archer School Apartments
Charleston, South Carolina
Humanities Foundation

In Charleston, the cherished site of the former Henry P. Archer Elementary School finds new life as Archer School Apartments. Developed by Humanities Foundation, renowned for its commitment to accessible living, the $42.1 million Archer School Apartments will provide affordable housing for seniors.

With 89 apartments crafted within the school’s storied walls and two new buildings rising beside it, Archer School Apartments blends historical preservation with modern updates. Facing challenges of historic significance versus today’s building code standards, the development stands as a testament to innovation.

Financed through LIHTC and abandoned building tax credits, county and city grants and bonds, the project exemplifies a collaborative approach to community enrichment. Innovative strategies like maximizing density, parking ordinances and underground stormwater detention to withstand flooding underscore the project’s commitment to sustainability. Kelly Sharkey stated that crafting a strategy to finance a project of this size to produce a viable capital stack was a challenge with legislative changes along the way; the tax credit law changed two weeks after closing, creating an instantaneous $3 million shortfall that resulted in a change in strategy.

A dedication ceremony held last May included Congressman James Clyburn, a former student of Archer School. With its doors set to open, Archer School Apartments promises not just housing, but a continuation of Charleston’s rich heritage.

Horseshoe at Hub RTP
Research Triangle Park, North Carolina
White Point Partners

Long known for its industrial prowess, Research Triangle Park–one of the most prominent high-tech research hubs in the country–historically lacked the vibrancy of residential and retail spaces, at least until now. Horseshoe at Hub RTP is a visionary project by White Point Partners poised to redefine the area’s landscape as a new downtown in RTP, where people can gather, shop, and dine. The project was inspired by Optimist Hall in Charlotte.

Located on the former IBM campus, Horseshoe features four stories of office space, a street level dedicated to retail, and a rooftop terrace boasting panoramic views. As a community hub, Horseshoe includes a central gathering place adorned with a boardwalk, splash pad, fire pits, and a bustling town square attracting families, professionals, and visitors–giving them a reason to stay in RTP long after the workday ends. A social district designation is currently in the works.

(Courtesy of BB+M Architecture and Crosland Southeast)

Commonwealth
Charlotte, North Carolina
Crosland Southeast and Nuveen

In the heart of Charlotte’s historic Plaza Midwood neighborhood, Commonwealth blends vintage buildings and new construction into a vibrant, mixed-use community hub with unparalleled walkability.

Spearheaded by Crosland Southeast and Nuveen, the 12-acre (4.9 ha) mixed-use development includes 100,000 square feet (9,290.3 sq m) of vintage and modern retail, 400,000 square feet (37,161.2 sq m) of office space in two phases, 383 multifamily units, and strategic green space. Commonwealth developers engaged the community for feedback on what they envisioned for the neighborhood. By integrating local input, preserving historical charm, addressing parking and transportation needs, and prioritizing retail on all sides to activate a bustling Main Street spine through the development, Commonwealth aims to blend into the fabric of Plaza Midwood.

As these projects near completion, they stand as beacons of progress within different markets throughout the Carolinas, positioned to make a significant and lasting impact on the communities they serve.