A mixed-use multifamily project that had to overcome construction obstacles and supply chain difficulties opened in 2023, delivering what has been described as a game-changer for the Gold District in Charlotte, North Carolina's historic South End for injecting new life into an urban corner right outside Uptown.
The Prospect, Spectrum Cos.' 304-unit project just south of Bank of America Stadium, broke ground in May 2020 amid peak uncertainty following the onset of the COVID-19 pandemic. A tightened labor market exacerbated skilled worker shortages and delayed the construction timeline, according to the developer, and the slow construction process extended into the lease-up period and delayed the completion of large-scale amenities and the original vision for the project.
The Prospect was also notable for its reclamation of a brownfield site. Today, the development is touted for enhancing the "vibrancy, convenience, and walkability of the area" after the redevelopment turned three parcels of parking lots and quaint brick buildings into one lively mixed-use development with residences and street-level retail across 2.3 acres. In recognition, The Prospect earned a 2024 CoStar Impact Award for multifamily development of the year, as judged by an independent panel of local industry professionals.
About the Project: It took more than three years for Spectrum to develop The Prospect. Named in tribute to the prospectors of the early 1800s who came to the area in search of gold, the BB+M-designed development at 1115 S. Mint St. incorporates elements of gold that are woven throughout the artwork, furnishings and hardware. It includes studio, one- and two-bedroom floor plans and 11,800 square feet of street-level retail space. Following the onset of the pandemic, Spectrum included more coworking spaces to support the rise in remote and hybrid work. Additional features include a two-story gym, saltwater pool, enclosed dog park, top-floor entertaining space with a built-in DJ booth and a private speakeasy with a rock and roll theme, record player, bar area and poker table. LandDesign was the landscape architect, and Samet was the general contractor. Greystar manages the property.
What the Judges Said: The judges cited Spectrum's ability to overcome challenges tied to COVID-19 and the brownfield site. Also highlighted was the project's inclusion of sustainable construction and features, including the reuse of original building materials such as wood and brick reclaimed from the site.
The Spectrum is a "great addition to Gold District and nice alternative to the hustle and bustle of South End," said Paula Saunders, a senior broker with New South Properties.
They Made it Happen: Stephen McClure of Spectrum Cos.; Anita Balawejber of Greystar; Tripp Beacham and Roger Manley; Rhett Crocker of LandDesign; and Arthur Samet of Samet Corp contributed to the deal.
CoStar Market Manager Morgan Markowitz contributed to this report.