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GRUBB PROPERTIES BRINGS “NEW-URBAN” LUXURY LOFT CONDOMINIUMS TO SOUTHPARK GRUBB PROPERTIES BRINGS “NEW-URBAN” LUXURY LOFT CONDOMINIUMS TO SOUTHPARK “The Lofts at Morrison” - 37 exclusive homes over boutique shops and restaurants at the corner of Sharon and Colony roads - scheduled for January 2006 delivery Charlotte, NC – August 22, 2005 – Grubb Properties, the local real estate developer behind the Elizabeth Avenue District revitalization and the emerging mixed-use neighborhood of Morrison in South Park, this week confirmed months of speculation by releasing details on “The Lofts at Morrison” - the first residential phase in a 24-acre mixed-use enclave at the corner of Sharon and Colony roads. The Lofts at Morrison, with only 37 studio, one- and two-bedroom condominium homes directly above street-level retail boutiques and cafes, represents an architectural nod to early 20th century urban living when high-density didn’t necessarily mean high-rise but rather close-knit neighbors, a more-than-passing-acquaintance with the shopkeeper downstairs, and the ultimate convenience to both work and lifestyle amenities. According to Jeff Harris, executive vice-president of development at Grubb Properties, the Lofts will range in size from 549 to 1387 square feet and in price from the high $190s to the high $390s. Harris says these homes will represent Morrison’s most affordable residential offering; future plans call for a number of mid- and high-rise luxury towers with condominium homes anticipated to cost from $500,000 to over $2.5 million. Interestingly, these Lofts – and the Morrison neighborhood around them – present a “new urban” approach to a SouthPark area that is seeing increasing commercial and multifamily residential development. The “homes-above-retail” lifestyle that makes pure urban living so convenient is enhanced by extensive soundproofing, a single floor of residential floorplans (e.g. no upstairs neighbors) and commercial grade concrete-and-steel construction to ensure plenty of peace and quiet in each home. Expansive ceiling heights of ten-to-twelve feet will include spot drop-down ceilings to provide enhanced lighting in key areas. Even the “expected” loft features that create visual sizzle – like hardwood floors, sleek polished-concrete countertops and stainless appliances – will be augmented by full- and Juliette-sized balconies, gas fireplaces and even outdoor gas grills…sure recognition that summertime in the city deserves outdoor living space and even wintertime could stand to be a bit more cozy. Not to mention the 2+ acre of preserved land, immediately adjacent to Morrison’s boundaries, that Grubb recently donated into a non-profit preservation fund after ensuring the land received historic landmark status from the city. “We think Morrison will be the next great neighborhood south of Uptown,” Brannon Gilliam, director of residential sales for Grubb Properties, said. “You can walk from here to anywhere in SouthPark, and you’re only 10 minutes or so from Trade and Tryon. Plus, this throwback neighborhood design combines the best of living in both areas.” Gilliam notes that initial demand for the Lofts has been exceptionally strong. With no advertising or publicity but rather a single site sign and several months of on-site construction, Grubb has sold over 40% of the homes simply by answering the phone. “We’re very happy with The Lofts,” Gilliam says. “We’ll deliver these homes in January and we only have 21 left. We think that’s a great indication of a unique product combined with a strongly preferred location, attractive pricing and fast move-in timing.” When complete, Morrison will also include 127,500 square feet of boutique street-level retail space plus 10,000 square feet of spa/fitness space. Grubb envisions a streetscape that is decidedly local and lifestyle-oriented, with residents and neighbors from all around Charlotte strolling along landscaped streets that feature upscale gift shops, restaurants, jewelers, a spa and more than one cozy outdoor café. The first retail phase is now over 40% leased with several openings scheduled as early as spring of next year. Earth Fare, the organic “healthy supermarket” recently named Ernst & Young’s Carolina Entrepreneur of the Year, recently announced a 25,000 square foot anchor spot on the corner of Morrison’s main street, due to open mid-year 2006. In addition to the retail and residential components, Morrison’s boundaries will wrap around 2.1 wooded acres along Colony Road now managed by a preservation foundation to be enjoyed by residents and visitors to Morrison. The lushly wooded site, like all of Morrison, had been a central part of Governor Cameron Morrison’s grand 3,000 acre “gentlemen’s farm” known as Morrocroft. Prior to Morrison’s acquisition of the site in the 1920s, though, it was home to Lloyd Presbyterian Church, one of Charlotte’s original post-Civil War African-American congregations. The site was recently granted historic landmark status; going forward, it will be maintained in accordance with Historic Landmark Commission guidelines for public enjoyment, funded in perpetuity by a small percentage of all future residential sales at Morrison. “Donating this site was a privilege,” said Clay Grubb, president of Grubb Properties. “It was the right thing to do almost any way you look at it – historically, ethically, aesthetically – and it preserves both the memory of generations past and a beautiful piece of land for the enjoyment of generations to come.” Initial zoning plans for Morrison call for over 200 for-sale condominium flats, lofts, townhomes and luxury high-rise residences throughout the 24-acre pedestrian-centered neighborhood. About Grubb Properties Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s premier real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has approximately 119 employees and oversees a portfolio of roughly 2,000 apartment homes and nearly one million square feet of office and retail space. The company is headquartered in Charlotte and maintains regional offices in Cary and Lexington, North Carolina. For additional information about Grubb Properties visit www.grubbproperties.com Posted: August 22, 2005 - News | More News |