Grubb Properties Breaks Ground on Elizabeth Avenue Development
Charlotte, North Carolina (May 12, 2004) – Grubb Properties Inc. today announced the beginning of construction on the $240 million, ten-year Elizabeth Avenue redevelopment project. The ground breaking ceremony held today for 1523 Elizabeth Avenue, the first new construction mixed-use building in the district, represents the kick-off of the overall project. The Company concurrently announced that Bar Louie, an upscale urban bar and restaurant, will be the first restaurant in the new building occupying about 5,600-square-feet.
1523 Elizabeth Avenue will be a 38,000-square-foot, three-story building located adjacent to Carpe Diem Restaurant on Elizabeth Avenue between North Torrence Street and Travis Avenue. The mixed-use building will incorporate about 23,000-square-feet of office space for small to mid-sized tenants and approximately 15,000-square-feet of street-level retail. Bar Louie will be a two-story restaurant with second-floor balcony seating offering a striking view of the Uptown skyline.
Rodgers Builders is the General Contractor and Little Diversified Architectural Consulting was selected as the Architect for the 1523 Elizabeth Avenue building. The construction begins this week with an expected delivery by the end of 2004. John Dunn of NAI Southern Real Estate is actively leasing office space at 1523 Elizabeth Avenue and Jonathan Nance and Sean McCormack of Grubb Properties is handling the leasing of the retail space.
Bar Louie is characterized as a hip neighborhood restaurant and bar that is open for lunch, dinner, after work, or late-night dining. Bar Louie features a wide selection of upscale bar food, specializing in oversized sandwiches and artfully created jumbo martinis, an extensive selection of appetizers, pastas and entrees; plus wide assortment of interesting beers, microbrews and wines by the glass or bottle.
“Bar Louie is a perfect fit for Elizabeth Avenue, offering a new establishment for dining and nightlife in the Central City area and we are excited to introduce this restaurant to Charlotte,” said Clay Grubb, president of Grubb Properties, developer of the Elizabeth Avenue project. “Signing Bar Louie and breaking ground on the 1523 Elizabeth Avenue building is the beginning of a redevelopment initiative that will transform Elizabeth Avenue into a vibrant and walkable urban district.”
The overall Elizabeth Avenue redevelopment project will create a pedestrian-friendly environment with a mix of retail, office and residential uses that support the City of Charlotte’s policies for land use density along transit corridors. The Charlotte City Council and Mecklenburg County Board of County Commissioners recently unanimously approved a program that will provide financial assistance for the construction of up to 1,000 public parking spaces to support the development.
The $240 million, ten-year redevelopment plan, is a collaborative effort between Grubb Properties, Presbyterian Hospital and Central Piedmont Community College and encompasses a six-block area between the two institutions. The project is envisioned to contain 340,000-square-feet of Class A office space, ultimately 800+ residential addresses in a range of market types and more than 250,000-square-feet of retail including a high-end grocer, boutiques, service-oriented shops, 150+ room hotel, an 8 screen movie theater and about 25 restaurants.
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About Grubb Properties
Grubb Properties, Inc., founded in 1963, is a fully integrated real estate company with development, construction, acquisition, sales, leasing and management expertise. The Company’s real estate portfolio includes over 2,500 apartment homes and one million square feet of office and retail property. Grubb Properties is committed to securing the best locations in North Carolina and creating a superior return on investment for partners and clients. For additional information about Grubb Properties visit www.grubbproperties.com.
For additional information contact:
Laura Smith
Grubb Properties
919.461.3950
919.461.3939 (fax)
lsmith@grubbproperties.com
Posted: May 12, 2004 - Press Release | More News
