Hoffman & Associates has done it here Do not participate in the Charlotte real estate market.
The Washington, D.C.-based developer is making its first foray into the North Carolina city of Charlotte Observer Report. Hoffman is not content with one project, but launches two projects in the same neighborhood or even the same street.
At 2401 Distribution Street in the South End neighborhood of Brookshire, Hoffman plans to build a 410-unit building with 5,000 square feet of retail space. Construction will begin in spring 2025 with delivery in summer 2027.
On the smaller side, Hoffman plans to build a 330-unit building with 10,000 square feet of public space at 2500 Distribution Street. That six-story building will actually break ground first; work is expected to begin in the spring and wrap up in about two years.
The two buildings will total more than 800,000 square feet and provide 740 units to the area.
Hoffman’s projects are often based in the U.S. capital and surrounding states of Maryland and Virginia. Still, the company has been pushing deeper into the Southeast, expanding into Richmond, Virginia, and Raleigh, another major city in North Carolina.
The company has developed $6 billion in real estate, more than half of which is devoted to one project, The Wharf on Washington, D.C.’s waterfront. This spring, a two-story, 5,800-square-foot apartment in the Wharf building sold for $12.8 million, a record for the city.
Charlotte’s South End neighborhoods are thriving. Other projects include a 30-storey office tower on the corner of Camden Road and West Park Avenue, and a large office and residential complex on South Tryon Street.
Last week, Miami-based Related Group pulled out of a major development in Charlotte’s SouthPark neighborhood. Related’s exit from its website purchase could end the apartment redevelopment project, which required more than 700 units and townhouses, as well as retail space.
— holden warner
