701 McMullough Drive,
Charlotte, NC
Phillips Development & Realty rezoned the property to allow for the development of 376 units on 30 acres plus 300,000 square feet to include 11 acres for office (200,000 square feet), retail (75,000 square feet) and two hotels on the balance. PDR intends to use the Humphreys Big House apartment design for the multifamily component. PDR will sell the hotel pads and either sell or develop the office pads. The residential component will be the most upscale rental property in University Center.
This project is five miles from the University of North Carolina, Charlotte and the Carolinas Regional Medical Center. Additionally, many Fortune 500 companies have major offices and facilities within two miles including IBM, Wachovia, TIAA-CREF and Verbatim. The property has tremendous visibility from I-85 and Harris Boulevard, a four-lane thoroughfare. Crescent is building a 1.1MM square foot retail center five miles to the south, which will have North Carolina's first IKEA retail store.
www.phillipsuniversitycenter.com
