The loan will aid the buildout of a project that will be located at 1701 East Boulevard in the Dilworth area of Charlotte within a prime area just south of the city’s downtown, bordering the sizable Atrium Health Carolinas Medical Center and will sport 334 units, along with a 437-space underground parking garage.
East Boulevard Development Company LLC is an entity registered with the state of North Carolina that is controlled by developers Brian Phillips and Jim Gross, according to information filed with North Carolina’s State Department. Gross has a history of developing real estate in the area.
In January 2020, the company acquired a handful of parcels spanning 1.8 acres at the corner of East Boulevard and Lombardy Circle for just $7 million, with initial plans that considered four new buildings, including three, eight-story condominium properties and a five-story office asset that would have ground-floor retail space.
The 392,000 Sq Ft. project, though, will be built on top of 13 parcels, which were assembled by Jim Gross Development Company, and are expected to wrap up and be delivered to the market in the summer of 2023, according to sources with knowledge of the deal.