Faison mulling makeover of Summit Hollow apartments - CoRErep

September 11, 2006by trippcommercial0

A 232-unit apartment complex in south Charlotte may be razed for a condominium development, real estate insiders say’, though owner Faison Associates says no decisions have been made.

Faisoir recently’ purchased the Summit Hollow complex at Quail Hollow’ and Carmel roads from Houston-based Camden Property’ Trust for $15.4 million, prompting speculation about the company’s plans.

Besides the option of tearing down the apartments and building condos on the site, Faison could convert the existing units to condos or redevelop the property with a combination of single-family and multifamily homes, say’s Jim Apple, Faison executive vice president.

He says the company’ is conducting a market analysis and should make a decision in about six months.

In recent months, Faison has been purchasing multifamily’ developments for conversion to condos in other parts of North Carolina, including Asheville.

Ga. company heads to 1-77 park

Environmental services firm Qore Property Sciences recently’ leased almost 6,900 square feet in Perimeter Woods Business Park off Interstate 77 exit 18.

Tire 35-year-old company’, based in Duluth, Ga., specializes in geoteehnieal engineering, environmental consulting, environmental studies and construetion-materials testing, among other sendees.

Also. Rosemont Inc. has renew’ed its lease for almost 15.000 square feet in Perimeter Woods. The company’, based in Eden Prairie, Minn., specializes in instrumentation for manufacturing. Bill Wood of Trinity Partners handled lease negotiations.

News & notes

Croft Station, a 40,000-square-foot, small-tenant office building on Statesville Road at W.T. Harris Boulevard, has signed Datacom Connections Inc. as a tenant. Tire Woodbridge, Va.-based telecommunications cabling firm has leased 3,300 square feet. Tripp Guin of Trammell Crow Co. represented Datacom, and Bill Wood of Trinity Partners represented the building owners.

Packaging and shipping sendees company DHL USA has leased 52,000 square feet of warehouse space in Shopton Ridge Industrial Park at 4925 Sirona Drive. Anne Johnson and Bryan Crutcher of the Charlotte office of CB Richard Ellis represented the Plantation, Fla.-based company in lease negotiations.

DonorsChoose, a nonprofit that helps foster innovation in public schools, has moved its Carolinas headquarters to Charlotte from Raleigh. The organization recently opeired in the Morrison House at 224 W. Tenth St. and expects to operate with three employees. DonorsChoose matches educational projects with donors willing to cover their costs. Kit Cramer, Charlotte Chamber vice president of economic development, assisted in the relocation.

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