Charlotte, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Elevation Real Estate Group, a Charlotte-based real estate company, in partnership with Great Lakes Capital, recently completed the purchase of 18.6 acres of land at the southeast corner of Charlotte Highway (Highway 21) and East Waterlynn Road in Mooresville, North Carolina. The parcel will be developed into a 204-unit multi-family mixed-use complex and will be known as Granger Village.
Located near Exit 33 of Interstate 77 by Lake Norman, Granger Village will feature multi-family units as well as two commercial parcels that may include 15,500 square feet of retail, restaurant, and medical office space. The location of Granger Village is perfectly situated less that one mile from well-established retail shopping, grocery stores, hotels, the Lake Norman Regional Medical Center, Lowe’s Home Improvement corporate headquarters, and other key employment nodes within the Mooresville community.
Construction is slated to begin in the second quarter of 2021 with an anticipated initial opening in the second quarter of 2022. Leasing is planned to begin in late 2021. The architectural firm on the project is Finley Design of Raleigh, North Carolina. The architectural style of the multi-family buildings will be more of an urban look than traditional garden style.
“Granger Village is our first foray into multi-family development after over 25 years of experience in retail development and will diversify our investment portfolio,” said Chris La Mack, principal, Elevation Real Estate Group. “Though we develop real estate throughout the Southeastern United States, we look forward to continuing to utilize our experience in development projects here in our own backyard.”
"We are aggressively pursuing new multi-family development opportunities throughout the Midwest, Southeast, Southwest and Mountain states, and we are excited to partner with Elevation Real Estate Group as we expand our real estate investment footprint.” said Clay Scheetz, managing director, principal, and head of multifamily platform at Great Lakes Capital.
Elevation Real Estate recently launched the Focus Office Suites brand, designed to provide professional, turnkey office space with health and safety in mind. The first in a number of planned locations throughout Greater Charlotte is now open at 9541 Julian Clark Avenue in Huntersville, North Carolina. In November 2020, the company also acquired Parc Place at Short Pump, a, 82,968 sq. ft. retail shopping center outside of Richmond, Virginia.
To see initial images and to sign-up for construction and leasing updates, visit www.grangervillage.com. For digital assets of Elevation Real Estate Group, Great Lakes Capital and Granger Village, visit: http://bit.ly/3pM8hIt.
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About Elevation Real Estate Group
Elevation Real Estate Group is a Charlotte, NC based full-service real estate company that has been involved in the acquisition, development, repositioning, and disposition of more than $1.5 billion of commercial real estate primarily throughout the Southeast. Elevation Acquisition & Development focuses on identifying, acquiring and developing high-quality real property for retail, office, multifamily and hotel uses through joint ventures with institutional investors, family trusts and personal investors. Elevation Retail Management is a third-party manager of commercial properties and real estate portfolios. For more information, go to www.elevation-re.com.
About Great Lakes Capital
Based in South Bend, Indiana with additional offices in Ft. Wayne and Indianapolis, Great Lakes Capital is a real estate development and private equity firm that invests in several core property types including industrial, office, medical and life sciences , hotels, multifamily and mixed use properties. Multifamily, mixed use and industrial properties remain Great Lakes’ highest growth segments. Since opening its doors in 2005, Great Lakes has successfully invested in billions of dollars of real estate projects and currently enjoys a development pipeline that exceeds $600 million. Great Lakes’ six principals have nearly 170 years of experience and have closed more than $7 billion of commercial real estate investment across property types, geographies, capital structures, and economic cycles. For more information, please visit www.greatlakescapital.com.