As remnants of the recession continue to fade out of the Queen City, the sights and sounds of new construction are beginning to roll back in.
On the horizon are a new hotel, several office towers and plenty of apartment construction. There are many development projects currently under construction or recently completed in the Uptown Charlotte area, and these new projects are drawing notice from residents and real estate developers alike.
More specifically, some skeptics are wondering whether there are too many apartments being built in the Uptown Charlotte area. However, developers of these projects say that there is plenty of momentum to support their decision for growth.
Charlotte has really made a name for itself over the last few years, and the area boasts many features that make it one of the most desirable places in the Southeast to live. Business Insider just included Charlotte in its list of “The 12 Hottest Housing Markets” because of the home price appreciation in the area. Additionally, a recent report published by PwC and The Urban Land Institute ranked Charlotte #7 in their list of 75 U.S. Markets to Watch in 2015.
There is no denying the fact that the Queen City is growing at a rapid pace, as Census estimates indicate that the population in Charlotte increased by almost 16% from 2008 to 2013. Our southern city is attracting young urban professionals as the job market continues to rebound and grow, and research shows that these new transplants prefer urban apartments to living in suburban homes.
While one cannot ignore the growth occurring in Charlotte, critics remain concerned about the possibility of overwhelming the area with apartments. There seems to be a consensus and agreement that Uptown Charlotte needs and welcomes new development. However, the greater concern is about diversity.
The final verdict remains to be seen, as these new apartment buildings could potentially fill up faster than anyone is anticipating. But growth in the Charlotte area is always a positive thing, so here’s to new possibilities in the New Year!