Northpond Partners announces the expansion of its footprint in Charlotte with the purchase of Chadbourn, an adaptive reuse development in a historic 1930s textile mill located in Charlotte‘s booming Mill District. Northpond Partners closed on the $12.5 million property on June 5, 2023, purchasing the North Brevard Street property from FCP. White Point remains a partner on the development.
Stream Realty Partners Senior Associate Alex Olofson of Stream Realty Partners and Jared Londry of Point Blank Ventures served as brokers.
“Similar to our other projects in Charlotte, The Alley at Latta Arcade and The Stuward, Chadbourn is an opportunity to be a part of the revitalization of a historic property in a dynamic area,” says Sam Ankin, co-founder and managing principal of Northpond. “The Mill District is growing rapidly and we’re proud to add to the area’s resurgence by creating a lively atmosphere for the community to shop, dine and work.”
Northpond Partners hired Southwick architecture + interiors to maintain the historical integrity and character of the property while creating modern and inviting retail and dining spaces. They plan to reinvigorate Chadbourn with the addition of 7,000 square feet of patio space on either side of the building and a woonerf, a “living street” with room for pedestrians, cyclists, and cars. They also plan to install garage doors on the 18,000 square feet of ground-level retail spaces to create an indoor-outdoor flow, and add a lawn adjacent to the 2,100-square-foot retail structure that sits beneath the iconic Chadbourn smokestack.
“Chadbourn Mill is a high-profile, value-add redevelopment that offers the opportunity to yield a lasting impact on the community and this emerging area of Charlotte,” Olofson said. “We are grateful to have played a part in this transaction and look forward to seeing Northpond and White Point build on the momentum.”
The second floor of the main building will remain as the corporate headquarters for Ekos, the leading business management software developer for the beer, wine, and cider industries.
“We are glad to have found a like-minded partner in Northpond to continue refining our initial vision with Chadbourn and bring it into an exciting new phase,” says Erik Johnson, co-founder of White Point.
Construction is expected to be complete in 2024.
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