Fast Times In Charlotte

In Charlotte, the amenity arms race appears to approaching mid-2000s South Beach levels. New luxury properties are turning to “higher level of service, even splashier rooftop pools and decks and exclusive features such as private bars to differentiate themselves,” according to Ely Portillo of The Charlotte Observer.

Right now, Charlotte has 26,000 new apartment homes planned or under construction. With many of these projects targeting the upper end of the market, Portillo writes that companies like Northwood Ravin are “hiring bartenders and exploring exclusive, private bars for residents and their guests at some of their higher-end properties.”

The role of the property manager is also changing in the Queen City, according to Portillo. Property managers are becoming “concierges” whose main job is catering to resident needs.

As these amenities become more sophisticated, they’ve also grown much more expensive. Portillo quotes Todd Meckley, a partner in the Charlotte office of BSB Design, who says amenity packages have jumped from $500,000 to $700,000 up to $1.0 to $2.0 million.

Excerpt taken from www.naahq.org.