Ascent Real Estate, Centro Cityworks start work on Montford apartment project

Centro Cityworks, Ascent Real Estate Capital and BCDC are moving forward on a new apartment project in Charlotte's Montford neighborhood.

The firms secured construction financing for Centro Montford, a 240-unit apartment community at 1700 Abbey Place that's adjacent to the Cross-Trail Greenway. The Class A multifamily project will include 1,500 square feet of ground-floor retail space. Caci Cambruzzi Jaeger, partner of multifamily at Ascent, said a small coffee shop or bakery will help activate that space for residents and the surrounding neighborhood.

Centro Montford is Charlotte-based Ascent's fourth project with David Furman's Centro Cityworks and its first with Atlanta-based BCDC, Jaeger said. The firms closed on construction financing last week. Ascent did not disclose the total financing amount. A total project cost was not immediately available.

Jaeger said demolition of a vacant office building on site has already begun. Construction is expected to take about 24 months, with delivery in 2026.

"This is our fourth project with David and Centro Cityworks, and (with Centro Montford) we want to celebrate with what he does with his projects," she said. "He cares so deeply about Charlotte’s urban vitality. It’s been really inspirational to work with him."

Centro Montford will have studio, one- and two-bedroom units. Jaeger said the studios will be a mix of sizes, starting at about 425 square feet, and some will be loft-style. "We decided to incorporate some thoughtfully designed studio and loft units that are a little bit different than what you'll find in your average market rate apartment building," Jaeger said.

She said the property was attractive for development because of its proximity to the Cross-Trail Greenway as well as the neighborhood's walkability.

"The greenway extension was a big piece of it, and with more remote work, we’ve seen people wanting that walkability of restaurants being right outside their door," Jaeger said. "You don’t have to use a car. You’re spending more time in your own neighborhood, and it’s become increasingly important."

Charlotte-based Axiom Architecture is the project designer. Charlotte-based Edifice is the general contractor.

Also under construction is Centro NoDa, a 211-unit development off East 36th Street, between North Alexander and North McDowell streets. The multifamily project is slated to deliver in the fourth quarter of this year and will include 11,000 square feet of ground-floor retail space. Ascent committed to 10% of the units being reserved for those making 80% of the area median income.

Last month, Charlotte City Council approved Ascent's request to rezone 3.5 acres on Central Avenue for future multifamily development. Ascent and Centro Cityworks are also responsible for the development of Centro Railyard and Centro Square, which delivered in South End in 2021 and 2022, respectively.

Centro Square was rebranded as The Winston in 2023, following Collett Capital's acquisition of the property in late 2022.

https://www.axios.com/local/charlotte/2024/07/10/montford-centro-apartments-construction