Atlanta-based Blue River Development, LLC has expanded into Charlotte, North Carolina. Currently, two developments are in process with other options in the works for a total of 500 lots.
With more than 6,000 total lots in some form of due diligence, entitlements and construction across the Southeast, the Blue River Development team has more than 20 years of experience in acquiring and developing nearly $2 billion in residential, multifamily and retail projects.
“Charlotte will be our second home,” Managing Principal Brad Cooper said. “Charlotte currently has a population of 2.9 million in its MSA. It has grown 20% in the last 10 years and is expected to grow another 15% by 2030.”
“There are tremendous growth opportunities for builders and developers in the market,” Cooper said. “With massive job growth and infrastructure problems that have stalled the ability to build much-needed housing in the market, it has a lot of pent-up demand. Once the market starts moving forward, it will outpace Atlanta in terms of percentage of growth.”
Blue River Development Strategic Partner Michael Meshkaty and Land Acquisition Manager Chase Mallein will spearhead entry in Charlotte. Together they will tag team finding organic leads and tracking the market effectively.
Charlotte is the second-largest financial capital in the country with high income, millennial-driven growth. Lots of technology, distribution and financial jobs are available. It is a well-educated, well-rounded market for anyone who wants to live or work there, not to mention a good value.
Prices in Charlotte are not as inflated as other large markets on the West Coast and in the Northeast. The cost of living is more affordable, and homebuyers get a better value for their money, which has been one of the primary drivers of growth in Charlotte.
“There are lots of first-time and move-up buyers in the area. Basically, you can head in any direction in Charlotte and hit an established or a growing market,” Cooper comments. “Millennials just starting to buy homes and will continue for next 10 years, especially along the burgeoning I-85 corridor.”
“We are very optimistic about the growth in Charlotte. “We will make sure we do our part to create much-needed value in single-family and multifamily real estate development” Meshkaty said. “We are looking for land and opportunities within 40 miles in any direction from the center of the city.
Blue River Development will focus on multiple development corridors including the I-85 corridor from Kings Mountain, Gastonia and Belmont through to Harrisburg, Concord, Kannapolis, China Grove and Salisbury; the I-77 corridor from Rock Hill, Indian Land and Fort Mil up to Huntersville, Lake Norman, Mooresville, Troutman and Stateville, the Hwy 321 corridor from York and Clover to Dallas, Lincolnton, Newton and Hickory; and the Hwy 16 corridor from Midland to Albermarle. These areas are well established or on the path of growth and have a long runway.
The Blue River Development team has more than 20 years of experience in developing and acquiring nearly $2 billion in residential, multifamily and retail projects. The firm’s achievements are driven by its ability to provide and catalog the most up-to-date market intel, the ability to execute on that data and its accountability to clients and investors.
About Blue River Development, LLC
Blue River Development, LLC is a nationally recognized, industry leading land sales and development team that specializes in the Southeast. Its team has over 20 years’ experience and has been involved in the origination, acquisition, development and disposition of nearly $2 billion in projects. Such projects are comprised of thousands of residential lots, multifamily units and retail developments. The firm’s success has been driven by two factors: its ability to catalog, organize and analyze the most up-to-date market data its integrity and accountability to clients and investors. For more information, visit www.BlueRiverDevelopment.com.
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