FCP, Abacus Capital and Big Cypress Capital, an SB360 Affiliate, Expand Assemblage for the Quarter South End; Construction Starts on 2218 Toomey Avenue Adaptive Reuse
CHEVY CHASE, Maryland – July 29, 2021 – FCP®, with JV partners Abacus Capital (Abacus) and Big Cypress Capital (“Big Cypress”), an SB360 affiliate, has closed on a 6.7-acre land assemblage that includes 704 West Tremont and 2207-2315 Toomey Avenue for $10.6 million, expanding the venture’s assemblage for the 15-acre mixed-use creative district branded The Quarter South End in Charlotte, NC. The latest acquisition will be the site for a ground-up multifamily development that will include 306 apartments and 5,900 square feet of ground floor retail space in four-story, surface-parked buildings. Construction on the multifamily phase of The Quarter is scheduled to begin later this year and deliver in phases in early/mid-2023.
Concurrent with the multifamily land closing, the venture is pleased to announce the commencement of construction at 2218 Toomey Avenue. Scheduled to deliver by year-end, 2218 Toomey is a 25,000 square foot adaptive reuse office redevelopment of an existing midcentury warehouse building. The final commercial phase of the The Quarter, consisting of 2213 Toomey and 2320 Toomey, is anticipated to commence later this fall and deliver in late Q1 2022. The Quarter’s nearly 150,000 square feet of redeveloped commercial space along Toomey Avenue will, when completed, offer tenants a first-generation, Class A creative commercial environment with 18–24-foot ceilings, expansive window lines, and an exposed brick and steel beam aesthetic in one of the most dynamic submarkets in the Southeastern US. More information about the project can be found at thequarterSE.com.
“We are excited to bolt this multifamily development onto a one-of-a-kind commercial redevelopment in one of the most exciting markets in the country,” said FCP Vice President, Alex Cathcart. Cathcart continued, “We believe an apartment community in The Quarter will complement the creative office project and will generate a vibrant live-work-play district close to everything Charlotte’s South End has to offer.”
“Abacus and its partners are thrilled to be expanding our Quarter South End creative micro-district to now comprise over 15 acres and encompass a full city block in one of the most dynamic and investible submarkets in the country. Upon full buildout and delivery in mid-2023, The Quarter South End will include the single largest collection of adaptively reused creative commercial space in Charlotte’s South End, able to accommodate corporate users sized from 25,000 to 77,000 SF in a single authentic and curated facility,” said Wes McAdams, Managing Partner of Charlotte-based Abacus Capital. McAdams continued, “With its synergistic parking strategy, The Quarter should be able to offer prospective commercial tenants attractive above-market parking ratios while the multifamily component’s surface parking program, in what has become an otherwise structure-parked South End submarket, should ensure a value-oriented price point for the benefit of future prospective residents.”
“The successful creation of this strong alliance between FCP, Abacus and Big Cypress exemplifies and validates Headwaters’ primary organizational thesis and further establishes proof of the platform’s unique value proposition. Capitalizing on high quality ground-up multifamily development opportunities within carefully targeted Sunbelt MSAs represents our primary go-forward investment strategy so we could not be more pleased with the latest residential apartment living enhancement to The Quarter’s development program,” said Big Cypress CEO and Co-CIO, Max Mazzone.
Foundry Commercial’s John Ball and Claiborne Dandridge have been retained to lease the office portion of the project while Legacy Real Estate Advisors’ Adam Williams is handling retail leasing. Axiom Architecture is the architect for the multifamily building; Redline Design Group is the architect for the commercial buildings and McAdams Company is the civil engineer on The Quarter South End. Clancy & Theys is the general contractor for the multifamily project and WIMCO is the general contractor for the commercial buildings while Colony Construction Management is providing third-party construction management services on both phases of the project. Foundry Commercial will also property manage the office buildings on behalf of the venture.
About FCP – FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Abacus Capital – Abacus Capital is a multi-strategy tactical real estate opportunity investor focused on the acquisition and development of differentiated commercial real estate in growth markets across the southeastern United States. Recognized as one of the fastest-growing real estate investment managers in the Charlotte market, Abacus’ mission is to identify investment opportunities that we believe offer our investors the most compelling risk-adjusted returns in dynamic capital markets environments. The principals of Abacus Capital have over 25 years of real estate investing experience and have acquired or developed over 16.5M square feet of commercial real estate with a total capitalization in excess of $3.1B.
About Big Cypress Capital – Based in Naples, FL, Big Cypress Capital, an SB360 affiliate, is an emerging investment management firm. Big Cypress Capital’s Headwaters Strategic Operator Platform focuses on cultivating capital partnerships with real estate operators and institutional JV partners that result in long-term value creation within their platforms. The Headwaters Strategic Operator Platform closed its initial series of LP investments in 2018 and its initial Co-GP investments with institutional JV partners in 2020. Please visit bigcypresscap.com for more information.