Animal Swaps Land for Multifamily Site in Hot Uptown Charlotte

A major land deal has positioned Animal to redevelop a key site in Charlotte’s uptown area.

The Atlanta-based investment firm exchanged land with the city of Charlotte in January, swapping a 1.9-acre site at 501 South Caldwell Street for a 0.7-acre property at 401 South College Street, the Charlotte Business Journal reported. The land swap was first approved in 2022 and finalized on Jan. 31.

The South College parcel was previously valued at $12 million, while the South Caldwell site was appraised at $18.5 million, according to Mecklenburg County property records. As part of the deal, Animal also secured development rights for roughly 30,000 square feet at the convention center plaza, where it plans to carry out renovations.

Animal plans to move ahead with phase one of redevelopment, including a multifamily high-rise with 350 to 400 market-rate units and ground-floor retail.

The company is close to securing a multifamily developer for the project, which is expected to start construction by the end of this year, said Max Cookes, Animal’s cofounder. LS3P and Oppenheim Architecture are designing the project.

Cookes pointed to the active development in south uptown, including Legacy Union and Asana Partners’ Brooklyn and Church project, as factors motivating the investment.

Plans for two other parcels at 401 South College Street, spanning 1.6 acres, are still being determined. An office tower was considered, but market conditions may shift the focus to residential instead.

Meanwhile, the city intends to develop a hotel on the exchanged 0.7-acre site, though further details are pending.

Animal is also working with the city and the Charlotte Regional Visitors Authority to redesign the convention center plaza into a more pedestrian-friendly space with retail and outdoor seating. The project will help connect the Rail Trail to uptown’s core business district, strengthening foot traffic and accessibility, Cookes said.

Animal entered the Charlotte market in late 2022 with the $24 million acquisition of a former Duke Energy office building at 401 South College Street, which it bought in partnership with Millennium Venture Capital. The firm expanded its holdings in May 2023 by partnering with Berlin-based MVC to purchase the Mint Street parking deck for $42 million.

— Andrew Terrell