Novi Flats at 25 Barbrick Ave Southwest in Concord, North Carolina — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties is expanding its Southeast portfolio under a recent partnership, marking the debut of a new 48-unit luxury apartment building about 25 miles outside Charlotte.
The Red Bank-based firm recently joined Lansing Melbourne Group to unveil the property in Concord, North Carolina, the first of three phases in the city’s downtown. Known as Novi Flats, the building at 25 Barbrick Ave. Southwest has an upscale industrial design meant to blend into the neighborhood, with an on-site private cross-fit gym, a bike room and a package concierge.
“When executed with the right partners, public-private partnerships offer places like Concord an opportunity to bring investment into their communities and help create a better future for residents and businesses alike,” said Peter Flotz, founder and CEO of LMG. “We thank the municipal leadership of Concord and our partners, Denholtz Properties, for sharing our vision and helping to bring the first piece of this ambitious investment to life.”
Novi Flats, which also has 2,333 square feet of street-level retail space, will soon give way to two other projects by the joint venture partnership between LMG and Denholtz. Novi Rise, a 167-unit building with 3,540 square feet of retail space, is scheduled for completion later this year, while a phase known as Novi Lofts will bring another 89 rentals and 5,134 square feet of retail space when it’s completed in late 2024.
The three buildings that make up the Novi portfolio will be the first midrise products of their kind in downtown Concord and signal the success of an ongoing multimillion-dollar revitalization spearheaded by the Concord city commissioners and the Cabarrus Economic Development Corp., according to a news release. LMG and Denholtz, who joined Concord Mayor Bill Dusch and other local officials for the ribbon-cutting, also touted the renovation and expansion of the Cabarrus County Courthouse a few blocks away.
“Today, we celebrate not only the completion of Novi Flats but also the beginning of a new era for Concord,” said Stephen Cassidy, president of Denholtz. “We are excited to welcome residents and businesses to each of these properties to ensure the communities can become integral parts of the fabric of this vibrant city. We look forward to leveraging our partnership with LMG to replicate this transformative, community-focused development model in other towns and cities across North Carolina.”
