A Charlotte developer has acquired a 2.18 acre-site along Hillsborough Street near Meredith College.
FMW Real Estate, which has developed several apartment projects along Hillsborough in recent years, paid $2.4 million for the land, which is on the north side of Hillsborough between Montgomery and Furches streets.
Jim Zanoni, an FMW owner, said the company doesn’t have any firm plans yet for the site, which includes the Sigma Pi fraternity building and two single-family houses.
“We’re most likely going to sit on it for a year and figure it out,” he said.
Last year, the City Council rejected a rezoning request for the property, which would have allowed for a 5-story apartment building and parking deck, after a number of neighbors expressed concerns.
FMW later got involved in the project and filed a new rezoning request. Zanoni said FMW withdrew its request after the city re-mapped the property to a zoning that was close to what the developer was seeking. The current zoning allows for 3-story buildings.
With its most recent acquisition, FMW now owns property on six different blocks on Hillsborough.
Zanoni said the company will soon seek permits for a new residential development at 109 Park Ave., behind the IHOP Restaurant at 1313 Hillsborough St. That project is expected to have about 85 units, he said.
The Park Avenue project is near two other completed FMW residential projects: 927 Morgan and 1301 Hillsborough. FMW was also the developer behind two other projects further west on Hillsborough: 2604 Hillsborough and 2811 Hillsborough.