Northpond plans upgrades after buying former Optimist Park mill

Oct 13, 2023

Chicago developer Northpond Partners is positioning Chadbourn Mill for success within Charlotte's ever-growing Mill District.

Northpond purchased the historic Optimist Park property at 2520 N. Brevard St. on June 5 for $12.5 million from real estate investment firm FCP, according to Mecklenburg County real estate records. Jared Londry of Point Blank Ventures and Alex Olofson of Stream Realty Partners represented the seller.

Now, the firm is planning upgrades to the 94-year-old former textile mill with the addition of 7,000 square feet of patio space and a woonerf, or "living street," for pedestrians, cyclists and cars. Charlotte-based Southwick Architecture Interiors was tapped to help maintain the historical integrity and character of the property while creating modern retail and dining spaces.

Other updates will include garage doors on the ground-level retail spaces to create an indoor-outdoor flow and the addition of a lawn adjacent to the retail structure that sits beneath the Chadbourn smokestack. Local software developer Ekos will continue to occupy the main building's second floor as its corporate headquarters.

Construction is expected to be complete sometime next year.

Sam Ankin, co-founder and managing principal of Northpond, said the upgrades will present a new and attractive opportunity for tenants to join a growing neighborhood.

"Chadbourn presents an opportunity for retailers to be in a unique space within an all-new entertainment district, in addition to being within walking distance of everything NoDa and Optimist Park have to offer and just a few light-rail stops from both uptown and University," he said.

FCP and Charlotte-based White Point had purchased the more than 39,000-square-foot property in August 2019 for $4.4 million, according to previous CBJ reporting. White Point remains a partner on the development.

"We are glad to have found a like-minded partner in Northpond to continue refining our initial vision with Chadbourn and bring it into an exciting new phase," said Erik Johnson, co-founder of White Point.

Northpond entered the Charlotte market in 2020 with the purchase of uptown's 110-year-old Latta Arcade. The firm is in the process of restoring that historic 23,000-square-foot retail property, now called The Alley at Latta Arcade. Northpond's vision for the building is to create a new and improved food-and-beverage destination.

It is also planning a $4 million overhaul of the former Packard Place building, now called The Stuward, at 222 S. Church St. in uptown. Renovations at the five-story building will include an updated exterior and a remodeled first-floor common area with functional seating areas and an 18-hour food-and-beverage concept that Northpond will announce at a later date.

The 95,128-square-foot building will also have four floors of creative office space available, ranging from 2,000 to 10,000 square feet. Northpond purchased the property in July 2021 for $15.4 million.

Ankin said similar to those projects, Chadbourn is an opportunity to be part of the revitalization of a historic property in a dynamic area.

"The Mill District is growing rapidly and we’re proud to add to the area's resurgence by creating a lively atmosphere for the community to shop, dine and work," he said.

Charles Thrift at Thrift Commercial Real Estate Services is handling leasing at Chadbourn.

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