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pace Craft is expanding its multifamily portfolio in Charlotte with a new project: an eight-story apartment complex in the Optimist Park area. The development, called Cordo, will be a joint venture between Space Craft and Lindgren Development, a subsidiary of Swinerton. The project has secured $94 million in financing, which includes a $69 million construction loan and $25 million in joint venture equity. The equity was arranged by JLL Capital Markets’ Travis Anderson, Cory Fowler, Warren Johnson, and Chad Lisbeth, who worked with an institutional Japanese investment firm.

    The apartment complex will feature a ground-floor retail space of approximately 3,000 square feet and offer one to four-bedroom units. The amenities will include a rooftop deck, private courtyard, electric bikes, fitness center, shared dining area, and coworking space. The project is expected to be completed by late 2026. Swinerton Builders and Timberlab will serve as the project's general contractor and mass timber subcontractor, respectively.

    Space Craft purchased the project's land for $6 million in 2022. The development joins Space Craft's growing footprint in the Mill District, which encompasses Belmont, Optimist Park, NoDa, and Villa Heights neighborhoods. The company has completed projects like Millhouse in Belmont and Inkwell in NoDa and is currently working on Oxbow, a 389-unit apartment community at 2125 North Davidson Street. Additionally, Space Craft is considering future plans for a property at 2321 North Davidson Street, which was acquired for $9 million in February last year.

    Space Craft, which has offices in New York and San Francisco, entered the Charlotte market with the Joinery, the city's first carless apartment complex, which opened in April 2022.