CHARLOTTE, N.C. — Less than six months after Price's Chicken Coop, one of Charlotte's most iconic businesses, closed its doors for good, we know what's going on that plot of land: A 30-story tower with luxury apartments.
Catalyst Capital Partners, a Charlotte-based real estate developer, teamed with the development firm Stiles to build the tower. The 30-story tower will include 291 apartments with one-, two-, and three-bedroom floor plans. Construction is scheduled to begin in the third quarter of 2022. Stiles is also working on Greenly Pointe, a 15-acre mixed-use development in University City.
"We are thrilled to be developing our third apartment community in North Carolina and our first in Charlotte in the heart of South End," Jeff McDonough, president of Stiles, said in a statement. "This community will be incredibly well-suited to support the tremendous job growth in the immediate area, and we expect it to set a new standard for luxury living in Charlotte."
"It seems to be the way that Charlotte is going," Rhyne Harris, a Charlotte native who works in South End, said. "It's sad to see the staples go like Price's Chicken Coop, but it's exciting to see the new development, and just a new look to the skyline, and all the new people that it'll bring to Charlotte."
Xaviera Cureton-Brown added, "It was really really sad to see him have to leave, but I understood times are changing."
Price's closed in June. Owner Steven Price cited the labor shortage and rising food costs as factors in the decision, as well as the nationwide coin shortage. Price's operated as cash-only during its 59-year run on Camden Road.
Thousands of people lined up for one last meal at Price's, including a man who drive over 400 miles from Florida when he heard the news.
"I didn't have anything else to do and I wanted one last time around on some good old gizzards," Bob Shibley said. "It's a piece of Charlotte, it's a piece of everybody's town. These places are closing all over the country but this was special to me."
Price's is one of several Charlotte staples to close for good, including Zack's Hamburgers off South Boulevard. Like Price's, there are plans to build apartments where Zack's still stands today. Just north of there, at the corner of South Tryon and Carson, the popular Midnight Diner will be relocated for new development. The restaurant's owners said they won't be closing permanently, but a new location has yet to be announced.
The announcement of the new luxury tower on Price's site came as the UNC Charlotte's Childress Klein Center for Real Estate released its 2021 State of Housing In Charlotte report.
Yongqiang Chu, the report's principal author, said the city’s seeing a surge in growth, but a shortage of housing, which is leading to a rapid rise in prices.
"I think this is not a good trend," Chu said. "If we going to continue with this trend too soon, we will see that people will consider, 'Okay, Charlotte is probably not a very affordable city anymore.'"