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Cornelius News

Junker update: New partnership takes over 195-unit project

Site plan available on www.cornelius.org under Junker Property

Sept. 28. By Dave Yochum. A new development team is taking over the Junker apartment project on West Catawba just down the road from Jetton.

Developer Jamie Rolewicz is partnering up with Charlottesville, Va.-based Castle Development Partners, which specializes in the development and acquisition of upscale apartment communities as well as moderately priced workforce housing.

Rolewicz and Castle take over from Jake Palillo who is in the midst of building the $90 million Symphony Park, a luxury independent living resort for seniors on Hwy. 73 in Huntersville. It is projected to open in the fall of 2022. Palillo is also the developer of Bailey’s Glen which is still selling homes.

Downsizing

Palillo envisioned luxury apartments on West Catawba, theorizing they would tap into Baby Boomers downsizing from neighborhoods like The Peninsula.

Jamie Rolewicz and Jake Palillo

According to Mecklenburg County records, the Junker property changed hands for $3.6 million yesterday.

Rolewicz and Castle will be 50-50 equity partners; Castle will handle development and construction.

Former mayor on board

Former Cornelius Mayor Chuck Travis has been hired to do the design work.

“He has a vested interest in the community,” Rolewicz said.

High Watermark in condo market

The focus on the 195-unit Junker project has always been on luxury, Rolewicz said. He is the developer of the Watermark condominium project less than a mile east where units are selling for more than $1 million a piece.

Construction

Rolewicz expects construction on the new apartment complex to start in 2023. As of now, there’s not a name for the apartments, which will include a clubhouse.

Rolewicz said he will reach out to neighbors in nearby townhomes, some of whom opposed the apartment complex facing West Catawba. It was originally planned for 252 units.

Discussion

3 Responses to “Junker update: New partnership takes over 195-unit project”

  1. 5 stories high on Catawba are you serious????

    Posted by Michael Robert Youron | September 28, 2021, 5:38 pm

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