BREAKING: High-rise apartment tower headed to Levine Museum site
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$10.75M sale to New York developer; new residential tower could spur growth in North Tryon corridor
The Museum of the New South, which opened in 1996, will be replaced by a high-rise apartment tower. The museum will move to a temporary space nearby as it transforms into a more nimble and digital museum.
by Tony Mecia
The Levine Museum of the New South has sold its building uptown to a New York developer, which is planning to build a high-rise apartment tower on the site, the museum announced this afternoon.
The Levine Museum — which has been an uptown staple since 1996 — sold its 0.7-acre site for $10.75M to Vela Uptown LLC, “a New York-based development company that plans a high-rise apartment building for a range of tenants,” the museum said in a news release.
Vela is partnering with Connecticut-based luxury apartment developer Post Road Residential on the project, the museum said.
The Levine Museum site, on 7th and College streets, has been up for sale since last year. The Museum’s leaders have said they want to transform the museum to one that is better suited to the digital age. The Museum will remain open through May 15 and then will move to VAPA, the Visual and Performing Arts Center nearby on North Tryon Street.
The Museum said in a statement that the money from the sale of the building will enable it to fulfill its mission “in a newer, more flexible space, and to invest in creating robust digital experiences.”
The Ledger was not immediately able to contact the developers for more specifics on their plans. There’s lots of other development in the area, including redevelopments of Spirit Square and construction of a new main library, though the North Tryon corridor of uptown has been slower to grow than the southern side of Tryon.
What it means: A large new apartment tower could help continue to spur growth on the North Tryon side of uptown. When there is new residential development, retail and office often follow.
Related Ledger articles:
“Levine Museum to sell uptown site” (June 16, 2021)
“Levine Museum explores possible land sale, relocation” (Aug. 11, 2020)
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Executive editor: Tony Mecia; Managing editor: Cristina Bolling; Contributing editor: Tim Whitmire, CXN Advisory; Contributing photographer/videographer: Kevin Young, The 5 and 2 Project