Space Craft, Swinerton to Team Up on Charlotte Rental Community

Space Craft and Swinerton are joining forces on Cordo, a 287-unit apartment project in the Optimist Park area of Charlotte. The project at 515 Parkwood Ave., will include eight buildings and nearly 3,000 square feet of ground-floor retail.

The Atlanta Business Chronicle reports the firms recently secured $94 million in financing for the project — a $69 million construction loan and $25 million in joint venture equity. A JLL capital market’s debt advisory team led by Travis Anderson arranged the loan through a Japanese lender. Space Craft acquired the 1.6-acre property in April 2022 for $6 million.

Amenities include a rooftop deck, private courtyard, electric bikes, fitness center, shared dining area and coworking space. Construction is slated to begin immediately and is expected to wrap up in late 2026. Swinerton Builders and Timberlab are the project’s general contractors and mass timber subcontractors.