275 Apartments May Come to Phillips Place. Should a Condo Landlord Worry?

A condo landlord near Phillips Place shouldn't panic about the proposed 275 apartments, and shouldn't ignore them either. The project is only a rezoning request so far, no hearing date was posted when I checked, and Charlotte has far more new apartments coming than this one site.

Quick Answer: Mid-America Apartments has asked Charlotte to rezone about 3.65 acres at 6920 Fairview Road, the former movie theater site at Phillips Place, for up to 275 apartments and 15,000 square feet of commercial space. The request, Petition 2026-050, is pending. Jennifer Ledford of The Ledford Group at eXp Realty says South Park condo landlords should track their own vacancy and rent comparisons now, since nobody has published a study of this project's effect on rents.

I'm Jennifer Ledford with The Ledford Group at eXp Realty, and South Park is one of the three markets I focus on most. This piece is for owners who rent out a condo near SouthPark, or who are thinking about it. Here's what's known, what isn't, and what I'd measure.

What is being proposed at Phillips Place?

According to the City of Charlotte's petition page, Mid-America Apartments, L.P. wants to change the zoning on about 3.65 acres at 6920 Fairview Road from MUDD-O SPA to RAC(CD). That would allow up to 275 stacked apartments and up to 15,000 square feet of commercial uses. The city lists the status as pending.

The South Park Association of Neighborhoods says the proposal includes a maximum building height of 120 feet. A community meeting was held September 9, 2026, at the Hampton Inn & Suites at Phillips Place. The site sits next to Mid-America's existing community at 4835 Cameron Valley Parkway, according to news reports. An earlier plan for a 10-story office tower on the site was dropped.

Has it been approved?

No. The city's page showed hearing and decision dates as pending when I checked. I haven't found a published construction start or opening date, and an approval would be followed by design, permits, and building. That's a long runway.

Does new supply hurt condo rents?

Nobody has published an answer for this site, so I won't guess. Here's the wider picture.

Northmarq's second-quarter 2026 report puts Charlotte's average asking rent at $1,568 a month, down 1.4% from a year earlier. Vacancy was 8.5%, up 80 basis points year over year. About 20,650 units were under construction, though deliveries so far this year were down 31% from the same period last year.

In other words, 275 units at Phillips Place would join a metro pipeline of more than 20,000. Your condo already competes with that pipeline.

What do nearby apartments charge today?

Greystar's SouthPark listings showed prices from $1,428 a month at 5115 Park Place Apartments, on an 11-month lease, to $1,895 at Element SouthPark, on a 15-month lease. Greystar says those prices include mandatory monthly costs. Compare your condo against the total monthly cost, not the base rent.

What would I measure?

Start with three numbers. First, days vacant between tenants. Second, your rent against the total monthly cost of the closest apartments. Third, your renewal rate.

Here's the math, using a made-up example. If your condo rents for $2,000 a month, one extra month empty costs $2,000, which is about 8.3% of a year's rent. That's why a few vacant weeks can matter more than a $50 rent change.

Location helps you here. Phillips Place, SouthPark Mall, and the Morrison Boulevard restaurants, including Rooster's Wood-Fired Kitchen, are why tenants choose the area. A condo that's close to them has a draw an apartment on the same street also has, so keep your finishes, parking, and lease terms current.

Should I sell instead?

Maybe, maybe not. It depends on your loan, your tax situation, and what the condo would sell for. If you want a number to compare, you can see what your home is worth before you decide. I'll run the rent-versus-sell math with you, with real comps and your real costs. You can start with a free home value estimate.

Frequently asked questions

Is the Phillips Place apartment project approved? No. Rezoning Petition 2026-050 is pending with the City of Charlotte. The city page showed hearing and decision dates as pending when I checked.

How many apartments are proposed at Phillips Place? Mid-America Apartments is asking to build up to 275 stacked apartments and up to 15,000 square feet of commercial space at 6920 Fairview Road.

Will new apartments lower my South Park condo's rent? I haven't seen a study of this site, so I can't say. Charlotte's average asking rent was down 1.4% year over year in the second quarter of 2026, according to Northmarq, with about 20,650 units under construction.

What should a South Park condo landlord track? Track days vacant, your rent compared with nearby apartments' total monthly cost, and your renewal rate. Those three numbers show a problem before it gets expensive.

Updated October 3, 2026

About Jennifer Ledford: Jennifer Ledford is a licensed real estate agent with The Ledford Group at eXp Realty LLC, serving buyers and sellers across Mecklenburg, Union, Stanly, and York Counties since 2016. She is among the top 3% of 18,000+ agents in the Charlotte Metro, an eXp ICON, and has guided 250+ clients through some of the most significant transactions of their lives. Reach her at 704-607-6996 or https://the-ledford-group.com.

Jennifer Ledford | 📞 704-607-6996 | 🌐 https://the-ledford-group.com

About the author

Jennifer Ledford, REALTOR, has helped Charlotte-area buyers and sellers full time since 2016, with 250+ homes sold. She is a Certified Negotiation Expert with The Ledford Group at eXp Realty LLC.

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