Michaels Organization Buys Land for Active Adult Apartments Near Novant Health Hospital

A 6-acre site beside Novant Health's Mint Hill hospital in Charlotte is being split between residential and medical uses. The Michaels Organization paid Flagship Healthcare Properties $3 million for 4.5 acres, according to the Charlotte Business Journal.

The residential developer filed site plans with the city in October 2025 showing an active adult multifamily community. The property's zoning permits housing for residents ages 55 and older, the CBJ reported.

Flagship, an outpatient healthcare real estate firm, kept 1.5 acres and plans an 11,000-square-foot medical office building there. Construction is slated to start in the second half of 2027. The firm already owns two nearby medical office buildings, one leased to dental providers and one to a rehabilitation center, and it holds dozens of other medical offices in Charlotte.

The deal reflects Charlotte's growing senior housing and healthcare real estate sectors. A Lee & Associates report cited an expanding pipeline of medical office space in the second quarter, with more than 280,000 square feet under construction.

For developers and lenders, the practical takeaway is that age-restricted zoning and medical office demand are converging on the same corridor, so site-level zoning review should account for both uses.