AEW, GMH Communities and Wexford Science & Technology Acquire Land for 382-Unit Mixed-Use Tower in Charlotte's Pearl Innovation District
AEW Capital Management has completed a land acquisition alongside GMH Communities and Wexford Science & Technology for the development of ANOVA The Pearl, a 20-story, 382-unit luxury residential mixed-use tower situated within The Pearl Innovation District in Charlotte, North Carolina, the firm announced July 31, 2026.
The site is located at the intersection of South McDowell Street and Pearl Park Way, placing the project at the center of a district anchored by Wake Forest University School of Medicine, Atrium Health, and a growing cluster of research, education, and technology organizations. The development is anticipated to open for occupancy in Summer 2028.
Project Details: Units, Retail and Amenities
ANOVA The Pearl is planned to include 382 residential units and 6,621 square feet of ground-floor retail space. Five percent of the residential units — approximately 19 units — will be reserved for affordable housing.
The amenity program includes a fitness center, clubhouse, golf simulator, sauna, and cryotherapy chambers. The building's branding and programming target medical, research, and technology professionals working within the surrounding innovation district.
Development Partners: AEW, GMH Communities and Wexford Science & Technology
The three-party development team brings together complementary institutional expertise. Wexford Science & Technology is known nationally for developing and operating university-anchored innovation districts. GMH Communities is active in student and multifamily housing. AEW Capital Management, which manages $85.5 billion in private real estate equity, debt, and listed securities across North America, Europe, and Asia as of March 31, 2026, serves as lead sponsor.
"We are attracted to locations that we believe benefit from strong institutional anchors and create opportunities for residents to live near major centers of employment and innovation," said Sara Cassidy, Portfolio Manager at AEW Capital Management. "ANOVA The Pearl reflects these characteristics and represents a residential development within a unique and evolving district in Charlotte."
The land acquisition is now complete. Vertical construction details, development budget, and financing terms have not been publicly disclosed, which is consistent with standard practice for private institutional sponsors at this stage of development.
The Pearl Innovation District: An Institutionally Anchored Urban Node
The Pearl has emerged as a collaborative district in Charlotte bringing together healthcare, research, education, and technology organizations. ANOVA The Pearl is intended to introduce a residential component that provides housing options within walking distance of the district's major employers and institutions, including Wake Forest University School of Medicine and Atrium Health.
The project reflects a broader investment thesis AEW has articulated around locations with durable demand drivers — specifically healthcare, education, and research anchors — that can support occupancy and rent growth across market cycles. The combination of institutional anchors and a live-work-learn environment is central to the rationale for all three development partners.
Broader Capital Deployment Context
ANOVA The Pearl is part of a larger pattern of U.S. residential and logistics investment by AEW. The firm has been active across multiple property types and geographies in North America, including industrial acquisitions in the Inland Empire, the Tampa Bay region, and the Reno market. The Charlotte development adds a residential development play to that pipeline, focused on a submarket with identifiable institutional demand drivers.
AEW ranks among the world's largest real estate investment advisors, according to the 2025 IREI.Q Real Estate Managers Guide, which ranks managers by gross real estate assets under management as of December 31, 2024. The firm and its affiliates maintain offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney, and Tokyo, as well as additional offices in eight European cities.
Outlook
With land now secured, the ANOVA The Pearl development team is positioned to advance toward vertical construction ahead of a targeted Summer 2028 opening. The project will add 382 units — including an affordable housing set-aside — to a Charlotte submarket where institutional employment growth is driving demand for proximate residential options.