Exciting Development on the Horizon for Charlotte!
Charlotte residents, hold onto your hats! Big changes are set to unfold in south Charlotte with the proposed development of a stunning 113-acre mixed-use project that promises to reinvigorate the area and bring a wave of new amenities and housing options by 2033. And with a jaw-dropping investment exceeding $500 million, it’s a project residents must not miss!
What’s in Store for Providence Square?
The spotlight is on Providence Square, a cornerstone of this ambitious initiative that has caught the attention of both city and county officials. Just this week, city administrators presented the details to the economic development committee, revealing a fantastic plan to elevate local living through a blend of residences, shopping, and recreational facilities. How does that sound?
The development will be spearheaded by three pioneering companies: Horizon Development Properties, Levine Properties, and Northwood Ravin. The trio has laid out a comprehensive vision that requires a whopping $67.65 million for road improvements and recreational enhancements as part of the makeover along Providence Road.
Breaking Down the Development Components
So, what exactly can you expect? Here’s a glimpse:
- Levine Properties: Their extensive 85-acre portion will feature a big 100,000-square-foot grocery store, along with 80,000 square feet of retail space, 45,000 square feet of offices, and a lovely 28,000-square-foot daycare. Talk about family-friendly! Additionally, there will be 125 townhomes, 108 units of workforce housing, and 879 units of market-rate multifamily housing.
- Northwood Ravin: This team is developing a 20-acre site with a total of 95 townhomes alongside 650 market rate multifamily units.
- Horizon Development Properties: Their 8-acre parcel will offer 75 affordable housing units and 305 market rate multifamily units.
When you add it all up, that makes for a comprehensive living space designed to meet the diverse needs of residents while emphasizing affordability. The exciting thing is that Levine Properties will incorporate 108 affordable housing units specifically for those earning between 30% to 80% of the area median income. A true win-win for the community!
Towards Sustainable Living
Todd DeLong, Charlotte’s assistant economic development director, assures the community that this project goes beyond just construction. The proposed incentives aim to support mixed-income housing, while also providing crucial retail and recreation services that align with the city’s goal of creating “10-minute neighborhoods.” These neighborhoods would allow residents to easily access grocery stores, parks, and essential services within a short walk or transit ride. It sounds like a dream come true!
DeLong and the team have highlighted several prospective public benefits, including:
- Adding 183 affordable housing units.
- Promoting diversity with 15% minority- and women-owned vendor goals, with hopes to increase that number.
- Encouraging sustainability with efficient water and sewer usage, bike paths, and improved public mobility.
- Enhancing green spaces with a 4.4-acre park donation and a hefty $1 million contribution for recreational activities.
Ready to Roll by 2033
Charlotte’s city and county government are evaluating a total of $19 million in incentives for this transformative project, which will be funded through incremental tax grants. The city hopes to finalize the financial package by December, paving the way for reshaping this corner of our beautiful city.
As the city’s zoning committee gears up for discussions about the proposed project, residents are eager to see how these developments unfold and hope they’ll lead to a more vibrant, accessible Charlotte! With golden opportunities ahead, this is a project local families and businesses will be watching closely. Stay tuned for what’s to come!
