Exciting Plans Unfold for Providence Square in South Charlotte!
Charlotte, are you ready for some big changes? This week, the Charlotte City Council gave the thumbs up for an ambitious project that aims to transform the old Providence Square shopping center into a vibrant and welcoming community. With three local development powerhouses—Levine Properties, Northwood Ravin, and Horizon Development Properties—teaming up for this $500 million redevelopment, there’s plenty to be excited about!
A Collaborative Effort
It’s been a fruitful journey for the developers as they’ve spent almost two years working hand-in-hand with local residents to get this plan off the ground. District 6 Council member Tariq Bokhari noted, “It’s a testament to the three combined development teams that have spent the better part of two years working closely and collaborating with neighbors.” The collaboration aims to breathe new life into an area that has been around for over six decades.
What’s in Store?
So, what can we expect from this redevelopment? Well, the project will cover an impressive 113 acres at the intersections of Old Providence and Providence roads, as well as Sardis Lane. The highlights include:
- 2,200 apartments and townhomes: Yes, you read that right! This includes a blend of affordable, workforce, and market-rate housing.
- 180,000 square feet of retail space: Get ready for new shops and services to pop up!
- 45,000 square feet of office space: This project is not just about homes and stores; it’s about creating a community vibe!
Breaking Down the Plans
Each developer has their own section to work on:
- Horizon will revamp Gladedale Homes, adding up to 350 multifamily units and around 50 single-family homes.
- Northwood Ravin has plans for 650 multifamily units and 15 single-family lots.
- Levine Properties will be the biggest player, focusing on 85 acres for up to 1,112 units, while also including commercial spaces like a major grocer!
Creating Affordable Housing
One of the standout features of this redevelopment is the emphasis on affordability. The goal is to allocate units priced at 30%, 60%, and 80% of the area median income, with a strong focus on the 60% AMI bracket. This will mean more accessible housing in a community that’s set to flourish!
Progress and Next Steps
With the recent City Council approval, things are moving along nicely. Daniel Malino, president of Levine Properties, expressed his enthusiasm about this milestone, mentioning how close we are to seeing a “vibrant, walkable community” take shape along Providence Road.
The next hurdle? Getting the green light from Mecklenburg County, which will consider a Tax Increment Grant public-private partnership in January. In fact, the council already approved $6.9 million in tax increment grants, which will be repaid using a part of the property taxes generated from this investment.
The Bigger Picture
What’s all this mean for Charlotte? Council member Bokhari believes this project will significantly improve local roads and enhance overall quality of life in the neighborhood. “This is a major revitalization of more than 85 acres to replace 60-year-old deteriorated buildings,” Bokhari stated, highlighting the importance of this ambitious project.
With plans to renovate existing affordable housing and replace aging complexes like Crest on Providence, this development aims not just to change the skyline but to enrich lives. So, keep your eyes peeled, Charlotte! Exciting times are ahead in South Charlotte’s Providence Square!
