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Three developers and a vision for a $500 million mixed use development in south Charlotte, NC. Early 2023 saw the filing of the rezoning plans for the mixed use development project. The three developers: Horizon Development Properties, Levine Properties, and Northwood Ravin, patched up their pieces together for the project.
The three developers for the mixed use development
Levine Properties has the largest portion of the 113-acre south Charlotte mixed use redevelopment property located at the intersections of Providence Road, Sardis Lane, and Old Providence Road in south Charlotte.
Horizon Development Properties will use its 8-acre to setup 305 multifamily units and 75 affordable housing units. Northwood Ravin will have 650 multifamily units and 95 rental town-homes on its 20-acres. Levine will have its 85-acres develop 879 multifamily units, 125 rental town-homes, recreation spaces, stores, and office spaces.
Rezoning application for the $500m mixed use development
The “umbrella project” saw the three developers file separate rezoning applications to revamp the Providence Road area in south Charlotte. The applications were set for a public hearing before the Charlotte city council in late 2023. A rezoning decision for the project is by the city council is expected in a week’s time.
The President of Levine Properties, Daniel Levine, termed the project’s inspiration as of the, “long-term goals of Charlotte’s 2040 Plan efforts”. He also mentioned that the project will, “energize” the place, and bring the concept of “10-minute neighborhood to life”. The comments highlighted in a press release last year will soon enough come to fruition with the progress being made on the project.
Update on the project finances
At its inception, the south Charlotte project cost was projected at $500 million; the bulk of this came through as private investment.
Along with this came tax grant incentives. The incentives totaled to $19 million with the Charlotte City Council having a say on $6.9 million, and Mecklenburg county overseeing the remaining $12.1 million.
December 2nd saw the economic development committee for Charlotte city pass the incentive grant on their side. This is not yet final as the city council still needs to vote on the same early next week.
The city council vote will also be supplemented by the county of Mecklenburg’s vote. The economic development committee for the county of Mecklenburg will have their cast out soon after the city’s. This will set room for the 9-member table that will vote on the incentive grant early next year.
The tax incentive grant – supposedly only affecting Northwood and Levine – will be of the tax revenue generated by the private investment. The 45% of the incremental tax revenue will generate the incentive grants only after they have culminated tax gains. This revenue will be channeled back to public use.
Diverse points of view on the tax incentive grant for the mixed use development have been made. Some sectors of the (city’s) committee are vouching for improvements before the full vote takes place next week.
With less than a decade to the completion of the project, the incentives will be repaid through the course of 15 years. The project’s completion date is slated for 2033.
Giving back to the people of south Charlotte
The incentive grants will give back to the community through:
supporting sustainability and environmental goals
improving infrastructure in the south Charlotte area
affordable housing
helping small businesses
a fire station. This has not yet been officiated – in any way. Prospects however have it that the 50-year-old existing station will get a revamp. |
