CHARLOTTE, N.C. — Commercial real estate developer Providence Group Capital announced it has closed on four properties at a busy intersection in South End.
Providence Group Capital closed on four properties at the corner of Remount Road and South Tryon Street. Three businesses currently sit on those properties: Cheap Joe's Art Stuff, Morales Tires and Auto Shop and Charlotte Community Tool Bank. Providence Group Capital said those businesses will continue to operate in their current locations before relocating at an unannounced date in the future.
The firm says it targeted South End due to its explosive residential, office, brewery, restaurant and entertainment growth.
“Cities are always in a constant state of change," James LaBar, senior vice president of economic development for Charlotte Center City Partners, said.
Right now, there's a lot of momentum for development in South End and Uptown.
“In the last five years, it's (South End) only one of two markets that have doubled office space," LaBar said.
According to Charlotte Center City Partners, there's a $4 billion-plus of new development already planned for 2022. With 5.5-plus million square feet of office space planned, 437,000-plus square feet of retail space, 750-plus new hotel rooms planned, and more than 5,600 homes planned.
“People are attracted to it," LaBar said.
But there's also a concern that small businesses will be priced out.
Central Coffee Co. closed its shop in South End Monday, due to their landlord wanting to increase their rent by almost 40%.
"A good local mix of local relators, region realtors, and national relators seems like the good mix going forward and it becomes a question of, can we keep that balance," LaBar said.
But other local shops like 704, say balance is achievable.
704 employee Catherine Stone said once Price's Chicken Coop closed, they were concerned business would slow down. Meanwhile, she says they've actually seen a rise in customers.
“Yeah, they are closing some of the old stores and some of the old restaurants, but they are doing right by it, they’re taking the area and making it beautiful and not just putting something there and not taking care of it," Stone said.
The Charlotte-based developer has purchased 13 properties in the South End area over the last year. There currently aren't any specific plans for the properties at the corner of Remount and South Tryon, but they have been zoned to TOD-UC, which is for properties near high-intensity rapid transit stations and streetcar stops.
Providence Group Capital says it is under contract to purchase five additional properties in South End before the end of 2022.
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