Providence Group Capital purchased four properties in South End for a combined $9.15 million, per Mecklenburg County records.
What’s happening: The Charlotte-based commercial real estate investment and development company purchased 1.75 acres at the intersection of South Tryon Street and Remount Road. The exact addresses are: 2513 South Tryon St., 2519 South Tryon St., 2535 South Tryon St. and 318 Remount Rd.
- Lawrence Shaw and Rob Spier of Colliers International’s Charlotte office represented the sellers in the transaction.
Zoom out: Providence Capital Group is under contract to purchase five more properties in South End/LoSo before 2023. They’ve bought 13 properties in South End/LoSo in the last year.
What’s next: The company doesn’t have specific plans for the sites yet, per spokesperson Lauren Faulkenberry. However, they did rezone the parcels to TOD-UC (CD) — which may feel like alphabet soup.
- Think transit-oriented development, which can include commercial, residential, office and entertainment development near a transit station, in this case the light rail, which you can hear from the properties.
- UC means urban center, and CD means conditional.
- Cheap Joe’s Art Stuff, Charlotte Community Tool Bank and Morales Tire’s Auto Shop will remain in their current locations on the property through the end of the year “before relocating to new facilities elsewhere,” Providence Group Capital said in a statement.
Why it matters: South End is booming, and this will be its latest wave of development. But keep in mind, as the neighborhood grows, some businesses are being priced out.
- Plus the properties sit across the street from Brookhill, which as Axios’ Danielle Chemtob reported is among the few affordable housing options left in the area.
- Of note: Raleigh businessman, Tom Hendrickson of Lookout Ventures intended to rebuild the rundown Brookhill apartments, but stepped away from the project in March because he couldn’t gather enough public and private support.