Charlotte SouthPark – Rich for Redevelopment
Just six miles from Uptown and centered around SouthPark mall, one of Charlotte’s popular suburban submarkets is thirsty for redevelopment.
September 03, 2019
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- Just six miles from Uptown and centered around SouthPark mall (opened in 1970), one of Charlotte’s popular suburban submarkets is thirsty for redevelopment. With a few smaller revitalization projects in the recent past, SouthPark’s historical development has been outpaced by other suburban areas. However, two things have changed the future for this suburban node: city-planning and outside investment.
- The City of Charlotte has approved funding for what is called the Community Neighborhood Investment Plan (CNIP). With the goal of enhancing livability, Charlotte is committing to the growth and revitalization of SouthPark, wanting to transform what exists (intersections and sidewalks) and add unique amenities like a cultural loop and small town square ($10 million Symphony Park revamp).
- Investment into the submarket has matched city efforts. With two major mixed-use developments under construction and three more planned to break ground by 2021, these town center-like projects will close the gap between supply and demand. As millennials, families, and companies look to move into the submarket, SouthPark’s new development will offer modern, high-quality amenities for a less-than-CBD price tag.
Source: JLL Research