Dirt is about to move on the second phase of the University City entertainment district.
Charlotte City Council approved a petition last night to rezone 15.54 acres between North Tryon Street, Ikea Boulevard and University City Boulevard from general business use to a combination of mixed-use and general business district. The rezoning allows for Cambridge Properties to begin the second phase of its planned entertainment district there.
Cambridge Properties President Jay Priester said this phase includes a four-story, 343-unit apartment complex, parking structure and adaptive-reuse renovations on an industrial building that will eventually house 100,000 square feet of retail and restaurants.
“We’re in the process of finalizing a lease with a national retailer and working on several restaurant opportunities,” he said.
Construction is scheduled to begin on the adaptive-reuse project in about 90 days, and land grading will start on the apartment piece by the end of the year. Phase two will take 18 to 24 months to
deliver. The total project cost is about $200 million, though Priester said that could change as planned hospitality and office phases are added in coming years.
The project’s first phase, an 80,000-square-foot Topgolf facility at 9110 Drivers Way, opened last June. It sits between the Lynx Blue Line and Interstate 85 in University City. Eventually, Parks Chevrolet Charlotte will be moved and rebuilt on site to cover about half its current footprint, with a four-story parking structure to house vehicles, Priester said. The dealership, along with a 150-room hotel and up to 150,000 square feet of office space, will be the project’s third phase. Priester said that is likely three to five years in the future.
He said Cambridge chose to develop in phases to support changes in the market, as well as its overarching goal of urbanizing the area. Its proximity to I-85 and the light-rail line help support the effort to bring people in and out of the development with ease. “The goal is to take what’s been a suburban site and make it an urban development, and that’s why we’re taking a phased approach,” he said. “Additional phases will come online as the market can support the intensity of the development we envision.”
Read More: Charlotte Business Journal