Charlotte Commercial Real Estate Whispers — Nov. 13, 2024

2,200-unit development along Providence Road appears on track; Buzz about Manor Theatre site in Eastover; Analyzing Vantage South End sale; New Cotswold apartments; Land sales

Step into the seductive new edition of Charlotte Commercial Real Estate Whispers, where the city’s hottest land deals, rezonings, and developments are fully unveiled. Brace yourself for heart-pounding revelations from Charlotte’s real estate world, where every transaction is an enticing secret and every disclosure an irresistible thrill.

Ginormous Providence Road development gets a couple of big boosts; 2,200 new housing units in Levine-Northwood Ravin combo

Plans appear to be moving forward in south Charlotte on a series of coordinated rezonings that could bring nearly 2,200 new apartments and townhomes to the Providence Road corridor.

City staff is recommending in favor of the three rezonings — from Levine Properties, Northwood Ravin and Horizon Development Properties — near the intersection with Old Providence Road, by the Providence Square shopping center. Last week, a citizens advisory panel of the Charlotte-Mecklenburg Planning Commission voted unanimously to recommend approval of the applications, too. Rezonings that have the support of city staff and the Zoning Committee almost always pass the City Council.

Committee members said the big development would support the city’s goal of creating “10-minute neighborhoods,” or areas where people can live close to jobs and shops.

Some nearby residents, though, say they worry about the effects on traffic to what they say is an already overburdened Providence Road. Traffic studies filed with the city show that the developments would add more than 17,000 trips per day. State transportation data shows that that section of Providence now handles about 34,000 vehicles per day.