Charlotte developer Goode Properties is seeking to rezone 1.7 acres across the street from the Metropolitan development for a mixed-use project that would feature a hotel, residences, offices and retail space.
The project, Baxter Place, would be built on roughly three-quarters of a one-block area east of South Kings Drive. Project plans also call for five townhomes and a six-level, 500-space parking deck.
Goode Properties is requesting that Charlotte City Council approve a rezoning request to allow a 140-foot-tall building on the site. That’s 40 feet above the site’s current height restrictions.
Roy Goode, owner of Goode Properties, said the eight-story building would house the hotel and the office and retail space. He said the building needs to be 140 feet tall or the project wouldn’t make economic sense, given land values and construction costs.
The site proposed for the project takes up most of the block defined by Luther Street to the north, Cherry Street to the east, Baxter Street to the south and South Kings Drive to the west. Roughly the southeast one-quarter of that block is not part of the project, Goode said.
Total development costs would be around $60 million, he said. Those costs would include demolition of two rental homes on the site’s east side, where the townhomes would go.
Goode said no hotel deals have been signed yet. If a hotel deal is not reached, the building would be entirely offices and retail.
Plans for the hotel come in a year that has seen a handful of other hotel projects announced in or near uptown.
For example, a partnership comprising McKibbon Hotel Management of Florida and Charlotte-based Vision Ventures and Mount Vernon Asset Management in June announced plans for a 20-story hotel tower at the EpiCentre entertainment complex. In March, Crescent Communities unveiled plans for an office and hotel development on South Tryon Street.
Charlotte hospitality industry officials have said that having more hotels in uptown could help the city attract larger conventions.
A public hearing on the Baxter Place rezoning is set for Nov. 17.
Goode’s request comes after the City Council in May approved Levine Properties’ request to build a 25-story hotel and apartments just south of the Metropolitan. That site had been zoned for a 22-story building.
Goode said if his own rezoning request is not approved, he’d likely consider building apartments on the site. That’s a less-desirable alternative, he said, because the area around uptown already has enough apartment complexes.
The project would add to Goode Properties’ portfolio in midtown. The company also owns Midtown Centre, an office building it bought in 2011 for more than $2 million, Goode said.
Goode said midtown is an attractive place for developers because its mix of residential, office and retail uses can support “a 24-hour community.” The Little Sugar Creek Greenway and the recreational opportunities it offers residents also make the area appealing for developers, he said.