The owner of the Colony Apartments in SouthPark on Monday filed a rezoning request to allow a $400 million mixed-use redevelopment of the site, which could add more than 1,100 homes, a 300-room hotel and a new grocery store.
The 27-acre tract of land at Sharon and Colony roads is currently home to the 353-unit Colony Apartments. Charlotte-based Synco Properties and Schlosser Development Corp. of Austin, Texas, said the new development would better serve the area with a mix of residential, retail and office uses.
“Frankly, we believe the redevelopment opportunity offers a lifestyle more representative of what we’d like to offer residents at the Colony,” Tim Hose, president of Synco, said in a statement.
Synco has owned the apartment complex for 38 years. But there are “major infrastructure repairs needed,” including settling foundations and burst pipes underground, the company said in a news release. The apartment complex would be torn down to make way for the new development.
A public hearing on the rezoning proposal is likely to be held in early spring. The companies have launched a website, www.thecolonyredevelopment.com, to provide information about the development and the schedule for community meetings.
Building the new development, which would rival nearby Phillips Place and Piedmont Town Center in size, could begin in early 2016.
The companies said the first phase of construction would include about 300,000 square feet of retail space along Sharon Road and a five-story building at Colony and Roxborough roads with 350 multifamily units. The retail center – including a potential grocery store – could open by early 2017.
The companies say they would base the decision to start the second phase on demand. That could include a 10-story office building with 250,000 square feet of space, more multifamily housing and a 300-room hotel. A third and final phase would follow. Total development would take five to six years, Synco and Schlosser said.
In total, the redevelopment plans call for:
• 1,100 residential units, a mix of apartment and for-sale.
• 250,000 square feet of office space.
• 300,000 square feet of retail space, including a grocery store.
• A 300-room upscale hotel.
• A two-acre plaza at the center of the development.
• Up to 55 units of “workforce housing” reserved for those earning less than the area’s median income.
• An extension of Rexford Road connecting Roxborough and Sharon roads, as well as a new connection between Morrison Boulevard and Colony Road.
“Because of the scale of the site, we think there’s tremendous opportunity for us to create a meaningful, special place,” said Brad Schlosser, president of Schlosser.
LandDesign is working as the project’s site planner and engineer. BB+M Architecture is the architect for the residential portion, and Nelsen Partners is the architect for the commercial portion.