A major new mixed-use development that would bring restaurants, shops, offices and hundreds of apartments and townhouses is planned for northwest Charlotte, at I-485 and Brookshire Boulevard.
The currently vacant site is being marketed as the Riverbend development. Developer Sam Simpson, of Simpson Commercial Real Estate, said his company has been looking at the site since last summer, and closed on its purchase in December. Property records show Simpson’s company paid $9 million for the site.
“We see that as a tremendous growth area because of its location,” said Simpson. He said the southern reaches of I-485 have been built out and that area’s long commute times may prompt people to look elsewhere. “We just think that people are going to start to look in this area. You can get downtown in 10 minutes.”
He also said the area has been left out of previous building spurts, and lacks retail and housing. The site was previously intended to be the Mountain Island Promenade mixed-use development, which was never built.
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“There just seems to be a hole in that area right around 16 and 485,” he said.
The area of northwest Charlotte around Riverbend is much less densely developed than comparable areas around the southern stretch of the 485 loop. The Riverbend site is next to a Walmart, a Harris Teeter and a residential neighborhood. It’s about a mile from Mountain Island Lake, but also near other large tracts of undeveloped land.
Across Charlotte, other I-485 interchanges have also seen big growth spurts recently. Waverly and Charlotte Golf Links, two massive mixed-use developments, are being built at Providence and I-485, while Charlotte Premium Outlets recently opened at Steele Creek Road and I-485.
The Riverbend plans call for:
▪ 320,000 square feet of retail space.
▪ 90,000 square feet of office space.
▪ 750 residential units, including 135 townhouses, 288 apartments and a senior living complex.
Simpson said the project should be complete by the end of 2017.
Keely Simerville and Joey Morgenthall of MPV Properties are marketing Riverbend.