Development

Developers buy land for another hotel, retail on Providence Road near I-485

South of 485, Providence Road is seeing explosive growth- of the sexy new mixed-use kind.
South of 485, Providence Road is seeing explosive growth- of the sexy new mixed-use kind. jsimmons@charlotteobserver.com

Childress Klein and Crosland Southeast have teamed up to develop another hotel and more retail on Providence Road near their Waverly mixed-use development that’s under construction.

A joint venture between the firms and the Matthews family, the longtime property owners, has purchased an 8.5-acre parcel from developer Crescent Communities. It’s part of the land at the Providence Farms development, near Providence and Ardrey Kell roads. Childress Klein and Crosland Southeast paid $4.5 million for the land, real estate records show.

Crescent won a rezoning last year that will allow a hotel and up to 30,000 square feet of shops and restaurants. Crescent is building a 404-unit apartment building on the site, and plans to build single-family and townhouses as well.

“We appreciate the opportunity to partner with Crescent Communities and look forward to delivering a hotel and mix of retailers that will complement both the Crescent Providence Farm and Waverly communities,” said Chris Thomas, partner at Childress Klein, in a statement. They plan to develop several single-tenant and multi-tenant retail buildings on the site, as well as the hotel.

The acquisition shows that developers are still interested in adding more density along Providence Road just south of I-485, where several mixed-use centers are emerging on land that was mostly vacant. Four major development firms are now creating new projects that will bring thousands of new residents, dozens of stores, at least two hotels and several office buildings.

On the east side of Providence and Ardrey Kell, Crosland Southeast and Childress Klein are already working on one venture, the 90-acre, mixed-use Waverly community. Anchored by a new Whole Foods, the development also includes apartments, office buildings, dozens more shops, houses and a hotel. The first shops will start opening this fall at Waverly.

Across the street, on the west side of Providence Road, Lincoln Harris is redeveloping a former golf course into the 193-acre Rea Farms community, which will include offices, a retail shopping center, apartments and houses.

The Childress Klein-Crosland Southeast joint venture will be building just north of Waverly, on adjacent land originally targeted by Crescent as part of their development.

“Crescent Communities is happy to welcome the Childress Klein and Crosland Southeast team to the Crescent Providence Farm development,” said Michael Tubridy, regional director for the Carolinas at Crescent. “The commercial and retail component that Childress Klein and Crosland plan to develop will continue to enhance the already outstanding mix of walkable retail and restaurant offerings for future residents at Crescent Providence Farm.”

Ely Portillo: 704-358-5041, @ESPortillo

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