A plan to redevelop an aging office building on Kenilworth Avenue is moving forward, but the deal requires more approvals from Charlotte City Council before the developers can start moving dirt.
“This is an incredibly complex project,” said Pat Mumford, director of the city’s Neighborhood & Business Services office. The redevelopment, led by Pappas Properties, has been under discussion for about two years now. “This is not just a straight-up real estate deal, with a road abutting the real estate development.”
The deal, which would bring a $205 million, new mixed-use development to the site adjacent to Pearl Street Park, requires a complicated series of land swaps between the city, the county, the Charlotte Housing Authority and the developers to assemble the required site. The project has also faced opposition from youth sports leagues that use the park and are worried about the impacts during construction and traffic after the development opens. And the developers are seeking about $4.4 million worth of tax grants in exchange for infrastructure improvements, including a new road.
Mecklenburg County commissioners voted last week to approve their part of the deal, leaving Charlotte City Council holding the ball. The deal has been referred to committee, where council members will keep working on the terms. A vote could be held in November, but it may take longer. After that, City Council would have to vote on rezoning portions of the property at a later date.
The redevelopment would include:
▪ 195 apartments.
▪ A new Charlotte Regional Realtors Association office totaling 36,000 square feet.
▪ 168,000 square feet of additional office space.
▪ 150 hotel rooms.
▪ A 1,250-space parking deck.
▪ 25,000 square feet of shops and restaurants.
▪ Improvements to Pearl Street Park, to be completed by Sept. 2018.
▪ A new street connecting Kenilworth and McDowell Street, along one side of the park. The road would be called Pearl Park Way.