Atherton Mill and Market, a hub of shopping and dining options, plans to add apartments as part of its ongoing renovation and overhaul.
Atherton’s owner, Columbia, S.C.-based Edens, is partnering with Charlotte-based Crescent Communities on the redevelopment. The partnership will build 346 high-end apartments at Atherton, in a mixed-use project that will also total 115,000 square feet of retail space, nearly two-thirds of it new.
Real estate records show a Crescent-affiliated corporation acquired the multifamily part of the site for just over $15 million, in a deal that closed Friday. Edens will continue to own the retail portion of the site.
Lyle Darnall, Edens’ managing director, said the new project is the next step in “revitalizing this piece of Charlotte’s history.”
“Our focus is to create a vibrant gathering place for the people of South End,” Darnall said, in a statement. The project will also include a “significant expansion” of the portion of the Rail Trail running along the site, which will be able to accommodate public events.
Retailers at Atherton include Anthropologie, Free People, Alton Lane, and Warby Parker, with restaurants such as O-Ku and Luna’s Living Kitchen, as well as a market selling produce and prepared foods. The company has already begun construction on the first phase of a planned overhaul of the historic mill buildings on site.
The Historic Landmarks Commission’s Design Review Committee approved the plans last fall. The new building, with the apartments, will be south of the historic Parks-Cramer mill building.
The new apartments will add to the ongoing boom in South End, which has been transformed over the past decade from a former industrial area to a hotspot for new residents, restaurants and breweries.
“As rich and authentic as the neighborhood itself, Atherton will be a storied community that celebrates the South End’s history and future of industry, innovation and creativity,” said Michael Tubridy, Crescent’s managing director for the Charlotte market, in a statement.
Both Crescent and Edens have been active in the Charlotte market in recent years. In addition to Atherton Edens owns and operates other retail centers in the area, including Park Road Shopping Center and Kenilworth Commons in Dilworth. Crescent is developing several high-profile apartment buildings, including Crescent Stonewall Station, anchored by a Whole Foods uptown, Crescent Montford Park on Park Road and Crescent NoDa at the 36th Street Station on the Blue Line Light Rail extension.