Crescent Communities is set to break ground Wednesday afternoon on a new development uptown that will bring a Whole Foods and hundreds of new apartments to Stonewall Street.
The Charlotte-based developer said the project, adjacent to the Stonewall Street light rail station, is planned to open in 2018. The Whole Foods will total 47,000 square feet, making it by far uptown’s largest supermarket. The development will also include up to 450 apartments and two hotels on the site, which is mostly vacant.
The development will tie directly to the adjoining Blue Line station, and the Whole Foods will have a rooftop eating area and bar overlooking the city.
Crescent bought part of the site from the city last year for $10.3 million. The land was left over from construction of the Interstate 277 loop. Real estate records show Crescent closed on its purchase of the other part of the site last week, paying $13.25 million to a corporation that owned a 1.75-acre property where Chrome nightclub and an adjoining surface parking lot are located. They will be razed as part of the new development.
A deed of trust filed last week shows Crescent has secured $92.1 million worth of financing from JP Morgan Chase for the project.
Crescent is also working on a new office tower and hotel at Stonewall and Tryon streets, called Tryon Place, also planned for completion in 2018. The company hasn’t set a groundbreaking date for that project yet, but site work is expected to start soon.
Other projects are underway or planned that will change the Stonewall Street corridor. Portman Holdings is building a 19-story office tower next to the Westin hotel and Northwood Ravin is planning to build a mixed-use development on vacant land at Stonewall and South Boulevard.
Proffitt Dixon is finishing up an apartment building called the Presley at Stonewall and South McDowell streets and planning to build more apartments on the Actor’s Theatre site. And developer Lincoln Harris is under contract to buy the Charlotte Observer’s building at Stonewall and South Tryon streets.