New tenants and a new look are headed to a shopping center on South Kings Drive, after its recent acquisition by Charlotte-based MPV Properties.
Real estate records show MPV bought the Kings Square retail center at South Kings Drive and Luther Street, in the rapidly changing Cherry neighborhood, for $3.25 million in November. Monday, the company said it plans to renovate the building’s façade and bring in new tenants for 4,800 square feet of the space.
Uncle Maddio’s Pizza Joint and CycleBar, an indoor cycling fitness studio, will open later this year at Kings Square, MPV said. Bill Moseley of Moseley Real Estate Advisors represented Uncle Maddio’s and Margot Bizon of Katz & Associates represented CycleBar in lease negotiations. Subway, Emperor Chinese Restaurant and iColor Nails, all existing tenants, will remain.
The exterior renovations should be complete in three to four months, MPV said, with ai Design Group and general contractor Doerre Construction on the project.
It’s the latest change in the Cherry neighborhood, across from the Metropolitan shopping center. A wave of new residents has moved in, building larger houses and driving up property values. At South Kings Drive and Baxter Street, adjacent to the shopping center, Charlotte City Council recently approved a major new mixed-use development that will add hundreds of hotel rooms, apartments, a parking deck and retail space.