Beacon Partners has started work on a planned warehouse and industrial development at the site of the former Metrolina Tradeshow Expo near Statesville and Old Statesville Roads, after real estate records show the company closed on its purchase of the site last month for $11 million.
The new warehouses, distribution and light manufacturing space on the site will total 1.2 million square feet. Beacon, a Charlotte-based development company, said it started demolition of the existing buildings on the site last week.
Beacon will build on the 91.4-acre site in two phases. The first two speculative buildings will total about 600,000 square feet and should be completed in the second quarter of 2017. The next phase will include another three buildings, also totaling about 600,000 square feet.
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“Beacon Partners is excited about the opportunity to meet the needs of the organic growth taking place in the area as well as new businesses relocating to Charlotte,” said Tim Robertson, director of industrial leasing at Beacon, in a statement. “This site, located in the center of the market, is a once-in- a-career find.”
Edifice is the general contractor, Orsborn Engineering Group is civil engineer and Merriman Schmitt is architect on the project, with Wells Fargo providing construction financing.
Metrolina owner Linda Pistone operated the site of fairgrounds, flea markets, concerts and other events for 32 years, and it was in her family for more than 50 years. The center closed permanently in June.
“It’s time to move on to the next thing,” Pistone wrote in a March letter to customers and vendors.