The Shopping Center Group, one of the largest, privately owned, retail real estate advisory firms in the United States with offices coast-to-coast, announces the retail portion of One 305 Central in Charlotte’s PlazaMidwood neighborhood. As part of a $50 million project that originally commenced in 2015 with the demolition of existing warehouses, the renovation of the 10,000 square feet of retail is set to begin this month as residential construction nears completion with residents already calling the community home.
“Known as one of Charlotte's most diverse and eclectic neighborhoods, PlazaMidwood is begging for new and more contemporary amenities,” explains Darrell Palasciano, leasing advisor, The Shopping Center Group. “Since the mid-1990s, PlazaMidwood has seen a dramatic comeback as reinvestment has transformed many of the area’s historic, craftsman-style homes. One305 Central was designed to complement the unique character of the neighborhood – and it will deliver what the residents are looking for. With the project’s exceptional visibility and access, we expect to draw patrons from surrounding areas as well.”
As the exclusive listing agent, The Shopping Center Group is now seeking dining and entertainment tenants that not only bring new options to the submarket but also add to the vibe of the existing neighborhood. The new tenants will occupy the building at the corner of Central and Clement Avenues, originally built in the 1960s and 1970s and most recently occupied by Something Classic and Fern restaurant.
Local firm Hood Architecture designed the updated retail and restaurant space with the goal of preserving the existing building structure while providing unique new spaces reflective of PlazaMidwood. Street-level and elevated dining spaces are just a couple of attributes that have two well-known local restaurateurs and one microbrewery seriously eyeing the space, according to Palasciano. The renovated building will also incorporate 2,000 square feet of patio space with large installations by local artists. Roper Construction is expected to complete the commercial space this fall.
One305 Central will feature 281 apartments, which will be complete this summer, along with resident-only parking in addition to the 65 parking spaces allocated for retail and dining customers.
“With both the character of the design and the modern amenities we expect will fill the commercial space, we anticipate One305 Central will be a welcomed addition to PlazaMidwood,” states Yates Dunaway, vice president for TriBridge Residential, the real estate firm developing the property.“The restaurant space, in particular, will complement the existing restaurants in the neighborhood.”
PlazaMidwood is located approximately one mile northeast of Charlotte’s Uptown. Nearly 110,000 people with an average household income of $85,500 live within two miles of One305 Central. Another 50,000 consumers boost the daytime population for the development situated at the intersection of Central Avenue and Hawthorne Lane with average daily traffic counts of 25,000 and 9,400 vehicles respectively.
TriBridge Residential acquired the five-acre site in 2014for $7.8 million. Citizens Bank provided financing for the mixed-use development.
About The Shopping Center Group
Founded in 1984, The Shopping Center Group, with 21 offices covering 16 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers "best in class" service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States and California. In 2016, The Shopping Center Group facilitated over 2,000 transactions totaling over $2 billion. The firm’s third-party portfolio includes exclusive leasing assignments for over 800 retail centers totaling over 60 million square feet and management agreements for over 11 million square feet of retail property. The firm also represents over 400 national and regional retailer and restaurant operators. For more information, visit theshoppingcentergroup.com.
About TriBridge Residential
TriBridge Residential is a full-service multifamily investment, management, and development company based in Atlanta, Ga., with approximately 10,000 units and $1.3 billion in assets under management as of 2016 year-end. With 60 corporate professionals and more than 215 on-site staff, the firm focuses on markets in the Southeast and provides a vertically integrated platform with a 25+ year track record through its subsidiaries and affiliates.
