Providence Group Capital has expanded its presence in Charlotte with the recent purchase of a 6-acre parcel adjacent to Kimbrell’s Furniture store on South Boulevard. The company, known for its sizable holdings in the area, plans to develop a state-of-the-art self-storage facility spanning 100,000 square feet and a townhome community with over 70 units.
This strategic acquisition adds nearly 22 acres to Providence Group Capital’s portfolio in lower South End. With eight parcels acquired at a total cost of $38.1 million, the largest property is located at 212 W. Woodlawn Road and includes three hotels – Radisson, Ramada and Clarion – which will continue operations at this prime location near Interstate-77.
Over the past year and half alone, Providence Group Capital has purchased more than fifteen properties in lower South End and South End areas. These properties have been rezoned as transit-oriented development-urban centers underlining their commitment towards sustainable urban growth initiatives that allow for up to130-foot building heights by right or up to300 feet with height bonuses available.
