Providence Group Capital has recently expanded its holdings in Charlotte with the purchase of a 6-acre parcel adjacent to the Kimbrell’s Furniture store on South Boulevard. The company, known for its expertise in real estate development, plans to develop a state-of-the-art 100,000-square-foot climate-controlled self-storage building on this site. In addition, they have also announced their intention to build a townhome community consisting of over 70 units.
This strategic acquisition adds nearly 22 acres to Providence Group Capital’s already impressive portfolio in lower South End. This includes eight parcels that were acquired at a total cost of $38.1 million.
One notable property is located at 212 W. Woodlawn Road and spans over 10 acres with existing hotels such as Radisson, Ramada and Clarion operating within it near the intersection of Interstate-77 and Woodlawn Road.
Over the past year and half alone, Providence Group Capital has successfully acquired more than fifteen properties across lower South End and South End areas through rezoning them as transit-oriented development-urban centers (TOD-UC). This designation allows for buildings up to heights of130 feet by right while providing an opportunity for additional height bonuses up to300 feet.
The article “Providence Group Expands Reach with Charlotte Land Purchases” was originally published by Connect CRE.
