The new owner of the Metropolitan shopping center won approval from Charlotte City Council Monday to build an apartment tower on a site next door.
Council voted 10-1 to approve the project from apartment developer Northwood Ravin, a subsidiary of Metropolitan owner Northwood Investors. Council member Greg Phipps cast the lone vote against the proposal.
The rezoning plan calls for up to 330 multifamily units in a building that is up to 285 feet, or more than 20 stories. The multifamily housing site is next to Midtown Park alongside Metropolitan Avenue and South Kings Drive.
Northwood Investors bought the shopping center and the apartment site next door for $92 million last year from the previous ownership group, made up of institutional investors advised by J.P. Morgan Asset Management.
That’s less than the $94 million the property sold for in 2013. The complex, which houses restaurants and retailers such as Trader Joe’s, Marshalls and Best Buy, has seen some businesses close in recent years, including West Elm and Italian restaurant Vivace. Northwood Investors also plans to make improvements to the retail space, Axios Charlotte reported.
Popular mixed-use site
The Metropolitan, which opened in 2008, is one of the most well-known mixed-use developments in Charlotte, with offices, retail and a parking deck.
Northwood Investors is also the owner of Ballantyne Corporate Park, which it purchased in 2017 for $1.2 billion.
Northwood Office, another arm of Northwood Investors, is overhauling the corporate park, with a phased project underway that would bring 2,000 apartments, offices, hotel rooms, single-family homes, shops, restaurants, parks, and an amphitheater to the area.
The Metropolitan project is part of a wave of development in the area near Cherry and Dilworth. Pappas Properties, which developed the Metropolitan, is building a hotel, offices and shops across Kenilworth Avenue from the Metropolitan.