Recently Levine Properties tapped local industry vet Steve Smith as its new COO, and one of his main tasks will be helping move forward the company's 24-acre, mixed-use First Ward redevelopment. We talked to Steve about his plans.
Q: Why is now a good time for a project like First Ward?
A: There’s no doubt timing and demographics are everything in the real estate development business, particularly when you're repurposing a major section of a city. After taking more than 30 years to assemble the land in First Ward, we believe with population growth and other projections, the time has come to move ahead.
Q: What's special about it?
A: Nowhere else in the country could you find nine blocks this close to a city center available for redevelopment. Also, light rail is critical to the evolution of any urban center but particularly here, where parking is scarce and costs are rising. The addition of 7th and 9th street stops, to be completed by 2017, is right in line with our development. With First Ward Park (pictured)—to open by year’s end—UNC Charlotte Center City and Imaginon as anchors, the First Ward redevelopment will be well on its way to being a game changer for the city.
Q: Is the demand there for it?
A: Charlotte Center City Partners says that 100,000 people currently work in Uptown and it estimates that by 2018, some 21,000 residents will live there, assuming all projects planned and under construction are completed by then. So definitely, the demand exists.
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