Charlotte-based developer MPV Properties is seeking an extension for the development agreement and schedule for the second phase of its RedStone site, which is being constructed in Indian Land, south of Charlotte, the Charlotte Business Journal reported.
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The Lancaster County Council approved the first reading of a two-year extension during a meeting on Aug. 24.
The RedStone development is a mixed-use shopping and entertainment center located at Highway 160 and U.S. Highway 521. It is meant to serve as “a gateway” to the Red Ventures campus in the northern part of the county, the CBJ reported. That 300K SF campus broke ground last fall.
The first phase of build-out for the RedStone site included 79K SF of retail space, anchored by 14-screen multiplex cinema RedStone 14. Phase 1 completed in 2017 and signed restaurant tenants such as Super Chix and Portofino’s.
Phase 2 is set to add 350 apartments, 20 townhomes and approximately 24K SF of retail space.
The second phase was originally approved in 2022, slated to begin construction in 2023 and deliver in the third quarter of 2026, but market conditions and increased costs paused operations for years, according to the CBJ.
A second reading for the extension request will be held on Sept. 14, with a final hearing following on Sept. 28.
The Charlotte area’s retail market saw “strong fundamentals” in the second quarter, according to a Colliers report, with vacancy remaining below 3% as “demand continued to outpace available space.” Vacancy was at 2.8% in the second quarter, and 1.4M SF of retail space was under construction.
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