The Charlotte City Council gave the go-ahead last week, in the form of a unanimous vote for rezoning, for a new shopping center and other space on Monroe Road planned by Selwyn Property Group. The plan calls for as much as 80K SF of shops, restaurants and office space.
The broader retail climate might argue against new retail space, but there is still demand for retail if all the local conditions are right.
"Now is the right time for the development because the new Idlewild interchange with Independence is now open and a new traffic signal has been installed at the end of the access ramp that provides direct full traffic movement for the property," Selwyn Property Group principal Jensie Teague said.
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Also, redevelopment in conjunction with the Meridian Place project and substantial road improvements is occurring quickly, Teague said.
"The MoRA neighborhood group [has] become strong advocates for the redevelopment of the area, and positive change which will attract new services and retail is inevitable."
The planned Selwyn Property development (at Monroe and Idlewild roads) is adjacent to the Meridian Place mixed-use development, which is made up of apartments, shops and office space. Selwyn's original plan had called for as much as 106K SF, but the Silver Line — when it is finally built —might eventually impinge on some of the site, so it downsized the development somewhat.
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