Related Group isn’t going down to South Park.
The Miami-based developer announced that it will not redevelop the Trianon Condominiums at 3504 Colony Road in SouthPark, Charlotte, because of the bleak picture of the real estate market, according to the Charlotte Business Journal.
The announcement came just a couple of months after the City Council unanimously approved Related’s rezoning petition for the 9-acre site, which would allow for a mixed-use development with retail space, multifamily units, and townhomes.
City Council member Tariq Bokhari, who represents the SouthPark neighborhood, confirmed that Related had chosen not to move forward with the purchase because of high interest rates, construction costs, and challenges in securing loans.
Related filed the rezoning petition in May 2022 after Trianon residents decided to sell due to increasing costs at the aging condo complex. The approved plans aimed to replace the existing condos with 60,000 square feet of retail space, 730 multifamily units, and 18 to 24 townhomes.
Bokhari, who played a role in negotiating the rezoning, said he was surprised at Related’s decision, and that the developer will assess whether new terms can be agreed upon.
However, he acknowledged he wasn’t optimistic the project would proceed under revised conditions and the property will remain in the hands of Trianon residents for the time being.
“The odds on that look pretty daunting. Related plans to look at it with urgency, but they self-indicated that it’s a long-shot,” Bokhari told the outlet.
Despite this setback, Bokhari emphasized the significance of the site for the future development of SouthPark.
“I, personally, think this is one of the most important parcels in all of SouthPark because it’s a bridge between residents and neighborhoods to the activity center,” he told the outlet. “How that’s developed is going to be really important.”
— Ted Glanzer