In what could be the Northlake Mall area’s most significant retail development since the real estate market’s downturn, a Charlotte-based company wants to build more than 60,000 square feet of office and retail space on WT Harris Boulevard.
Percival McGuire Commercial Real Estate Development has petitioned Charlotte to rezone nearly 24 acres between Reames Road and Treyburn drive on the south side of WT Harris Boulevard from residential to neighborhood service district. The Charlotte City Council will discuss the rezoning at an April 25 public hearing.
The mixed-use development, to be named Northlake Pavilion, could contain 62,000 square feet that include a restaurant or a bank, a fast food restaurant, two office buildings totaling 21,000 square feet and a day care.
This is the first Northlake development for Percival McGuire. The company was attracted the area because of tenants it has worked with in its other developments, said Trent Gustafson, a manager with Percival McGuire.
“We’ve had some tenants that we have worked with over the years that have expressed interest in the Northlake market,” he said. “Over time the mall and everything else around it has grown up and these tenants want to be close to the mall.”
Gustafson declined to identify the businesses who are interested in the Northlake location.
Percival McGuire managers have eyed the Northlake area for a number of years, but the downturn in the real estate market has kept them from pursuing any plans, Gustafson said.
If all goes according to plan, construction on Northlake Pavilion would begin in early 2012, which Gustafson said should coincide with a rebounding market.
“We felt that with the interest we had with these tenants, it was time to work on the development,” he said. “We’ve got to take baby steps coming out of this recession.
According to Percival McGuire’s rezoning petition, the company has committed to improving access at WT Harris Boulevard and Northcrest Shopping Center Drive, which will serve as Northlake Pavilion’s entrance. Those improvements include adding two turn lanes on WT Harris Boulevard at the intersection and improving the inner loop of Interstate 485’s exit to WT Harris Boulevard.