Marsh Properties Partners with Aston Properties to Redevelop Shopping Center
Charlotte, N.C., May 1, 2014 – Leading local family-owned real estate development company, Marsh Properties, announced that they have filed for the rezoning of a 60-acre area in the Sedgefield neighborhood of Charlotte N.C., to more closely align with the City’s vision for transit-oriented development. Marsh Properties is partnering with another local development firm, Aston Properties, to redevelop the current Sedgefield Shopping Center and existing 303 multifamily units to become the new home of a master planned, multi-use lifestyle neighborhood, yet to be named. The rezoning application has been filed with an anticipated public hearing in July.
The land, which is one of the largest contiguous infill redevelopment opportunities in Charlotte, is situated along South Blvd. between Poindexter Dr. and Marsh Rd., named after the Marsh Properties founder’s family. The land was a former family farm, and the property has been in the Marsh family for over 80 years. The development will utilize the existing street network and utilities to minimize impact on the land.
“Marsh Properties has a legacy of pride in ownership of our land and our developments, and we see this next chapter as continued stewardship of property that has been in the family for over 80 years,” said Jamie McLawhorn, president of Marsh Properties. “We have a lot invested in this development and we look forward to better serving the South End and Sedgefield neighborhoods by bringing the residential component into the new millennium while providing a new mix of retail and restaurant options.”
The parcel is being rezoned for a $190 Million commercial and residential development, with plans to include Class A retail, a yet-to-be-determined mix of multi-family rental and for-sale housing and potentially office space. Marsh Properties has brought in neighborhood shopping center specialists, Aston Properties, to lead the development of around 98,000 square feet of retail. Marsh and Aston announced the development would be anchored by Harris Teeter, Charlotte’s own full-service neighborhood grocery store, returning to fill the role of anchor. When the center opened in 1952, Harris Food Store, owned by W.T. Harris, was the original Sedgefield anchor. In 1960, Harris and Willis L. Teeter – another North Carolina grocery store owner – successfully merged to become Harris Teeter, making this location the second-ever Harris Teeter grocery store. The retailer operated in this location until 1988. The team envisions it to be of mid-century modern style, which is a nod to the center’s establishment in 1950. Smaller shops will provide rich outdoor spaces for gathering and great views from rooftop dining offering “urban comfort” that are characteristic of Sedgefield as it meets South End.
“From the beginning, Sedgefield Shopping Center was a neighborhood shopping center and we intend to modernize it to become the neighborhood center of today with a wide range of offerings to match the array of residents (long term & new) that make up Sedgefield and South End today,” added McLawhorn.
The residential component, to be developed by Marsh Properties, will adhere to the New Bern Station Area Plan with features such as creating more density within ½ mile of the station, maintaining walkability to the station and preserving mature trees. The master plan calls for creating a park on Ardmore that showcases the largest trees and has access and visibility from Poindexter. The developers are also asking for variances on typical sidewalk orientations called for in the TOD overlay district.
“The Sedgefield community is fortunate to have a developer with long-term vision and patience to get the redevelopment of this great piece of property right,” said Richard Petersheim, partner and senior landscape architect of LandDesign who is leading the master planning of the development. “We are pushing the envelope to preserve the existing mature neighborhood trees such as coming up with tighter street layouts and pushing the buildings back from the street more than you typically see to allow for adequate tree growth.”
Founded in 1927, Marsh Properties is responsible for some of the Charlotte area’s most successful developments including the new Park and Kingston in South End, Queens at Granville in Myers Park and Strawberry Hill Shopping Village and Apartments in SouthPark. The company has been building neighborhoods and living spaces since its inception and established the Sedgefield neighborhood in the 1950s. Aston Properties was founded in 1980 and has been the lead company in the development of upscale shopping including Colony Place in Charlotte, The Village Commons in Wesley Chapel, N.C. and McKee Farms in Matthews, N.C. They also led the renovation of Specialty Shops on the Park in Charlotte and Mint Hill Pavilion in Mint Hill, N.C. LandDesign is providing the master planning, civil and landscape architecture and Narmour Wright is providing design for the building architecture.
“When we learned Marsh Properties was considering redeveloping Sedgefield Shopping Center, it seemed a perfect fit for us to lend our retail expertise,” remarked George Dewey, IV, president of Aston Properties. “Not only do we have complementary skills, but both firms share similar focus on excellence, heritage and integrity, so we knew we could partner to create something really special. It’s particularly exciting to welcome Harris Teeter back to the location of one of its earliest stores.”
Phasing of Master Plan
The first phase of development will include 68,000 square feet of retail and 300 units of multi-family homes. The first phase, which encompasses several parcels, is seeking rezoning from B1, B2, O2 and R17MF to MUDD-O.
The remainder of the land is currently being planned, but the developers are seeking approval for 900 additional housing units that will encompass for-sale and rental options. Phase II would also include the redevelopment of 30,000 square feet of retail and potential for 100,000 square feet of office space. The balance of the residential development will occur over an estimated ten-year period, depending on market conditions.
“We’re hoping to create a community that is relevant to today’s urban dweller but with a nostalgic mid-century modern design aesthetic that honors our past,” added McLawhorn. “We look forward to continuing to contribute to the Sedgefield community that we’ve long been a part of as well as watching the development evolve over the next 10 years.”
The rezoning application has been filed and a public hearing will take place in July. The city council vote will likely be in August or September. Construction would likely start beginning of 2015 and the retail center, including the grocer, would open in late 2016.