Crate & Barrel joins SouthPark residential project

Leigh Dyer
The Charlotte Observer

A new luxury development SouthPark officials announced Wednesday marks the latest step in SouthPark's ongoing expansion into a high-end regional powerhouse and is also the first time a Charlotte-area mall has included residences on its property.

Housewares store Crate & Barrel, long sought by Charlotte shoppers, and 150 luxury apartments will anchor the new project at the corner of Sharon and Morrison roads, dubbed The Village at SouthPark. It marks the first time SouthPark owner Simon Property Group has launched a residential project.

A handful of other mall developers around the country have ventured into residential development, and the idea is becoming increasingly popular in the industry, said Patrice Duker, spokeswoman for trade group International Council of Shopping Centers. It's an extension of the popularity of other types of mixed-use developments such as Phillips Place and Birkdale Village, which create a town center atmosphere that combines living, working and socializing.

"You're right on the cusp of the next evolution of what shopping centers will be," Duker said.

Crate & Barrel will make its Charlotte debut with a freestanding 37,000-square-foot, two-story store. It's scheduled to open this fall, in conjunction with the planned Sept. 15 opening of the mall's new Neiman Marcus anchor store.

The apartments will occupy four stories atop another 48,000 square feet of stores and restaurants. The project, already under construction, will also include one level of underground parking for apartment residents.

Simon is teaming with Houston-based The Hanover Co. and MetLife Real Estate Investments to build the apartments. Hanover has previously developed 4,000 residential units in Charlotte, including Promenade Park at Ballantyne and Lodge at Ballantyne.

The SouthPark apartment building will have 60 floor plans ranging from one to three bedrooms and averaging 1,600 square feet, said Bo Buchanan, a development associate for Hanover. Rent will average $2 per square foot, or around $3,200 per month.

The apartments will feature a rooftop terrace with skyline views of uptown Charlotte and a heated pool. Inside features include granite countertops, stainless steel appliances, high-speed Internet connections and ceilings up to 18 feet high. The property may eventually convert to condominiums, but it's too soon to say when that might happen, Buchanan said.

Below the apartments will be restaurants and regional and national jewelry and clothing stores, said Nicole Bostic, mall marketing director. They'll be named in the next 60 days, she added.

Another element of the project is the expansion of the nearby Dillard's store, which will begin construction next week and finish in 2007. Dillard's will add about 50,000 square feet, making it just under 300,000 square feet and one of the largest stores in the Dillard's chain. The store will remain open during the construction, manager Dale Bishop said.

The mall's growth will continue this spring, as it readies to announce four or five new luxury stores to occupy the wing leading to Neiman Marcus.