Tremont Center is a large 7.7-acre infill redevelopment site located in the light rail corridor of the trendy South End neighborhood. Carolina Capital (CC) purchased the property in June 2014. The property had a healthy current income stream from warehouse leases which carried the property during the holding period.
CC’s investment objective was to acquire this unique infill site for redevelopment or sale while enjoying current income in an area with high barriers to entry adjacent to Charlotte’s light rail corridor and also in the Transit Oriented District (TOD) zoning district. CC worked through an extensive rezoning process to unlock the redevelopment potential of the site to the City of Charlotte’s TOD zoning designation. Doing so permitted a variety of intense uses at the site that include multifamily (for rent or sale), office and/or retail.
Upon a successful rezoning, CC successfully sold Phase 1 of the Tremont Center to a national apartment developer. Six months after that sale, CC sold Phase 2 and the GMI building to a national retail pension fund advisor.