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North Tryon (re)Development: 277 to Old Concord


kermit

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Not sure if this has been posted elsewhere already, but the Asian Corner Mall is slated to close according to https://amp.charlotteobserver.com/news/business/development/article267853187.html

 

This is paywalled, so here’s the text version:

 

Prominent Asian Corner Mall supermarket in Charlotte to close, new developer says

BY GORDON RAGO AND CATHERINE MUCCIGROSSO UPDATED OCTOBER 25, 2022 6:22 PM

 

 

 

Le’s Sandwiches & Cafe owners Minh Quang Nguyen and Le Thi Le-Nguyen listed the restaurant for sale to make way for retirement. Then their son, Tuan, decided to take over.

 

International Supermarket at Asian Corner Mall, which became one of North Carolina’s largest Asian markets since opening about 20 years ago, will close by the end of the year, a developer told The Charlotte Observer Tuesday.

But a second Asian market on the property will remain open.

The closing of International Supermarket comes as Beauxwright, a Charlotte developer, bought up about 40% of the mall property, with its most recent purchase in September.

 

Owners of the International Market at 4520 N. Tryon St. contemplated selling the building and grocery store a couple years ago as they planned their retirement, according to Cooper Morrison of Beauxwright.

The developer’s plans for the site remain unclear. Beauxwright has not disclosed its plans yet.

The former property owner is Viet-My Corp. The N.C. Secretary of State website lists the company’s president as Myduyen Nguyen.

 

“We at Beauxwright thank the Doan and Nguyen families for all they have done for the Asian Corner Mall and the whole Charlotte community,” Morrison said in a statement to The Charlotte Observer. “We congratulate them on their retirement and wish them well on this new chapter of their lives.”

 

Charlotte developer Beauxwright bought about 10 acres for $8.5 million that includes the center portion of the Asian Corner Mall in NoDa. International Supermarket will close by the end of the year. Catherine Muccigrosso [email protected]

While not an owner, Lac Doan is the husband of one owner and is involved with the market, according to the developer.

No one answered the phone at International Supermarket after repeated calls Monday and Tuesday, and efforts to reach Nguyen were unsuccessful as of Tuesday.

 

Meanwhile, the New Century Oriental Supermarket, which sits on the northern edge of the property closest to North Tryon Street, will remain open, Morrison said.

A parcel that includes that end of the building remains under different ownership, according to Mecklenburg County property records. Beauxwright has limited details to share but Morrison said New Century will remain a long term part of the site.

 

Charlotte developer Beauxwright bought about 10 acres for $8.5 million that includes the center portion of the Asian Corner Mall in NoDa. International Supermarket will close by the end of the year. Catherine Muccigrosso [email protected]

POPULAR BANH MI SHOP STAYING

Another business at the Asian Corner Mall also will be sticking around.

 

Le’s Sandwiches & Cafe will reopen in Beauxwright’s new space next year, according to Morrison, who did not go into details about the firm’s plans for the property.

Beauxwright has been working with the popular banh mi shop’s owners, Tuan and Emily Nguyen, Morrison said.

Le’s has been a mall tenant since 2004. In March, Le’s said it would not renew its lease and planned to move, CharlotteFive had reported.

Tuan Nguyen smiles as his father, Minh Quang Nguyen, surveys the landscape at Asian Corner Mall. Le’s Sandwiches & Cafe owners Minh and Le Thi Le-Nguyen put the restaurant up for sale to make way for retirement. Then their son, Tuan, decided to take over. Alex Cason CharlotteFive

ASIAN CORNER MALL BACKGROUND

The Asian Corner Mall dates back to at least the early- to mid-2000s, according to Observer archives.

It was formerly known as Tryon Mall and came to house two of Charlotte’s largest Asian supermarkets: International Supermarket and New Century. They offered Asian ingredients from Indonesia and the Philippines and sold fish in big tanks.

 

A trio of sisters started International Supermarket in the early 2000s, helping to revive the old mall, according to Observer archives.

Officials with Bell Moore Group, real estate management company for the mall, did not respond for comment.

There are few other businesses at the mall. Workers at Truc Vietnamese Cuisine and TN’s Beauty Salon hng up on an Observer reporter Tuesday.

MALL OWNERSHIP DETAILS

In September, Beauxwright bought just shy of 10 acres at Asian Corner Mall for $8.5 million, the Observer previously reported. The firm now owns a little over 11 acres for a cost of $10.2 million. The mall property totals around 27 acres.

 

Beauxwright, which develops projects from office to mixed use to apartments, said it is encouraged by the momentum of projects in the area.

The light rail’s Sugar Creek station is less than a mile to the south.

The Independent Picture House sits behind the mall along with a project called The Pass, a 260,000-square-foot adaptive reuse by Atlanta’s Third & Urban. The Pass, which is under construction, will include office, retail and apartments.

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19 minutes ago, kermit said:

Brace for Sugar Creek gentrification explosions. I  noticed that the precast cement factory parcel near N Tryon has been fully demoed as of yesterday. (some clearing of rubble remains but site work has begun. 

The development map doesn't have any detail on what's replacing Metromont. Has anything been announced publicly? 

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800 plus units on the Metromont site according to the marketing brochure for the Pass which is adjacent. 

Not sure who the developer is.  Brochure from Third and Urban 

https://www.thriftcres.com/wp-content/uploads/2022/04/Third-Urban_-The-Pass-_-Retail-Flyer.pdf

 

Edited by KJHburg
800 units originally posted as 600
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2 minutes ago, KJHburg said:

600 plus units on the Metromont site according to the marketing brochure for the Pass which is adjacent. 

Not sure who the developer is.  Brochure from Third and Urban 

https://www.thriftcres.com/wp-content/uploads/2022/04/Third-Urban_-The-Pass-_-Retail-Flyer.pdf

 

(800 units)

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They call this NoDa I would call it something else but NoTry does not like sound like a good name either to use.

""Alliance Residential Co. has acquired new property in NoDa where it's planning a 302-unit apartment community.

The Scottsdale, Arizona-based development firm closed yesterday on its purchase of 3.5 acres at 120 Matheson Ave., according to a media representative. Alliance declined to provide the sale amount, and the deed has not yet been filed with Mecklenburg County.

A year ago, Charlotte City Council approved Alliance's request to rezone the property from industrial to mixed-use development.

Prose NoDa will have one- and two-bedroom apartments that range between 663 and 1,058 square feet. It will offer two open courtyards with a resort-style pool, outdoor kitchen and grilling areas, a dog park, private coworking offices, a fitness center and a clubroom for residents. The first units are expected to deliver in late 2024.

“NoDa is a truly vibrant district with a burgeoning economy, and Prose NoDa will capture the spirit of all that NoDa has to offer,” said Donald Santos, managing director at Alliance Residential. "We are thrilled to be developing what will be our third Prose-branded property in the Charlotte market and to continue to bring high quality housing with an emphasis on accessibility to residents of Charlotte.”""

https://www.bizjournals.com/charlotte/news/2023/01/10/prose-noda-alliance-residential-apartments-project.html

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I guess if everything south of uptown is Southend then everything north of uptown can be NoDa.  

Google the address of these new NoDa apartments.

""New England-based Panther Residential Management has closed on the $9.8 million purchase of a property in NoDa.

The Boston, Massachusetts investment and multifamily development firm closed March 15 on the acquisition of 2325 N. Tryon St., according to Mecklenburg County real estate records. Panther purchased the property from Charlotte-based Browder Real Estate Group.

Eric Wardrop, Panther Residential director and principal, said the firm is planning a $105 million, 334-unit multifamily development called Integra NoDa on the site. Construction is slated to begin in September and will take about 24 months. Wardrop said they are partnering with Florida-based Integra Land Company on the 350,000-square-foot project.

Browder closed on the acquisition of the 3.6-acre property on Nov. 14, 2021 for $1.3 million, according to county real estate records. That means the firm saw a gain of $8.5 million on the property sale in 15 months. Browder Group Owner Matt Browder were unavailable for comment on Wednesday.

A portion of the property was home to Taitt's Auto Service, which opened in the NoDa neighborhood in 2008. Wardrop said the business has already vacated, and the building there will be demolished in the next few weeks.

Wardrop said Charlotte is a market they've been looking to break in to for some time, and after losing bids for properties in south Charlotte, Panther decided to look in other parts of the city.

"We felt that NoDa was a good alternative ... If you look up and down North Tryon, almost every parcel is either spoken for or is in the process of being rezone or being listed," he said. "It’s changing fast, and if you look at the path of progression, LoSo pricing has gotten unbelievable, so you’ve gotten a lot of people going to NoDa and the north end for that reason alone."""

https://www.bizjournals.com/charlotte/news/2023/03/22/massachusetts-developer-pays-9-8m-for-noda-land.html?

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On 3/22/2023 at 4:53 PM, carolinaboy said:

Any sense that the Charlotte market is being over-saturated with apartment developments?

IMO were are pretty safe from that as long as Charlotte's metro growth continues at over 1% per year. I think that loosely translates into a need for 10-15,000 new multifamily units per year, I don't think we are anywhere near that number yet (but may be wrong). Multifamily demand is likely to grow as home price / income ratios continue to climb. [this is not meant to imply that rent growth will necessarily continue but rents are pretty high at the moment]

Edited by kermit
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38 minutes ago, carolinaboy said:

Any sense that the Charlotte market is being over-saturated with apartment developments?

There maybe pockets of oversupply in certain markets and price points but overall our apartment vacancy rate is fairly low.  Now we have a lot of supply coming on line for sure so you have to watch.  But just as many apartments in the suburbs as going up intown.  All these apartments will cause price increases to flatten out citywide across all types. 

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Just saw lots of plans on the NC Brownfields site  along N Tryon but I did see in depth of an Embry Development out of Atlanta apartment complex at Atando and N Tryon on the old Moss Trucking site.  It will have retail too.  That seems from their documents on there they anticipate demo and construction to begin this year.  And Embry had been all Atlanta projects up to this point.  

 

 

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Also it looks like the the old Eastway shopping center at Eastway and The Plaza is being shopped for redevelopment or plans are starting for something there too.  That is the old Zayre's location and currenting has a Roses and some other retail.  That site could be a good mixed use site with residential and some retails on the edges.  Keep an eye on this site plus it is next to major new park with a new community center.  It is a 22 acre site mostly surface parking now.  Owned by someone in Dallas.  

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50 minutes ago, Matthew.Brendan said:

Link? is it publicly searchable?

absolutely public information and how do you think I know about things beforehand sometimes.  When someone is doing a Brownfields agreement they are getting ready to develop something new.   (some of these chemicals in the ground are scary!) 

https://www.deq.nc.gov/about/divisions/waste-management/science-data-and-reports/gis-maps/brownfields-projects-map-inventory-and-document-download

I will go to the even bigger project proposed across N Tryon St from this site Embry site.  Flywheel is proposing it but they usually sell it to another developer.  

Helpful hint: Green on the map is a completed Brownfields agreement not necessarily a completed development but the brownfield agreement is done.  Blue is current in process applications.  

Edited by KJHburg
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Here is the proposed project on N Tryon between Matheson and NS RR tracks that cross around 32nd St. This is on the right hand side of N Tryon leaving uptown heading to University area.

The proposal by Flywheel is a multi phase project:

1st phase: 74k sq ft  renovated office 200,000 sq ft new office building 7-8 stories or so, 400 apartments, 23k sq ft of renovated retail and a 45,000 sq ft GROCERY STORE on ground floor of apartment building.  

Next phase 250 room hotel

3rd Phase: 380 more apartments, 360,000 sq ft new office tower fronting office. 

Source NC Brownfields website N Tryon assemblage 

North Tryon from uptown will be completely changed in the next decade or less.  

 

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