$7 million incentive sought for mixed-use redevelopment in Charlotte

The team behind the $500 million redevelopment of Providence Square in south Charlotte is moving closer to its goal of securing $6.9 million in taxpayer-funded incentives.

Charlotte’s Economic Development Committee has presented the developers’ proposed incentive package to the City Council, which is expected to vote on it next week, the Charlotte Business Journal reported.

The project, led by Horizon Development Properties, Levine Properties and Northwood Ravin, includes the demolition of 473 aging apartments and the redevelopment of 113 acres into a mixed-use community. The project site at 5668 International Drive is near Highway 16, approximately 8 miles southeast of downtown.

Plans include an affordable housing component, infrastructure improvements and a public park. The developers have committed to creating 108 affordable housing units for residents earning 60 to 80 percent of the area median income, with affordability commitments lasting 15 years.

Infrastructure investments would include new traffic lights, medians and pedestrian crossings. The redevelopment would also include a $1 million investment in park landscaping and a 10-acre land donation for public use.

Levine Properties and Northwood Ravin have committed to covering any cost overruns, providing further financial security.

However, Councilmember LaWana Mayfield expressed concerns about the project’s transparency and commitment to affordable housing. She called for a detailed review of the city’s existing tax incentive agreements to assess the long-term financial impact.

“Housing affordability is a growing challenge and we need to ensure this is consistent with our broader goals,” she said.

The incentives would cover 27 percent of infrastructure costs – less than similar projects such as Ballantyne Reimagined, said Malcolm Graham, the committee’s chairman.

In addition, developers plan electric vehicle charging stations, improved water systems and bike paths. Discussions about additional features, including a possible new fire station, are ongoing.

—Andrew Terrell

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