Look Out Charlotte – Here comes the River District

By Peter

January 6, 2021

It’s been nearly five years since plans to develop 1,400 acres of land alongside the Catawba River in west Charlotte into a master-planned, mixed-use district were first unveiled. After closing on land that will serve as the front door of that development, called River District, Crescent Communities says it will begin a first phase of construction this year.

Before the end of 2020, Charlotte-based Crescent acquired 7.8 undeveloped acres at 9826 Garrison Road, paying $4.7 million, according to Mecklenburg County real estate records. That parcel will be the gateway for River District, said Brendan Pierce, senior managing director of commercial development at Crescent.

“It’s the first piece of property once you get off West Boulevard,” Pierce said. “It sets the tone, signage, branding and the first experience you have when you drive into that region.”

The past several years, especially 2020, were spent in acquiring right-of-ways to extend West Boulevard and working with the city to set up infrastructure to support new development. Charlotte City Council in 2017 approved $31.2 million in reimbursements for infrastructure projects at River District, including widening Dixie River and Garrison roads, streetscape improvements for pedestrians and bicyclists, extending West Boulevard, and building a new water line.

Crescent today owns about 1,100 acres of the full 1,400-acre site. The remaining 300 or so acres will be assembled and acquired over time but, Pierce said, no other deals are pending or need to close for the first phase to break ground.

“With this land acquisition, it was the last piece of the puzzle to get started, and to be able to have control of the gateway into River District,” Pierce said. “This was a critically important step for us. It’s the final piece to allow us to start in earnest in the first half of the year.”

The full River District land is entitled to accommodate up to 8 million square feet of office, 500,000 square feet of retail, 1,000 hotel rooms, 2,300 single-family homes and 2,550 apartments. River District, about the same size as Ballantyne in south Charlotte, will likely be built out over at least a decade.

The first phase of construction, which will include extending West Boulevard and building River District’s town center, will start in the coming months, Pierce said. West Boulevard will be extended to Dixie River Road, where the town center will be developed. Construction is underway on sewer and water connections.

Pierce declined to provide specifics on what will be included in that first phase but said it would include a mix of residential and commercial space as well as amenities. Phase one is large and will be built out over a period of time, he added.

In 2018, a site plan for the first mixed-use district at River District depicted 53,000 square feet of retail, 19,000 square feet of office, 606 apartments, 60 townhouses, 35 single-family homes and a working community farm. It’s not clear whether those plans have changed.

Laurel Street, a Charlotte mixed-income housing developer, is expected to build affordable housing as part of the first phase as well as in subsequent phases.

Crescent originally planned to develop River District with another Charlotte real estate firm, Lincoln Harris. But Lincoln Harris’ participation was thrown into question in late 2019 after WFAE, quoting a Crescent executive, reported the project had become a solo act.

On Wednesday, Pierce said Crescent will lead both the residential and commercial components. He said there could be potential for other development partners at River District at some point but Crescent will serve as master developer.

Elsewhere in town, Crescent is wrapping up its Ally Charlotte Center office tower in uptown and Escent Research Park in the University area. It’s also under construction on an office building in the Elizabeth neighborhood.