Red Hill Ventures to Enliven Charlotte Landmark
- Dec 08, 2017
Red Hill Ventures intends to breathe new life into East Town Market, one of East Charlotte’s landmark commercial properties. The company acquired the 182,362-square-foot asset back in September from Sterling Global, for $13 million. Anchored by Compare Foods and Parkway House Restaurant, the open-air retail and office complex will be rejuvenated and transformed into the hub it used to be for more than three decades.
Located at the junction of North Sharon Amity Road and E. W.T. Harris Boulevard, the property includes 142,212 square feet of ground-level retail space and 40,150 square feet of office space.
“This area of East Charlotte is very dynamic, with a diverse mix of cultures and residents, but overall lacking in traditional shops, dining and everyday services. Our hope is that East Town Market will fill that void. We generally seek properties with what we see as untapped potential because they’ve been neglected over some time—whether under-managed, under-capitalized, or both,” said Red Hill Ventures CEO Todd Collins, in prepared remarks.
Plans to rejuvenate the property include extensive renovations to both the shopping center and the office space. Capital improvements are already underway, with the execution of updates to the center’s exterior facade, architectural details and office suite complex. The 1980’s-era exterior is getting new paint, signage, landscaping and outside lighting. The parking lot will be repaved, awnings are being added, with special attention paid to the structure’s support columns and steel dome.
Additional amenities will include an on-site management office, shared conference room and kitchenette, full-service lease agreements and dedicated parking separate from the retail parking areas. The new owner also intends to strengthen the overall tenant mix.
Red Hill’s portfolio includes a mix of both residential and commercial restorations, but the East Town project is the firm’s first commercial venture in Charlotte. Other investors have also been attracted to this market. TriBridge Residential started a $53 million adaptive reuse project in the Plaza Midwood neighborhood.
Image courtesy of Red Hill Ventures