The Related Group isn’t going to South Park.
The Miami-based developer announced it will not redevelop the Trianon Condominiums at 3504 South Park Colony Drive in Charlotte due to the dismal picture in the real estate market, According to the Charlotte Business Journal.
Just a few months ago, the city council unanimously approved Related’s application for rezoning the nine-acre site, which would allow for a mixed-use development of retail space, multifamily housing and townhomes.
Council member Tariq Bokhari, who represents the SouthPark community, confirmed Related had chosen not to proceed with the purchase due to high interest rates, construction costs and the challenges of obtaining loans.
Related filed a rezoning application in May 2022 after Trianon residents decided to sell due to increasing costs in the aging apartment complex. Approved plans seek to replace existing condominiums with 60,000 square feet of retail space, 730 multifamily units and 18 to 24 townhomes.
Bokhari, who played a role in the rezoning negotiations, said he was surprised by Related’s decision and the developer would assess whether new terms could be agreed.
However, he admitted that he was not optimistic that the project would take place in modified conditions and that the property would remain in the hands of Trianon residents for the time being.
“The possibility of this looked quite daunting. The plans looked at it urgently, but they suggested to themselves that it was not possible,” Bokhari told the media.
Despite the setback, Bokhari emphasized the importance of the location to the future of South Park.
“I personally think it’s one of the most important lots in all of South Park because it’s a bridge between the residents and the community and the center of activity,” he told the outlet. “How it develops will be very important.”
— Ted Glazer
