A Texas developer, Trademark Property Co., plans to invest $90-100 million transforming a 10-acre Glenwood Avenue site into a mix of high-end restaurants, retail, and apartments named Carolina Row at Crabtree. Construction is expected to begin in the spring of next year, with an opening in late 2016.
Carolina Row will include more than 125,000 square feet of restaurant and retail space, as well as a hotel and 175 apartments located above the shops. Described by Trademark as a “development where southern sophistication meets contemporary main street,” Carolina Row will be targeting luxury retailers that sell higher priced goods than typically found in malls.
“Our very preliminary analysis is there are a lot of voids,” said Terry Montesi, Trademark’s CEO. “Given the size of the market and the success of Crabtree Valley, there are a number of tenants that want to be there. We’ve talked to a few and gotten good preliminary feedback.”
EYC Companies, a South Carolina developer, has joined Trademark Property for the completion of a 30-acre master plan. EYC owns a 10-acre site behind Carolina Row where they plan to build another 525 apartment units. The two companies will also split the cost of a pedestrian and bicycle bridge over Glenwood Avenue’s 10 lanes of traffic to connect Carolina Row with Crabtree Valley Mall.
“In our view, this is one of the best retail and mixed-use sites in North Carolina,” said Montesi. “We believe national retailers will have strong interest in a pedestrian focused mixed-use development at this site, given the outstanding location and the strong performance of Crabtree Valley Mall.”