CHARLOTTE — The company behind a multifamily redevelopment project at Trianon Condominiums in SouthPark has backed out of the deal.
The Related Group was to buy 118 Trianon condos on a nine-acre site at the intersection of Colony, Rexford, and Roxborough roads.
Related then planned to develop more than 700 multifamily units, two dozen townhomes, and 60,000 square feet of retail space in separate buildings as high as 15 stories.
Some nearby neighbors in the Barclay Downs neighborhood balked at that height.
Nevertheless, the Charlotte City Council approved the project in March with the developer contributing $250,000 to the construction of the SouthPark loop, $500,000 to the city’s Affordable Housing Fund, and $1 million to the Housing Trust Fund.
Related explained why it was pulling out in a Zoom call Thursday night with residents and the homeowners’ association.
They said with rentals going down in the area, interest rates rising and construction costs rising, the company couldn’t make it happen.
So what happens now?
Related hasn’t officially terminated the deal with all these residents and an email from the HOA says “There is some interest in a sale at a future date, but this is uncertain.”
So, residents can stay for now.
However, it is prime real estate, and the project already got the city council’s approval, so another developer could try to swoop in.
“The sharks are circling here,” a real estate agent told Channel 9.
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