CHARLOTTE-Locally based Childress Klein Properties Inc. has the first 145,000-sf phase of its planned 500,000-sf Promenade on Providence retail/office center under way at Providence Road and Ballantyne Commons Parkway near the Interstate 485 interchange. The developer did not disclose construction costs but industry estimators familiar with comparable projects tell GlobeSt.com the total hard cost of the 50-acre project will probably come in at about $40 million.

A 135,000-sf Home Depot retail store and a 10,000-sf CVS pharmacy will anchor the first phase. An outparcel has been sold to an unidentified buyer at an undisclosed price for an Exxon gas station but construction has not begun.

The second 150,000-sf phase is tentatively scheduled to break ground in July and open in summer 2002. The project is zoned for 450,000 sf of retail and 50,000 sf of office.

CVS is expected to open in June. Home Depot should open in July. Home Depot is constructing its own building under a land-lease agreement with Childress Klein, according to David Haggart, the developer's retail development partner. Haggart didn't disclose terms of the land-lease contract.

“Our hope is that we'll start construction on the second phase of the project around the same time those first tenants are opening,” Haggart tells GlobeSt.com. “The second phase will be a smaller-shop component that will front on a village square.”

Haggart says the one-acre village green will satisfy the zoning requirement for open space and will serve as a neighborhood amenity. He expects the second phase to include 30 to 40 stores with two or three anchors.

The developer has commitments but no signed leases yet from Borders Books, Banana Republic, Jos. A. Bank Clothiers, Ann Taylor, Linens N Things, and Pier One, and from restaurants Macaroni Grille and On the Border.

Instant Insights /

Childress Klein Erecting 500,000-SF Retail/Office Center Near I-485 Interchange

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