CHARLOTTE, N.C. — Dallas real estate investor EB Arrow has big plans to overhaul a suburban University City shopping center if a rezoning petition is approved.
EB Arrow, which acquired University Place One and Two last year for about $18.2 million, is planning a five-story, 182,000-square-foot building with office, civic and ground-floor retail space; Novel University Place, a 308-unit garden-style multifamily property to be developed by Crescent Communities; a 2.5-acre lakefront linear park with a children’s play area; and renovations to much of the pedestrian trail around the lake at University Place.
That first phase of development is contingent upon approval of a rezoning petition, the hearing of which is planned for Monday.
Later phases at the project could include medium-density residential, additional office space or a hotel, EB Arrow says.
If approved, EB Arrow expects to begin demolition of existing buildings at the center by the first quarter of 2020. Existing retailers Michaels, Office Depot and Ross Dress for Less will likely relocate to another nearby retail center on the opposite side of J.W. Clay Boulevard, also owned by EB Arrow, where Guitar Center now operates.
Read the full story and check out additional renderings here.
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