Commercial real estate company Northwood Investors plans to overhaul the Metropolitan Shopping Center and give it a fresh look and a more pedestrian-friendly feel.
The “refresh” of the mixed-use center will begin in 2021, according to Jonathan Stewart, VP of leasing with Northwood Ravin. “Areas of focus include improving the retail and dining ‘front door’ atmosphere, strengthening connections among the outdoor spaces and transforming the pedestrian experience with engaging design elements,” Stewart said.
Zoom out: Northwood purchased Metropolitan and the land surrounding it last year for $92.25 million. The company has plans for a 28-story apartment tower for the site, the Charlotte Ledger first reported in November.
- Northwood Investors is the commercial real estate company that bought the Ballantyne Corporate Park in 2017 for $1.2 billion, the biggest real-estate deal in Charlotte’s history. Northwood is in the midst of transforming the park into a hip destination with residences, retail, and entertainment.
Between the lines: In recent months, Metropolitan has had a few major tenants close their doors.
- In January, West Elm closed its 13,000-square-foot store for good. This was West Elm’s first North Carolina store, and it was one of the original tenants of the Metropolitan when it opened in 2008.
- Vivace, an Italian restaurant, closed in December 2019 after 11 years at the Metropolitan, as CharlotteFive reported.
Northwood declined to share the names of any new tenants. Renderings show placeholder names such as “Lululemonade,” “HK” and “Jani’s.”