Providence Group Expands Reach with Charlotte Land Purchases

Providence Group Capital recently purchased a 6-acre parcel to add to its already sizable holdings in Charlotte. The site is next to the Kimbrell’s Furniture store on South Boulevard. Providence is developing a 100,000-square-foot climate-controlled self-storage building there. It also plans a 70-plus unit townhome community that will follow.

This acquisition gives Providence Group Capital nearly 22 acres in lower South End. Those properties span eight parcels and cost $38.1 million.

The largest is 212 W. Woodlawn Road, a 10.25-acre property that includes three existing hotels — a Radisson, Ramada and Clarion. It has continued to operate those hotels at the intersection of Interstate 77 and Woodlawn Road.

Providence Group Capital has acquired over 15 properties in the lower South End and South End over the last 18 months. It has rezoned the bulk of those to transit-oriented development-urban centers. That designation allows for up to 130-foot building heights by right and up to 300 feet with the use of a height bonus.