Tate and Crosland planning new hotel in SouthPark
Charlotte real estate executives Allen Tate Jr. and John Crosland Jr. plan to bring a new hotel to SouthPark.
The two filed a rezoning petition this week to allow for the development of a hotel with up to 300 rooms on a 3.65-acre site on the west side of Sharon Road, between Fairview Road and Hazelton Drive. The property is behind the Sharon Corners shopping center, which Tate and Crosland also developed together.
The site is occupied by the Olde Towne Apartments, a 40-unit complex built in the 1960s by Tate and Crosland, which would be demolished. In its place, the two are planning a dual-branded project featuring a limited-service and an all-suites hotel. Tate and Crosland are seeking a mixed-use zoning for the property, which is currently zoned for multifamily use.
The two are working with Chartwell Hospitality, a real estate company based in Nashville, Tenn., that specializes in the acquisition, development and management of hotels, and say they are in final franchise negotiations with an international hotel company for the project. According to its website, Chartwell’s main product focus is Hilton and Marriott branded hotels.
Tate and Crosland currently own the land through a limited liability company called Old Towne Investments, but they plan a joint venture with Chartwell to develop the project. If the rezoning request is approved, the developers expect to begin construction in early 2015 and complete the hotel by early 2016.
The property is across Sharon Road from Sharon Square, a mixed-use project that features office, retail and multifamily space, which Tate is developing with Pappas Properties.
“There is a strong demand for new hotel rooms with the resurgence in growth in the SouthPark area to serve the 4.5 million square feet of office users in the immediate area,” said Adam Ford, general manager of real estate firm Crosland.
Allen Tate Jr. is chairman and CEO of Allen Tate Co., and John Crosland Jr. is chair emeritus of Crosland. The two have collaborated in the past on projects such as the Sharon Corners and Foxcroft East retail centers as well as the Foxcroft and Kingswood residential developments.
“For more than 50 years, the Tate and Crosland names have been synonymous with quality development,” Tate said in a statement. “This latest project will continue that tradition of excellence.”