Back in November of 2016 we wrote about the River District master planned community slated for a vast undeveloped tract of land between the Catawba River and Charlotte Douglas International Airport. The plan has moved one more crucial step forward as City Council has voted unanimously to approve funding. The economic development committee has allocated public money to help fund infrastructure for the development. The improvements will be for roads, police facilities, fire fighting facilities, schools, sanitation, and transit facilities.
A total of $31.2 million in public money will join $30 million from developers Lincoln Harris and Crescent Communities. $16.2 million of the public money is from the city’s Community Investment Plan. The remaining $15 million of public funds will be reimbursed to the builder through a tax increment grant. The $16.2 million from the CIP was already allotted for roads in the Dixie-Berryhill area as part of a $44.7 million bond package approved last year.
Road projects will include extending West Boulevard, Garrison Road, and Dixie River Road. These projects could begin construction by 2019 once planning and design by the city are completed.
Plans are still in the works for the site, but currently they call for 8 million square feet of office space, 500,000 square feet of retail, 1,000 hotel rooms, 2,300 single-family homes, 200 retirement units, and 2,550 multi-family units. These will be spread through the nearly 1,400 acres of River District. About 40% or 550 acres of the site is expected to be preserved as natural space for residents to enjoy.
The vote by the economic development committee means the next step is a vote by the full council. This should happen at the September 11th meeting, with a vote likely at the September 25th meeting. Development for homes in River District could begin by 2021. River District is expected to take 20-30 years to fully develop, so that would put finishing around 2041-2051.
For more information on this community, call us at (704) 525-4045, or check out current listings here.