$42.5M in public funding sought for Ballantyne development

CHARLOTTE, N.C. — A mix of funds from the city’s capital investment program and a tax-increment grant are being sought to help pay for new infrastructure at the massive Ballantyne Reimagined project.

Public investment totaling $42.5 million is being pursued by Northwood Investors, which owns Ballantyne Corporate Park in south Charlotte, to build out a new street network and other improvements to support denser, mixed-use development at the park. Several infrastructure projects are described in the rezoning petition filed for the development, such as new turning lanes, traffic signals and roads, including a new east-west connection.

Northwood, which acquired Ballantyne for more than $1 billion from its developer, The Bissell Cos., in 2017, has big plans to add new development to the park. A rezoning petition filed last year calls for up to 1,000 apartments, 200 hotel rooms, 300,000 square feet of retail space, and an amphitheater in the first phase of development.

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The second phase could include up to 400,000 square feet of new office space, an additional 1,000 apartments and 300 for-sale housing units. The project also includes plans for several parks, a new greenway connection and roads.

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