CHARLOTTE, NC (Ely Portillo/The Charlotte Observer) - Northlake Mall's owner said Friday that a $50 million addition to the shopping center off Interstate 77 is in the works.
Starwood Retail Partners is expanding the mall with a 200,000-square-foot addition on a vacant site adjacent to Northlake. The company, which bought Northlake in 2014 for $248 million, closed late last year on the purchase of an 11-acre parcel next to the mall on Northlake Mall Drive. Real estate records show Starwood paid $6 million for the land.
"Starwood Retail Partners is pleased to be expanding Northlake Mall; this investment allows us to complete the vision that was proposed for Northlake 10 years ago," said Scott Wolstein, Starwood Retail Partners CEO, in a statement. "The new development will be designed to include home furnishings, full service and express restaurants as well as entertainment concepts and services."
The addition to the mall will be connected to the main entrance. Starwood is still in the planning stage, which it expects to complete by mid-2016. Construction should start in early 2017.
Northlake currently totals 1.1 million square feet, making it the fourth-largest mall in the Charlotte region, after SouthPark, Concord Mills and Carolina Place. The north Charlotte mall opened in 2005, making it the region's most recently completed enclosed shopping mall.
The region's mall landscape has seen shifts recently, as more people shop online and turn to outlet stores. Charlotte Premium Outlets, owned by SouthPark and Concord Mill owner Simon Property Group, opened in 2014 in Steele Creek, the region's first outlet mall.
In 2010, Eastland Mall closed for good. The site near Central Avenue and Albemarle Road now sits vacant, waiting for the city to come up with a viable plan for redevelopment. Last year, Simon announced plans to significantly renovate SouthPark's interior and exterior to update and expand the mall.