Mecklenburg Times: News for Mecklenburg, Union and Iredell counties Real Estate, Development, Construction, and Community News in the Charlotte area and throughout Mecklenburg, Union and Iredell counties
INDIAN LAND, S.C. – RedStone, a 40-acre retail development planned for U.S. Highway 521 in Lancaster County, has named its first tenant: a 58,000-square-foot, 14-screen Stone Theatres multiplex.
At build-out, RedStone will include as much as 225,000 square feet of retail space including restaurants, goods and services stores, and either three or four anchor tenants, depending on whether or not one of the anchor tenants is a supermarket, said Steve Vermillion, managing partner at RedStone developer MPV Properties.
“We would hope that we’d be able to complete everything some time in 2017,” he said.
The Lancaster County Council approved the rezoning of the property, which is where U.S. Highway 521 meets S.C. Highway 160, on February 23. Right now there’s only a single-family home on the site.
The first phase of the project will include the theater and 40,000 square feet of retail stores on about 25 acres in the center of the site, according to Vermillion. He said construction of the retail space should start in late summer and would be completed in late 2016. He said that most of that space would likely be restaurants that can “feed off” movie-goers. MPV Properties is also planning to build a 1-acre, park-like gathering area in the middle of the site where events, such as concerts, could be held on weekends.
Vermillion said MPV Properties may build a “higher-end “apartment community on part of the site, but that it probably wouldn’t be until the rest of the project was complete.
Construction of the theater, which is the only tenant that has been announced, will start soon, and it’s scheduled to open in late fall 2016, according to a release.
“Indian Land is experiencing tremendous residential and commercial growth, and RedStone is ideally located to serve the growing retail needs of this market”, said Mike Bilodeau, development manager at MPV Properties, in a statement. “We expect to attract a number of national, regional and local retailers to this project.”
The theater will hold about 2,800 people, and offer 2-D and 3-D movies on extra-large wall-to-wall screens. The theater’s concession stand will feature pizza by Pizzeria Uno, hot pretzels, hot dogs, nachos and Coca-Cola Co. beverages.
“Stone Theatres is extremely excited to bring this much-needed state-of-the-art facility to Indian Land and the surrounding communities,” said Herman Stone, CEO of Stone Theatres, in a statement. “Additionally, we are extremely enthusiastic about this wonderful opportunity to be a part of the RedStone development. We expect to build a beautiful show palace for the community, a place you will be proud to see a movie at.”
Stone also said the theater should employ as many as 50 people.
Prior to announcing the Indian Land location, Stone Theatres had considered building a theater in the village of Marvin in North Carolina, according to Ken Orndorff, partner at Charlotte developer Raley-Miller Properties. Marvin is only about three miles east of the RedStone site.
Raley-Miller had submitted an annexation and zoning application to Marvin for property at the corner of Rea and Tom Short roads, where it planned to build a grocery store and buildings for retail, offices and restaurants in addition to the movie theater. But after the village’s Planning Board voted to recommend that the Village Council not approve the petition, Raley-Miller withdrew its application in November.
Stone Theatres operates four locations totaling 56 screens in the Carolinas, including the Sun Valley theater in Indian Trail.
MPV Properties will manage the property, and will handle leasing for the RedStone project.
