Pappas paid a Rouse Co. affiliate $10 million or $400,000 per acre ($42.74 per sf) for the existing 234,000-sf Midtown Square mall bordered by South Kings Drive, Independence Boulevard, Baxter Street and Kenilworth Avenue.
The deal has been rumored for months. Home Depot Co.'s Expo Design Center division, new to North Carolina, will be one of the project's anchors. In a prepared statement, Pappas Properties president Peter A. Pappas, predicts the Expo retail effort and the village will rejuvenate the entire area. "We believe it will be a tremendous opportunity for the Center City," Pappas says.
The development plans to fully landscape the project's perimeters by building greenways that will guide pedestrians to surrounding neighborhoods along Little Sugar Creek.
Representing Rouse Co. in the land deal was Charlotte-based Colliers Pinkard. Participating brokers were Denis P. Malone and Philip C. Iglehart in Baltimore, and Robert A. Cochran and D. Maxwell Hanks in Charlotte.
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