CHARLOTTE-Locally based Childress Klein Properties Inc. has the first 145,000-sf phase of its planned 500,000-sf Promenade on Providence retail/office center under way at Providence Road and Ballantyne Commons Parkway near the Interstate 485 interchange. The developer did not disclose construction costs but industry estimators familiar with comparable projects tell GlobeSt.com the total hard cost of the 50-acre project will probably come in at about $40 million.

A 135,000-sf Home Depot retail store and a 10,000-sf CVS pharmacy will anchor the first phase. An outparcel has been sold to an unidentified buyer at an undisclosed price for an Exxon gas station but construction has not begun.

The second 150,000-sf phase is tentatively scheduled to break ground in July and open in summer 2002. The project is zoned for 450,000 sf of retail and 50,000 sf of office.