Crosland Southeast’s Big Suburban Charlotte Project Advances

Crosland Southeast expects to hit major milestones with its large-scale mixed-use project the Exchange at Indian Land this year.

The local developer aims to start the residential portion of the development, at 8918 Charlotte Highway, in September, the Charlotte Business Journal reported, citing Crosland Southeast’s Yates Dunaway.

Meanwhile, anchor tenant Lowes Foods is expected to open in the fourth quarter, along with Costco, which is building on an outparcel.

The Exchange is set to include 400 apartments, 320 townhomes and 115,000 square feet of retail space.

Crosland Southeast secured rezoning approval for the project in 2021. In 2022, it announced a partnership with FCP to develop the shopping center and residential units. Costco purchased its 28-acre site for $6.4 million ($228,600 per acre) late last year, while entities affiliated with Crosland maintain control of the remaining 130 acres.

Crosland’s request to increase the commercial square footage at the Exchange from 105,000 to 115,000 was approved last week.

The additional space could potentially accommodate the Medical University of South Carolina, which is constructing a hospital nearby and is seeking space beyond its main campus, Dunaway told the outlet. Other potential tenants include dental offices, a coffee shop, a bank and possibly LongHorn Steakhouse. The smaller retail spaces are projected to open by summer 2026.

The introduction of Costco has sparked heightened interest from other retailers, Dunaway said.

The Indian Land area, particularly along the Charlotte Highway/U.S. 521 corridor, is undergoing rapid growth. In addition to the Exchange and the upcoming MUSC hospital, the area is also home to the CrossRidge Center, a 190-acre development featuring a $150 million retail segment anchored by Target.

—Rachel Stone