City Council VoteJanuary 19, 2016 at 6:30 pm
The Colony Redevelopment
As part of long-term strategic planning for this property we've owned since 1976, we have rezoned the site for a mix of up to 990 new multi-family residences, up to 225 hotel rooms, up to 300,000 SF of retail, and up to 250,000 SF of office. This mix of uses allows residents to have a place to live within walking distance of their workplace and convenient shopping at The Colony, and around the SouthPark area.
The higher density buildings and commercial component will be concentrated along Sharon and Colony Roads. The north side of the site towards Roxborough will see the lower-density residential buildings developed in three phases. For more information, visit our FAQ page.
Additional residential units will be evaluated in phases. We envision a redevelopment of this scale would take place over a period of 5-6 years.
JANUARY 19, 2016City Council Approval
1ST HALF 2018construction begins
MID TO LATE 2019retail opening
Improvements on Colony Median
Development Team Professionals
Property Owner/Colony Apartment Manager/Multi-Family Developer
Tim Hose: President and CEO
Jennings Snider: CFO
Jud Little: Developer
Synco Properties has been in business since 1971 and currently owns or operates 4,000 multifamily units in 23 properties across the Carolinas. Led by industry veteran Tim Hose (at the company since 1983 and an owner), they are a closely-held business and have owned and operated The Colony since 1976. Synco led the rezoning. In fact, Tim Hose stated he intends to live in The Colony in the future, which takes long-term ownership and stewardship of the land to a new level.
Commercial Component Developer
Bradley Schlosser: President
Rick Duggan: Director, Design and Construction
Schlosser Development Corporation, based in Austin, Texas, is leading the development of the commercial portion of the property. They also are a closely-held company and are nationally recognized for their retail and mixed-use developments. They developed many mixed-use projects in Texas and other states. They currently own 3.5 million square feet of retail and office space.