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Northwood Retail President Ward Kampf knows the developer has something special when it comes to The Bowl at Ballantyne.

The project’s first phase, which includes 70,000 square feet of retail space, is 100% leased. It’s inked deals with 19 tenants, with the first retailers opening in2024. The final two tenants —
restaurants Mister O1 Extraordinary Pizza out of Miami and Fox Restaurant Concepts’ Culinary Dropout — are slated to open later this year. Homegrown concepts including The Olde Mecklenburg Brewery, chef Jim Noble’s Rooster’s Wood-Fired Kitchen and Copain restaurants as well as Harriet’s Hamburgers have carved out a niche there.

The developer has added green space and the popular Stream Park, an amphitheater and an apartment tower.

Long-coveted grocer Wegmans chose Ballantyne for its first store and is slated to open later this year.

Kampf says strong sales, continued demand and the project’s potential have Northwood weighing what’s next.

“I think, over time, that’s going to be like a small city down there,” he says.

Northwood acquired Ballantyne Corporate Park for more than $1 billion in 2017. It gained 535 acres in that transaction — and the ability to reshape south Charlotte into a more urban, walkable destination as part of the $1 billion-plus project known as Ballantyne Reimagined.

“Everybody is like, ‘Where’s the next center in Charlotte?’ And this feels like it. That’s why I’m saying this thing is going to grow in size,” Kampf says.

He says Northwood was one of the first large institutional investors to home in on the area’s potential. A strong daytime population, good schools, easy access and a lot of growth made it attractive. The developer’s experience with mixed-use ventures has helped shape The Bowl and will influence next steps in Ballantyne.

“Whether it’s hotels, residential, office — we’re one of the groups that really understands how it all works together.”

Kampf recently spoke with the Charlotte Business Journal about The Bowl, leasing and what’s next. Following are edited excerpts.

What does it mean for the project to be 100% leased?
I think it speaks to the market, especially south Charlotte, that there was a hole for something very unique down there. I think the quality of it is very high. We put a lot of thought into the tenants we put down there. That’s why the mix is food, services, etc., in the first phase. The volumes coming out of there are crazy. I didn’t expect to see the volume right out of the chute. Usually, the first two or three years, you’re having to do some hand holding when you pull a new project out of the ground. I think it’s a huge accomplishment.

What does this say about the momentum open-air retail centers have?
I think everything’s about convenience. You’re going to fight online until the end of time, so convenience is kind of the new currency — or has been. I think whether it’s buy online, pick up, even the restaurants, you’ve got to have the ability to have outdoor areas. You think about the setting. If you were to look at Harriet’s Hamburgers — and just how those little jewel-box buildings are — it just gives you this different feeling, different sense of place. I think that’s where the consumer wants to go versus having to go to a 1.5- or 2.5 million-square-foot mall.

How did Northwood turn The Bowl into a destination?
The original plan was densify it with the golf course. We always called it The Bowl, because that was a bowl on the golf course. I think we all just came together on what we wanted to design and build, but we took inspiration from our own portfolio and things we’d done. There were some constraints having to work within the existing confines of 33 to 35 office buildings, three hotels and new roads, rather than a ground-up environment that wasn’t as complicated. I think people gravitate toward it because it’s a sense of place. You’ve got Stream Park where kids can go and play. You’ve got residential down there that didn’t exist with the multifamily. You already had the hotels and the office workers. I think the number is 19,000 that go there a day.

What are the challenges for the market as a whole?
Charlotte is just growing. I mean, kind of the ‘It’ city. Charlotte is in a very fortunate situation. I think the Carolinas are having their moment, and I don’t see it stopping. The retailers are still wanting to grow there. I think it’s a matter of, ‘Do you have the right product type or asset class?’ A lot of people like grocery-anchored only, some people like mixed use. Every retailer has a little bit different criteria but, if they’re doing strong sales, lifts the whole area.

Early on there was talk of a second phase for retail at The Bowl. Where does that stand?
I think it’s in flux now. We’re working on two phases, and then some ancillary retail over by The Amp. There’s tenants that want in, but we don’t have space. I’m not saying we’re going to overbuild. But it caught us a little by surprise from the standpoint of it’s been so successful. I think that trade area is really, really strong. And one of our theses of just our retail platform is good demographics, good daytime population.

Will what comes next be considered part of The Bowl?
It’ll be an extension of The Bowl. There’s a couple of different iterations we’re working through. We’ve been having discussions internally, with tenants, etc., trying to work through all the different iterations. Getting your full shopping experience down there is something that we’re very thoughtful of. With what’s planned next, you’ll probably have another asset class attached to the retail. You’re at the mercy of marrying two or three asset classes. It makes it a little more challenging in today’s environment, whether it’s costs, construction — all of that comes into play.

How will you continue to generate interest at 100% leased?
It’s always a tough thing. You hate to tell people that want in there, ‘No.’ Good tenants, if the sales are there, are going to be patient because they know it’s only going to get better. I think word is out in the marketplace; tenants are doing really, really well there. There aren’t a lot of times in my career I’ve been in this situation. Usually, it’s 24 to 36 months on brand-new construction to know what you really have. Whereas this, we knew within six months what we had. That’s not arrogance. You do it long enough, you realize, ‘Wow, this is a lot more powerful than even I thought.’ I think people are willing to wait, but boy, they’re anxious.

How do you keep things fresh?
One of our specialties has been always looking at what’s next or the next frontier. We’re always looking at what is the best — and there’s still some great regional, local tenants that want to be there. If tenants are being hugely successful now, you hope that continues and you just build on that.

What’s missing?
I think on food, there’s select categories. If there was a great steakhouse, that would kind of round out what you would do down there. On the retail, I think it’s wide open. The next phase — whether it’s skincare, athleisure, better ready-to-wear men and women’s. I think jewelry and accessories are kind of a foregone conclusion. That’s really where the next phase will be. Less about food and more about the full shopping experience.