CHARLOTTE — Uptown Charlotte remains faced with a two-plus-year pandemic, empty offices and small businesses scrambling to stay alive as everyone tries to figure out what comes after COVID-19.
Despite these obstacles – which are shared by cities across the country and around the world – real estate development and related growth trends continue to show resilience and momentum. This week brought news of a 31-story tower planned for West Carson Boulevard in a joint venture between Crescent Communities and Nuveen Real Estate. The project will include 560,000 square feet of office space and a 200-room hotel.
It will be on the edge of Uptown and the South End, where apparently everyone wants to be now.
Nearby is The Spectrum Cos.’ Vantage South End, consisting of two office towers with a combined 600,000 square feet, a 200-room hotel, restaurants and more. One of the towers opened last year; the second will be ready this spring.
Last fall, Chicago-based Riverside Investment & Development Co. announced plans for a $750 million three-tower office and residential project at 1111 S. Tryon St. The site and scope of the Riverside development, along with a planned pedestrian bridge nearby, will blur the lines between South End and downtown.
Construction on the $11.5 million, 280-foot pedestrian bridge is expected to begin in the spring of 2023 and end two years later. US Bancorp (NYSE: USB) is the largest private donor, having given $1 million under a public-private funding model.
All of these projects signal that Charlotte is, so far, overcoming the headwinds and uncertainty of Covid-19.
“Despite some really challenging macro trends and the uncharted waters of two years of pandemic, we have laid the groundwork for another strong decade”, Charlotte Center City Partners President and CEO Michael Smith Told JCB. “To me, it’s amazing.”
Center City Partners this week released its State of Downtown Report, the nonprofit’s annual summary of downtown, south and downtown real estate development. These three contiguous areas are in line for $4 billion in new development as sales of existing buildings and towers have set multiple records since 2020.
According to the new report, the development pipeline will add 5.5 million square feet of office space, 437,000 square feet of retail space, 750 hotel rooms and 5,600 apartments.
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