A major mixed-use development from The Spectrum Co. will bring a 200-room hotel, 465,000 square feet of office space and 45,000 square feet of retail to the corner of South Tryon and Carson Blvd.
The project, sitting diagonally across the street from the Midnight Diner, will have a very similar format to Beacon‘s RailYard project but with a different orientation, on a larger scale.
Spectrum tapped leading global real estate investment manager, Invesco to be an institutional partner. A partnership of this magnitude signals that Spectrum is committed to bringing a very high quality project to market.
You can look to 300 South Tryon, developed in partnership with Spectrum and Barings as a proof of concept. They knocked this iconic sail-topped tower out of the park and I expect a similar result with this project.
The centerpiece to this project are two nine-floor twin buildings, one 245,000 square feet, the other 220,000 square feet.
Each building features a unique cantilevered diagonal front facade, literally leaning into Uptown.
The interior facades radiate away from a large public green space, maximizing views in not just the office tower, but the centrally placed 200 key boutique hotel that‘ll accompany this project.
The radiating orientation, and outdoor spaces on each floor, makes it so a good portion of every building has a front row view of Uptown.
From a leasing standpoint, this project has been getting a lot of interest from prospective tenants, and we expect to hear more soon about leasing, as well as what hotel brand is chosen to occupy the hotel space.
Outdoor Space: South End, other than The Rail Trail, is sorely lacking in public parks/spaces. To combat this, Spectrum hopes to provide over an acre of outdoor space with public art and plenty of room for collaboration, entertainment, and relaxation.
Retail: Every corner of the project will be activated with retail. They plan on delivering 40,000 square feet of destination shops, bars, and restaurants to a virtually untouched area of South End.
“This project will have a South End vibe with collaborative work spaces, outdoor terraces and destination retail, while also offering the Class A office space and amenities you expect Uptown,” said Spectrum CEO Darryl Dewberry.
“This office community will connect two of Charlotte’s most vibrant areas. It will transform the leading edge of South End and reflect its eclectic character.”
This building is one more step toward bridging the huge gap between South End and Uptown, and will provide a big time catalyst for the future growth of the submarket.
Long known for its converted warehouses, townhouses, and stick built apartment buildings, South End is starting to transition into an office submarket, resembling more of what you’d expect in Uptown.
Currently there are three Class A Office projects under construction in the neighborhood. This is a sure sign that South End has turned the corner and become the “it” submarket for institutional investors nationwide.
While the area around Camden and Tryon as well as stretches along South Boulevard are exploding, there exists a chasm between Uptown and South End that hasn’t seen much action. That’ll change quickly first quarter 2019 with Spectrum’s project.
Construction is expected to begin this spring/summer.
