Pappas Properties will break ground about a year from now on a seven-story Hilton Hotel in Midtown.
The development, which will include a mixed-use building that includes ground-level retail space, is near the Trader Joe’s at the corner of Kenilworth Avenue and Pearl Park Way.
Zoom out: The hotel and mixed-use buildings are part of the second phase of development on a seven-acre Pappas property in Midtown. This summer, Pappas finished construction on the new Charlotte Regional Realtor Association headquarters at the site.
Pappas is also developing two buildings for Atrium Health on the property. The first will be the new home of the hospital’s Sanger Heart & Vascular Institute. The second will house general clinical offices for neurology and digestive health, CEO Peter Pappas said. Construction on the two Atrium buildings is expected to wrap up in the third quarter of 2020.
Last spring, Ohio-based Welltower, a real estate investment trust, provided capital in exchange for a 75 percent ownership stake in the midtown Pappas development, according to the Charlotte Business Journal.
The boutique hotel: The 94,000-square-foot hotel will be part of the Hilton Tapestry Collection, an upscale brand that launched in 2017. The $40 million hotel will have 150 rooms, meeting space, a rooftop bar, and a terrace, according to Pappas Properties. It’ll be the first Hilton Tapestry hotel in Charlotte.
Pappas says there’s a lot of demand for a hotel in the Midtown area, which has easy access to the Sugar Creek Greenway and the Metropolitan development.
“It’s really the only missing amenity in a highly amenitized area,” Pappas said.
More restaurants and office space: Near the hotel, Pappas is also constructing a 230,000-square-foot mixed-use building that will include up to 210,000 square feet of office space and 20,000 square feet of ground-floor retail and restaurant space, the developer says. The mixed-use building is at the corner of Kenilworth Avenue and Pearl Park Way.
Pappas said the mixed-use building will include a “diverse mix” of three restaurants. Pappas recently began pre-leasing for the property.