Mecklenburg County officials last week confirmed to CBJ’s Erik Spanberg that the transformative Seventh and Tryon mixed-use development was off because the developer had backed out of the deal.
Catch up quick: The $600 million project included plans to turn 1½ blocks on North Tryon bordered by Sixth, Seventh, College and the Spirit Square area into restaurants and shops, an office tower, residences, a plaza, cafes, parking and a new main library.
- The new library will still be built. Demolition crews recently began tearing down the old building. The Spirit Square renovation will continue as planned, too, per the county.
Why it matters: The scuttling of the Seventh and Tryon project throws into question the entire revitalization of the North Tryon corridor.
- The development was long seen as a catalyst for the kind of growth in the area that South Tryon has enjoyed in recent years.
Between the lines: The developer, Washington, D.C.-based Metropolitan Partnership, and the county were unable to reach an agreement because of “challenges in the development market,” the county said in a statement. The county is reviewing its options for the site, including potentially selling parts of it, per CBJ.
The big picture: Demand for office space has slowed significantly given the work-from-home policies ushered in by the pandemic. Financing projects that include office buildings as a focal point these days are problematic for developers nationwide.
- Also on hold on North Tryon: the 10 Tryon project, the 15-story mixed-use development that’s been in the works for years. It was to include a Publix. The entire project is paused “given the current market conditions,” Shawn Tibbetts, COO of developer Armada Hoffler, told Axios earlier this year.
What they’re saying: Charlotte Center City Partners CEO Michael Smith says CCCP will work closely with the county on planning what’s next for the area where Seventh and Tryon would’ve been.
- “These are really challenging times for all development — public or private. You are seeing virtually every project hold or reevaluate their strategy,” Smith tells Axios.
Yes, but: Smith says he’s optimistic about the area’s future.
- “We think the next cycle will bring incredible opportunity to the North Tryon corridor,” he says.