by Rich Haag | Mar 5, 2020 | Commercial real estate, Economic Development, Light Rail, Transit Oriented Development, Transportation
So much change is sweeping across University City, it can be hard to keep up. All corners of University City’s 7.5-square-mile area are evolving , from the 2,000 acre University Research Park to light rail stations. Nearly 4 million square-feet of office space was announced in 2019 alone. That’s why University City Partners has prepared a heavily visual report, “University City, CLT,” showcasing private development and public infrastructure projects that are under way or starting soon. The report features many illustrations and links to news reports and websites related to the projects. We have organized our report by “pockets of activity” – places such as the three North Tryon Street light-rail stations, where intense redevelopment is under way. Among the many projects included here: The UNC Charlotte Conference Center and Hotel Waters Edge at University Place Verde at McCullough Station McCullough Drive extension and streetscape improvements The University City Police Station Top Golf and Entertainment District CLICK HERE to view the report. We hope you will share it with everyone you know who has an interest in University...
by Rich Haag | Feb 12, 2020 | Commercial real estate
Monthly report on commercial real estate in University City – Charlotte TopGolf announces plan to open University City location in late 2020 Facility will be on 14.2-acre site near I-85 and University City Blvd. Along with golf, facility will offer restaurant and bar, music and year-round activities. Location is part of planned 56-acre entertainment district near University City Blvd LYNX station MORE Business Journal interviews Darlene Heater on University City’s rapid growth In-depth article features University City Partners’ executive director discussing the group’s role in helping shape main business district Q&A includes explosion of real-estate sales, new construction, TOD rezonings, tenant activity MORE These projects under way or starting soon will help transform University Place EB Arrow, Crescent Communities starting work this spring on Waters Edge at University Place Construction starts in 2021 on bridge to research park, Clay Blvd streetscape overhaul County will soon finish link to 10 miles of greenways through campus, research park Marriott Hotel and Conference Center will open in spring 2021 at N. Tryon and Clay Blvd MORE University report chronicles “era of unprecedented growth” Interactive timeline highlights milestones since Phil Dubois named chancellor in 2005 Campus construction and renovations in that period total more than $1 billion Current projects include science building, hotel-conference center Enrollment has surged 50% to nearly 30,000 between 2005 and 2019 MORE ULI Carolinas adds Feb. 12 LYNX tour with 4 major presentations 5-hour event begins and ends at Stonewall Station near Westin Hotel. Lunch and panel discussion at Tom Hunter Station stop. LYNX station stops and topics are: 36th Street: Preserving and enhancing...
by Rich Haag | Feb 10, 2020 | Commercial real estate
Carolina Trends Council Tour and Meeting This event on Feb. 12, 2020 is for registered participants of the ULI Carolinas Meeting taking place Feb. 12-13 at the Weston Hotel. Get event and tour details at the event website. Tour schedule 8:45 am – Gather at Stonewall Station Platform, 260 E. Stonewall St. Directions 9:04 am – Board LYNX train for ride to 36th Street Station in the NoDa district. Walk next door to 434 E. 36th St. Directions 9:25 am – Charlotte Challenge: Preserving and Enhancing Neighborhood Character amidst Development Long known as the art district for Charlotte, most of Noda’s artists and galleries have moved out. The LYNX brought renewed investment interest to this neighborhood of old mills and industrial trappings. The community’s strong voice influenced distinguishable station finishes and pushed for more art, allowing its gritty, artistic vibe to live on. A focus on art creating place, intentional placemaking, and adaptive reuse of mills and mill houses of an evolving neighborhood–What did Charlotte do right and what opportunities were missed? Speakers: Katie Maloomian, Crescent Communities, Novel @36th Street Monica Holmes, City of Charlotte, Director of Urban Design Studio 10:06 am – Board LYNX to Sugar Creek Station. Walk to Station House 10:20 am – Charlotte Challenge: Creating New Nodes of Investment Before the LYNX, the Sugar Creek Station included an array of heavy industrial uses and housing for factory workers. Rough terrain and rugged edges begin to soften as bullish investment and opportunity zone incentives aim to revitalize place and bring new uses. A focus on transitioning land use and the challenges in pursuing dramatic...
by Rich Haag | Feb 6, 2020 | Commercial real estate, Economic Development, Greenways, Transit Oriented Development
The 2018 opening of the Blue Line Extension between UNC Charlotte and Center City launched a massive reshaping of the North Tryon Street corridor in University City. Look for these four public and private projects to focus that transformation on University Place over the next three to four years. J.W. Clay Boulevard streetscape Construction of a major pedestrian- and bike-friendly overhaul of J.W. Clay Boulevard through University Place is expected to start in late summer of 2021. The $12.9 million streetscape project will significantly improve this key artery for all modes of transportation, including pedestrian, bicycle, vehicle and transit. Main improvements will include completing and widening sidewalks, redoing roadways and medians to accommodate bike lanes, adding a planting strip and street trees, and constructing a two-way separated cycle path between the JW Clay Blvd LYNX Station and Doug Mayes Place. For more streetscape details and updates, visit the project website. Watch a 2016 video showing the planned roadway transformation (some details have changed, but the video is still fascinating). I-85 North Bridge and Barton Creek Greenway The cycle path, providing a bike lane in each direction, will continue across I-85 and into University Research Park via a related road project, the I-85 North Bridge. Construction on that project is expected to start in spring 2021. Meanwhile, Mecklenburg County is nearing completion on the long-awaited Barton Creek Greenway from JW Clay Boulevard to the Mallard Creek Greenway. Once the new greenway opens, University Place will have direct access to 9-plus miles of greenways through UNC Charlotte, University Research Park and several neighborhoods. Read our report on the I-85...
by Rich Haag | Jan 14, 2020 | Business Growth, Commercial real estate, Economic Development, Job Growth in University City
One of University City’s first office buildings has officially been reborn with the announcement on Jan. 14 that Principal Financial Group will occupy more than half of Proximity Park, at 401 McCullough Drive. Built in 1973 and renovated over the past year by new owner Tempus Realty Partners, the three-story office building holds about 205,000 square feet of space. Principal Financial Group, a major investment management and insurance company, will occupy the full third floor and part of the second floor, the Charlotte Business Journal reports. The company plans to begin moving in next summer. Based on industry averages, the 106,000 square feet of office space leased by Principal could accommodate roughly 600 people. Principal acquired Wells Fargo’s Institutional retirement and trust business last summer, including an employment center in Charlotte, The Business Journal reports. Read the full article About Proximity Park Proximity Park is situated on a 32-acre campus beside I-85. Allstate had its Charlotte offices there until relocating to Innovation Park, the former IBM facility that now houses several major Charlotte employers. Tempus Realty Partners bought the property in 2017 and has spent more than $8 million on renovations. Colliers International is handling leasing. A big selling point is the property’s easy access to Uptown Charlotte via both I-85 and the LYNX light-rail line. Marketing materials say that the McCullough Drive LYNX Station on North Tryon Street is just a 7-minute, half-mile walk away. The property also has abundant parking and room for a second building. Jamie Boast, Chris Schaaf and Olivia Matthews with JLL represented Principal in leasing Proximity Park, and Brad Grow, Chandler Knox...
by Rich Haag | Jan 13, 2020 | Commercial real estate, Economic Development
The sale of Innovation Park ranks as Charlotte’s No. 2 biggest commercial-real estate deal of 2019, says the Charlotte Business Journal. The former IBM plant-turned-mega-office center sold for $270 million, making it 2019’s No. 1 suburban office deal, as well. The region’s biggest deal was the sale of the 33-floor Bank of America Tower at Legacy Union, The Business Journal reported in its annual listing of the region’s top 10 deals. Both the Bank of America Tower, which sold for $441.6 million, and Innovation Park, at $270 million, sold for substantially more than the No. 1 sale of 2018, the Regions 615 office building in uptown Charlotte. That building sold for $222 million. Innovation Park, with 1.8 million square feet of offices and a 200-acre campus in University Research Park, was bought in October by Switzerland-based Partners Group and Accesso Partners of Florida. The center houses numerous companies including Allstate, Wells Fargo and AXA, and several thousand workers. The new owners plan to nearly double the amount of office space, add up to 1,000 residences and also develop retail space and other uses, the Charlotte Observer reported at the time of the sale. READ...
