Vacant office/warehouse could become Class A offices

Vacant office/warehouse could become Class A offices

Another major piece of the former IBM campus in University Research Park has sold to a company with big plans for redevelopment. Shorenstein Properties has bought a 490,000 square-f00t building and 51-acre campus at 6800 Solectron Drive, directly across IBM Drive from Innovation Park – the business park that operates in the former main IBM facility. Innovation Park also has new owners with plans for major expansion (read article). Shorenstein Properties, based in San Francisco, paid $10.5 million for the building and property at 6800 Solectron Drive. In a news release about the sale, the new owner said it “intends to extensively redevelop the property into a high-quality Class-A office project with outdoor amenity space, increased parking capacity, and enhanced access to surrounding roadways.” Roughly one third of the building currently is office space; the rest is warehouse space. Built in 1982 as part of IBM’s manufacturing facility here, the building for many years was leased by Flextronics before the company closed its Charlotte operation. The previous owner, Westcore Properties, announced plans in 2018 to redevelop the building for office space.   Shorenstein attracted by great business neighbors and location In explaining its decision to buy and redevelop the property, Shorenstein notes in its news release that the property sits in the heart of the University City submarket of Charlotte and directly across IBM Drive from Innovation Park. “University City has long been a dynamic corporate hub and educational epicenter for the city of Charlotte, and we are pleased to expand our footprint in the region with the acquisition of 6800 Solectron,” said Matt Knisely, Managing Director at Shorenstein...
New owners have big plans for Innovation Park

New owners have big plans for Innovation Park

Innovation Park, the largest office complex in University Research Park, has new owners with ambitious plans that include more offices, housing, shopping and more. Partners Group and Accesso Partners recently purchased the sprawling former IBM manufacturing facility and 200 acres of property for $270 million. The new owners are developing plans that could nearly double the amount of office space, plus add up to 1,000 apartments, retails pace and a hotel, the Charlotte Observer and Charlotte Business Journal report. The facility has already undergone tremendous growth since the previous owner, BECO Management, purchased the complex for $41.2 million in 2010, at the height of the great recession. Several thousand people now work at Innovation Park. Major tenants include Allstate, Wells Fargo and AXA. Read more about the Innovation Park sale from: The Charlotte Observer The Business Journal   Neighboring office/warehouse also has sold for office redevelopment A nearby office/warehouse that IBM built in 1982 also has a new owner with plans for major redevelopment. Shorenstein Properties has bought a 490,000 SF office/warehouse and 51 acre campus at 6800 Solectron Drive, directly across IBM Drive from Innovation Park. In a news release about the sale, the new owner said it “intends to extensively redevelop the property into a high-quality Class-A office project with outdoor amenity space, increased parking capacity, and enhanced access to surrounding roadways.” Read more about the 6800 Solectron Drive...
Coming soon in University City

Coming soon in University City

New retail, dining, apartment homes and a police station are coming soon to University City. Here are the details.   City approves $9.5 million to build new University City police station The future home of the University City Police Division took a big step forward in August, when Charlotte City Council approved spending more than $9.5 million for its construction. The new building will be at 8452 N. Tryon Street at Ken Hoffman Drive, within a quarter mile of the McCullough Drive LYNX station and next to Charlotte Fire Station 27. The building will have 16,081 square feet of space. The University City Division currently has its headquarters nearby at University Executive Park. More   Grand opening on Oct. 3 of new Chick-fil-A University Place The seemingly always busy Chick-fil-A University Place is relocating to its new and much bigger home nearby, at 8700 University Executive Park Drive. at West W.T. Harris Blvd. The grand opening is set for Oct. 3. The public is invited to attend the ribbon cutting at 9 a.m. The new restaurant building and grounds will be double the size of the current store on J.W. Clay Boulevard, including both a much bigger kitchen and a high-volume drive-through system with two lanes capable of holding up to 34 vehicles. The University Place location will close for good on Saturday, Sept. 28. Chick-fil-A worked with city and University City Partners planners on site design issues such as vehicle screening and sidewalks. Follow Chick-fil-A University Place’s Facebook page for details regarding the grand opening. Worship Night on Oct. 1 at the Chick-fil-A University Place The public is invited...
City rezoning seeks to raise bar for transit-oriented development

City rezoning seeks to raise bar for transit-oriented development

Scores of properties along North Tryon Street near University City’s LYNX light-rail stations could soon have new zoning that will provide for more urban development near the stations, along with higher standards regarding issues such as walkability, public space and architecture. The City of Charlotte seeks to rezone these properties and thousands more near LYNX stations to ensure that city’s vision for transit-oriented development becomes reality. A rezoning petition was recently filed by the city for 2,640 parcels totaling 1,915 acres within short walks of the Blue Line transit stations. The petition asks the city to replace a wide range of office, commercial, residential and industrial zoning categories with four variations of the recently approved Transit Oriented Development zoning. What are Transit Oriented Development Districts? The TOD zoning classifications seeks to create walkable urban neighborhoods within a half mile of each LYNX station. According to a city planning website, “The purpose of the Transit Oriented Development (TOD) Districts is to encourage and enable the development of moderate to high-intensity, compact, mixed-use urban neighborhoods near transit stations where people can live, work, shop, dine, and pursue cultural and recreational opportunities while enjoying a range of mobility choices. “TOD development standards, combined with limits on auto-centric uses, are designed to create vibrant neighborhoods with a robust network of streets, sidewalks, and bicycle paths, providing safe and convenient access to transit stations. “The TOD zoning districts allow taller buildings and more building density while requiring higher standards regarding issues including walkability, public space and architecture.”   Light-rail expansion fueling a burst of redevelopment The opening of the LYNX Blue Line Extension in...
EB Arrow Seeks Rezoning for Waters Edge at University Place

EB Arrow Seeks Rezoning for Waters Edge at University Place

News Release – Commercial real estate development firm EB Arrow has filed a rezoning petition for 20.5 acres on the east side of J.W. Clay Boulevard in University City where the company is planning a mixed-use, walkable lakefront community called Waters Edge at University Place. Charlotte City Council has scheduled a public hearing on the zoning change for its June 17 monthly zoning meeting. The council could vote as soon as July 15 on whether to approve the request.   Office building, apartments and lakefront park in Phase I If approved, the rezoning would allow for the first-phase development of a five-story, 182,000-square-foot Class A office and civic building with ground-floor retail; NOVEL University Place, a 308-unit garden-style multifamily community developed by Crescent Communities; a 2.5-acre lakefront linear park featuring a children’s play area; and the refurbishment of a significant portion of the one-mile multiuse pedestrian trail encircling the lake at University Place. The plan is consistent with the University City Area Plan, which recommends mixed-use including residential for the site, and would meet many of the goals of University City Partners’ master plan for the J.W. Clay area, which emphasizes walkability from light rail, connectivity and civic space for people to gather near the lake. Acquired by EB Arrow late last year, Waters Edge is located less than half a mile from the J.W. Clay Boulevard Station on the Lynx Blue Line and less than one mile from the Barton Creek Greenway, providing connectivity and access to miles of existing greenway trail via the Mallard Creek and Clark’s Creek Greenways as well as access to UNC Charlotte, Atrium Health...
Under Way: Office building renovations and major upfits

Under Way: Office building renovations and major upfits

The crane looming over the ATAPCO apartment building on North Tryon Street is the biggest sign by far of a building boom across University City – but hardly the only one. Here’s a rundown of office building renovations and major office upfits in University City. More “Under Way” reports: Hospitality, dining, shopping and greenway Campus hotel-conference center, science building and more Apartments and townhomes Proximity Park – 401 McCullough Drive. The longtime former home of Allstate Insurance is undergoing major redesigns inside and out to go with its new status as the single biggest available suburban office building on the 19-mile LYNX light-rail line. Collier International is handling the building transformation and marketing. More about Proximity Park. The Grove – Mallard Creek Road at West W.T. Harris Boulevard. A building permit was issued recently for office renovations in building 8615 for Armstrong Transport Group, a leading national logistics company founded by UNC Charlotte grad Christopher Cobb. Additional building permits have been issued to upgrade parking lots. The Grove is owned and leased by Stream Realty Partners. More about The Grove. More about Armstrong Transport.   Four Resource Square – 10735 David Taylor Drive in University Research Park. A building permit was issued recently for office renovations for Acuity Healthcare. Acuity Healthcare operates long-term acute-care hospitals. The company headquarters currently are at 10200 Mallard Creek Road. More about Four Resource Square. More about Acuity...