Spectrum Breaks Ground on 577 KSF Charlotte Project
In partnership with Invesco Real Estate, the company began construction on a 5-acre, mixed-use development that includes offices, retail and a hotel.
Rendering of the development at the corner of South Tryon Street and Carson Boulevard. Image courtesy of The Spectrum Cos.
The Spectrum Cos. broke ground on a 577,000-square-foot, mixed-use development at the corner of South Tryon Street and Carson Boulevard in Charlotte, N.C. To tackle this massive project, the company formed a partnership with Invesco Real Estate. The 5-acre property will make way for two 11-story office buildings, 57,000 square feet of experiential retail with frontage on all sides of the development and a 200-key boutique hotel with a rooftop bar.
Darry Dewberry, Spectrum’s CEO, said their office development will play a significant role in linking two major Charlotte neighborhoods, Uptown and South End. The buildings are set to include conference centers, a fitness facility and private terraces. LendingTree, an online lending marketplace, already committed to relocating its headquarters into a 175,000-square-foot space once the first office structure is completed in January 2021. Spectrum added that they are in discussions for future tenants for the second office building.
The development will also include an urban park with event space and public art. The construction of the luxury hotel is expected to begin next summer, with completion scheduled for late 2021.
A shifting cityscape
Charlotte is expecting many new office buildings to shape its new skyline. At the end of the second quarter, 3.1 million square feet of office space was under construction, with 1.2 million square feet set for the central business district and the remaining 1.9 million square feet slated for the suburban market, according to a recent Cushman & Wakefield report on Charlotte’s office market.
The reported noted that the city has already received 2.1 million square feet of new office space for the year so far, with a remaining 440,000 square feet of office space scheduled to come online by the end of 2019. The combined supply would mark the highest amount of delivered office space Charlotte has seen since 2008, per Cushman & Wakefield.
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