Spectrum Cos. breaks ground on transformative office project in Charlotte's South End
CHARLOTTE, N.C., July 25, 2019 /PRNewswire/ -- The Spectrum Companies on Thursday formally broke ground on a 5-acre, mixed-use development that will help link Uptown and South End in a ceremony that included remarks from elected officials, business leaders and company executives.
Located on South Tryon Street at Carson Boulevard, the project will include two 11-story office buildings, an expansive urban park with event space, restaurants, shopping and a 200-room boutique hotel. The project is located one block from the Carson light rail stop in South End and just two blocks from Uptown.
LendingTree - the nation's largest online lending marketplace - will anchor the development, moving its headquarters into 175,000 square feet in the first office building, which is set to be complete in January 2021. Discussions with perspective tenants are underway for the second building. Construction of the luxury hotel is expected to begin next summer with a target completion of late 2021.
"We're happy to welcome LendingTree as an anchor for this transformative development," said Spectrum CEO, Darryl Dewberry. "The project will play a significant role in linking Uptown and South End - two of Charlotte's most dynamic neighborhoods - and will create a premiere lifestyle destination for Charlotte residents and visitors alike."
The South End development is the first venture between Spectrum and Invesco Real Estate, a global leader in real estate investment management. With a collective total of 577,000 square feet of office space, the two buildings will help meet growing demand for offices just outside of Uptown. The buildings feature a sleek design, state-of-the-art technology, conference center, fitness facility and private terraces overlooking a 1-acre urban park.
The boutique lifestyle hotel planned for the south side of the block will bring much needed hotel rooms to South End and a rooftop bar that rises above the office buildings. More than 57,000 square feet of experiential retail including restaurants and shops will activate the ground level along all four sides of the development. The urban park will offer green space, event space and public art that will help draw visitors.
"Over the past decade, South End and Uptown have evolved into two distinct destinations for business, culture and entertainment," said Spectrum's Chief Operating Officer Steve McClure. "This project will seamlessly merge those pursuits and become a destination of its own."
The development is not far from Bank of America Stadium and BB&T Ball Park and stands in the center of nearly 4 million square feet of new office space underway or opened since 2017 in Uptown and South End - including Spectrum's 300 South Tryon, Ally Charlotte Center, Legacy Union, The Railyard and Dimensional Place.
ABOUT THE SPECTRUM COMPANIES
The Spectrum Companies is a commercial real estate firm that changes lives by creating special places. The company owns, develops, leases and manages commercial and multifamily property across the Southeast, with a focus on Charlotte and Raleigh in North Carolina, Charleston and Greenville in South Carolina, and Nashville, Tennessee. Founded in 1982, Spectrum has developed more than 4 million square feet of commercial space and over 4,400 multifamily units. The company has more than 4.5 million square feet of commercial property under management and over 2,200 multifamily units in a portfolio valued at $2 billion. Spectrum leverages its exceptional people, solid platform, and deep relationships to create quality projects that enrich communities. Learn more at www.spectrumcos.com.
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SOURCE The Spectrum Companies
