Cranes are back as office tower breaks ground uptown

CHARLOTTE, NC (Ely Portillo/The Charlotte Observer) -

On Monday, officials and developers gathered to do something Charlotte hasn't seen since the recession: break ground on a new office tower uptown.

The new 25-story office building, to be called 300 South Tryon, will add a big chunk of prime office space to the center city. Boosters said uptown has lost out on corporate expansions and relocations because too few large blocks of contiguous space are available.

It is going to drive growth by providing desperately needed prime office space, said Michael Smith, CEO of Charlotte Center City Partners. Smith said the 630,000-square-foot tower will help attract more companies uptown and help remedy the perception among site selection consultants that uptown lacks enough office space for large clients.

With the gap (in construction) we had during the recession, we came off our rhythm, Smith said.

The new building is expected to be finished in spring 2017. Babson Capital Management, which has about 170 employees in Charlotte, will be the tower's anchor tenant, leasing about a third of the space. The project also includes a 208-room boutique hotel at Church and Third streets, attached to the office tower by a walkway, but executives have said they aren't ready to disclose more details.

The last new uptown office towers opened in 2010, when the 48-story Duke Energy Center and 32-story 1 Bank of America Center were completed.

The cranes are back, said Gov. Pat McCrory, holding a golden shovel and turning over a scoop of dirt and asphalt in the parking lot at the corner of Third and South Tryon streets, next to Latta Arcade. The lot has most recently been used for parking, Panthers tailgates and soccer parties.

McCrory reflected on the recent history of South Tryon Street, recalling the city's efforts to provide street life uptown during the 1994 NCAA Final Four hosted in Charlotte.

We had to bring together ... some fake entertainment facilities, McCrory recalled. The city opened a four-block entertainment zone along South Tryon called the Street of Champions, complete with temporary bars and restaurants.

Read the original here:
Cranes are back as office tower breaks ground uptown