Charlotte has benefited from continued migration, maintaining its status as one of the nation’s fastest-growing metros. As of November, Yardi Matrix identified some 5.2 million square feet of office space under construction. Close to 1 million square feet are scheduled for delivery by year-end, including some of the metro’s largest upcoming office projects. Year-to-date, nearly 320,000 square feet have come online.
Although construction activity slowed down this year, a handful of new projects broke ground nevertheless. Charlotte’s diverse economy made way for a new influx of campus expansions, as well as taller and bigger buildings—the future Charlotte Metro Tower was the largest one to break ground in the past decade. The list below highlights the largest office projects underway in the metro as of November, based on Yardi Matrix data.
5. Ballantyne Corporate Park – 13146 Ballantyne Corporate Place
In May 2019, Northwood Investors broke ground on 13146 Ballantyne Corporate Place, a 328,000-square-foot asset within Ballantyne Corporate Park. The 535-acre mixed-use campus is located in Charlotte’s Highway 51 submarket and is considered one of the largest campuses under single ownership in the country. Additionally, the project represents Northwood’s first development since acquiring the majority of the Ballantyne portfolio in 2017.
Upon completion, scheduled for March 2021, the 11-story building will include a 1,312-space parking structure shared with the upcoming Ballantyne Corporate Park residential tower—the first apartment building within the complex. Wells Fargo financed the construction with a $121 million loan.
4. Lowe’s Global Technology Center
A joint venture between Childress Klein and Ram Realty Advisors is developing Lowe’s Global Technology Center, a 377,956-square-foot building in Midtown-South End. The $153 million project broke ground in August 2019, with completion estimated for the second quarter of 2021. Architecture firm Little Diversified provided the design services.
The 23-story tower, the tallest office building underway in the South End neighborhood, will include 357,956 square feet of office space, 20,000 square feet of first-floor retail and nine levels of parking. It will serve as Lowe’s newest global tech hub, housing nearly 2,000 of its technology employees. Located at 100 W. Worthington Ave., the asset is rising adjacent to the Lynx Blue Line light rail and Rail Trail.
3. Legacy Union – 650 South Tryon
The 370,240-square-foot building at 650 S. Tryon St. is a Lincoln Harris project taking shape in Charlotte’s CBD. Rising 18 stories on the former site of The Charlotte Observer, the development represents the final phase of the two-building Legacy Union campus. When completed at the end of 2020, the tower will add 362,448 square feet of office and 7,792 square feet of retail space to the market’s total inventory.
U.S. Bank funded construction with an $88.1 million loan. Deloitte signed a 90,000-square-foot lease in December 2018 and will serve as the anchor tenant. The development team included architect companies LS3P and HKS and general contractors Gilbane Building Co. and Shelco.
2. Ally Charlotte Center
Another project emerging in the CBD is Crescent Communities’ Ally Charlotte Center. The 743,600-square-foot development at 601 S. Tryon St. spreads a full city block and includes 717,000 square feet of office space, 26,600 square feet of ground-floor retail, a 12,000-square-foot public plaza, a 1,436-stall parking garage and a 381-key JW Marriott hotel developed by White Lodging.
The 26-story Ally Charlotte Center is expected to come online in the first quarter of 2021. The project takes its name from anchor tenant Ally Financial, which will consolidate its Charlotte team within the building and take up 400,000 square feet.
1. Charlotte Metro Tower
The largest office property under construction in the metro is Charlotte Metro Tower, another project taking shape in the CBD. Encompassing 1 million square feet of office space and 25,000 square feet of retail, the tower is scheduled for delivery in March 2022. Once delivered, Charlotte Metro Tower will be the fourth-largest office building in the city and the largest one to break ground in a decade. The architect in charge is tvsdesign, while Batson-Cook Construction serves as the general contractor.
Duke Energy started construction on the 40-story development in July 2019. The company subsequently sold the project in a sale-leaseback deal to a joint venture between CGA Capital and Childress Klein for $675 million. Located at 509 S. Tryon St., the upcoming asset is across the street from the company’s current headquarters.