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Welcome back to our weekly look at Charlotte real estate and development news. Charlotte Commercial Real Estate Whispers is the best way to get the latest dirt on transactions, rezonings and projects happening across the Queen City.
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In today’s edition:
How a new investor to Charlotte plans to convert an office building with 90,000 sq. ft. floorplates
Why Brooklyn & Church may be the only office conversion deal in Charlotte for Asana Partners
Hotel planned at nearly century-old building in South End
Where a new Belk concept could land
And a wrap-up of land deals and real estate news from us and other sources
Drilling down into one of uptown’s most complicated conversion projects
The building at 200 N. College St. will likely be one of uptown’s trickiest conversion projects. (Rendering courtesy of CBRE)
The office building at 200 N. College St. in uptown will, after all, be converted into 290 residential units, after the 455,000 sq. ft. building sold in the fall for a measly $3.5M.
Whispers reported on March 25 that the building (formerly home to Bank of America and Wake Forest University) was being eyed for conversion into residential space (“O2R”) under the new owners, based on public filings and chatter we were hearing in the market at that time. Getting into the building at such a low cost means a conversion can actually make financial sense — but this is still a unique conversion candidate, for a lot of reasons.
TRP 200 N Owner LLC (affiliated with Philadelphia CRE investor Ira Lubert), the new owner of the office building, is working with Revival Partners, a Philadelphia-based commercial real estate firm, on the 200 North College conversion.
Whispers caught up with Tony Bates of Revival at the Charlotte Center City Partners board meeting on Thursday, where he and other real estate executives working on conversion deals in uptown spoke on a panel. A day later, CBRE distributed a press release and renderings about the project, but the ensuing coverage didn’t address something I have been wondering for months now:
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