Northwood Ravin Eyes 411-Unit Apartment Conversion

Northwood Ravin is weighing a sweeping office-to-residential conversion in Ballantyne, adding to the steady drumbeat of multifamily development reshaping the corporate park.

The Charlotte-based developer filed a sketch plan review with the city of Charlotte to convert Rushmore One, a three-story, 171,177-square-foot office building at 10840 Ballantyne Commons Parkway, into a 411-unit residential project, the Charlotte Business Journal reported. The early-stage proposal envisions five apartment buildings and seven townhome buildings spread across the 16.5-acre site.

A sketch plan review is a non-binding discussion with city staff, and representatives for Northwood Ravin and its office affiliate characterized the filing as exploratory. Still, the move highlights urgency to move the aging suburban office stock — even in historically stable enclaves like Ballantyne Corporate Park.

Rushmore One, built in 1997, is part of the 4.5 million-square-foot Ballantyne Corporate Park, owned and managed by Northwood Office. The firm acquired the property in 2017 for $41 million, according to Mecklenburg County records. Its sole tenant, Connecticut-based Synchrony Financial, has since vacated. CBRE confirmed the financial services firm is relocating roughly 42,000 square feet to Towers at SouthPark on Fairview Road.

If approved, the conversion would fold into Northwood’s broader $1 billion “Ballantyne Reimagined” overhaul, which has steadily infused the office-heavy district with apartments, retail and entertainment, according to the publication.

In November, Northwood Ravin filed plans for a mixed-use tower at The Bowl at Ballantyne, a 70,000-square-foot dining and retail hub anchored by Stream Park and The Amp, a 5,000-person amphitheater. Northwood Office also recently completed Oro, a 365-unit residential tower nearby, and Towerview at Ballantyne, a 212-unit project completed in 2021.

Ballantyne has long been defined by corporate campuses, according to the publication, adding that the shift signals a continued move toward a denser, mixed-use identity, as landlords grapple with post-pandemic office demand.

— Eric Weilbacher