A highly anticipated mixed-use tower from two heavy hitters is nearing the start of construction.
Crescent Communities is gearing up for Carson & Tryon, a 31-story development at 1102 South Tryon Street in Charlotte’s South End, the Charlotte Business Journal reported.
Permits the Charlotte-based developer filed last week revealed construction costs of $126.3 million for footing, foundation, structural frame, and core and shell construction, although Crescent hasn’t explicitly disclosed the project’s cost, the outlet reported. The development is expected to include 200 apartments under Crescent’s Novel brand, 560,000 square feet of office space and a 200-key hotel.
Crescent bought the 3-acre site for $37 million in 2022 in partnership with Chicago-based Nuveen Real Estate. Crescent Communities managing director Sagar Rathie declined to provide details on the construction timeline or potential commercial tenants.
The project was previously slated for completion next summer but has faced delays due to challenges in the office market. The developer expects to attract office tenants with amenities such as an 18,000-square-foot sky terrace offering panoramic views of Uptown and South End, as well as a 12,000-square-foot space with a lounge and fitness center.
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The Charlotte office market is experiencing record high vacancy, with a rate of 24.7 percent in the second quarter. Weak demand and delivery of big spec office developments, such as Stiles Corporation and Shorenstein’s 370,000-square-foot building at 110 East Boulevard in the South End have contributed to the amount of available space. The city’s office development pipeline has slowed this year, with $4.2 billion of projects expected to start construction this year, a 39 percent drop from a forecasted $6.9 billion.
—Rachel Stone