January 2022 Luncheon “What to Start, Stop, Continue, and Learn in 2022”

Old Places, New Spaces: The Redevelopment of the North Tryon Corridor

On October 10, 2017, pioneers Matt Browder, Principal of Browder Group Real Estate and Jay Levell, co-founder of White Point Partners, held a lively discussion on their recent purchases of the 2205 N. Tryon building and Tompkins Hall.  They shared with us their initial vision, the challenges they faced, and the success they have had in activating the properties, both of which had long been vacant.

Specifically, Browder saw 2205 N. Tryon as an opportunity that couldn’t be passed up. The 85,000 square feet of vacant buildings sits in the center of the proposed North Tryon Street one-way corridor plan. With all of the growth in Charlotte, Browder really saw this area of North Charlotte as the last frontier. As surrounding rents continue to increase, 2205 N. Tryon has been able to accommodate tenants at lower rates.

White Point Partners had a unique vision for Tompkins Hall. The project started with an idea to turn an old textile mill, built in the 1890’s, into a food hall with additional space for restaurants, retail, and office. The project, when complete, will include all of the original pine and hardwoods. The food hall will be approximately 20,000 square feet with 19 separate stalls for food vendors and a 10,000 square foot seating area and terrace. In addition to the original food hall, the project also includes another 83,000 square feet of creative office that has already been leased to Duke Energy. The access to the light rail and the major highways made this an ideal location. Duke Energy's "forward-thinking vision" matched the firms' intention of creating a center of collaboration and innovation at Tompkins Hall.

Both projects have taken existing buildings and created a new sense of place. Pure Intentions Coffee, located in the 2205 N. Tryon building, will be the host for our December Before Hours event. Come join us in supporting this new business venture and concept on December 7^th.

August 2017 Luncheon – A Tour of 615 South College

At our August Luncheon we toured 615 South College – an 18-story, 371,000 square-foot Class-A office building in downtown Charlotte. The building is a tribute to the world-renowned John Portman & Associates and developed by Portman Holdings. The two-story corner balconies and floor-to-ceiling windows provide amazing views of Charlotte’s uptown skyline as well as nearby South End. Amenities include an outdoor green space that connects the building to Stonewall Station – downtown’s first light rail stop and also home to uptown’s first Whole Foods opening later this year.

John Ball, the leasing agent with Trinity Partners, spoke to the group about the building’s first tenants including Regions Bank, co-working giant WeWork, Eric Mower and Associates, Sitehands, and global accounting firm BDO. 615 South College is just steps away from the city’s professional sports arenas, parks, and the Charlotte Convention Center, and built atop the parking deck of the Portman-developed and owned Westin Charlotte.

June 2017 Luncheon РCross Charlotte Trail ─ Creating Economic and Community Value

Submitted by Amy Massey, Kimley-Horn

On June 13, CREW Charlotte hosted a panel of experts who provided an overview of the Cross Charlotte Trail (XCLT) in Mecklenburg County, and an understanding of its importance to our local commercial real estate industry. Moderated by Beth Poovey of LandDesign, panelists Vivian Coleman of the Charlotte Department of Transportation, Elizabeth McMillan of Crescent Communities, and Kyle Vangel of HR&A Advisors discussed how greenways benefit our communities and attract business by creating recreational opportunities, transportation alternatives, and return on investment─ both public and private.

The story begins back in 2006 when Little Sugar Creek was buried by a series of surface parking lots in the Midtown area.

Coleman provided an overview of how the Cross Charlotte Trail came about. She said the County took the initial lead in trail development, and then the City got involved to help speed up the XCLT’s development. The North Carolina Department of Transportation (NCDOT) has also been involved. The plan is to complete 30 miles of trail from Pineville, through Uptown to UNC Charlotte, and ending near the Cabarrus County line√¢‚Äù‚Ǩ within the next decade or so. Coleman reviewed the various types, widths, and uses of greenways; along with some of the challenges and constraints, including separation from motorized vehicles for safety and seamless connectivity. The priorities placed on certain sections is based on balancing factors such as filling existing gaps and leveraging hot development areas, while more difficult/expensive sections√¢‚Äù‚Ǩ like the segment spanning the I-277/Independence Boulevard weaver area√¢‚Äù‚Ǩ will come later.

Vangel explored the impact of greenways on economic development. Beyond joy, health, and public safety, the value of greenways can be quantified in terms of increased property value and in property tax value. In fact, value was a key criterion in deciding the ultimate alignment of the Trail. Its alignment traverses neighborhoods ranging from affluent areas near Uptown to more challenged areas like Lockwood and Sugar Creek. Mr. Vangel suggested that with increasing values, the potential for gentrification can be minimized by putting proactive policies in place with a goal to preserve and create affordable housing along the way. Overall, the fiscal impact of the trail could be as high as $12.9 million annually between 6,000 new residential units, 4 million square feet of new commercial development space, and a 5% increase in property value.

McMillian explained how Crescent Communities views view greenways, in that they actually seek out properties along/near the Trail alignment when locating their sites. She used the Crescent Dilworth as a prime example of their capitalizing on the greenway as the ‘front door,’ including an image of a bicycle and mention of its accessibility to the greenway in its marketing brochure. Not only is the greenway a major asset for attracting their tenants, but the development has realized a 15% rent premium due to its proximity to the greenway. McMillan and Coleman discussed the importance of the City, County, NCDOT, property owners, and developers working together√¢‚Äù‚Ǩ sharing and working through design and construction scheduling, property needs, and costs.

The panel established that the Cross Charlotte Trail has a powerful impact on our communities and businesses on many levels. In the end, it will be important in not only providing recreational opportunities, but also in spurring development, increasing property and tax values, and connecting people and places across Mecklenburg County√¢‚Äù‚Ǩ all in a socially equitable manner. It’s also helping Charlotte compete with other growing cities on a national scale.

Learn more at: http://charlottenc.gov/charlottefuture/CIP/Pages/CrossCharlotteTrail.aspx