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Office Tower Becomes Charlotte's Largest Apartment Conversion
7 Apr
Summary
- A 32-story office building is being converted into nearly 600 apartments and a hotel.
- The project is Charlotte's largest office-to-residential conversion to date.
- The tower was acquired for $36 million, significantly below its tax value.
A major uptown redevelopment project is progressing with new construction plans filed for 400 South Tryon. The 32-story, 587,000-square-foot office tower is set to be transformed into a mix of nearly 600 residential units and a hotel. The filing indicates that the top 25 floors will house apartments, while the lower eight floors will accommodate the hotel, complemented by a new plaza and façade enhancements.
This initiative represents Charlotte's largest office-to-residential conversion to date. The project aims to repurpose a largely vacant 1970s building, which was acquired by Spandrel at a public auction last April for $36 million. This acquisition occurred after the previous owners defaulted on a $93.5 million loan. The conversion will remove almost 600,000 square feet of office space from a market experiencing a vacancy rate of approximately 24.5%.
