Bank of America Corp. is selling its tract of land near the intersection of North Tryon Street and Mallard Creek Church Road, according to an online commercial real estate listing.
The bank asked the Charlotte City Council in 2009 to rezone 24 acres to allow it to build up to 1 million square feet of space for offices and related services. The council approved the request.
The bank never said what it planned to do with the land, near University City, other than to say it was acquired for future development.
When requesting the rezoning, a bank representative spoke about the bank’s plans to build an office park for its “potential future expansion” in better economic times. Plans submitted for the zoning change describe a 1-million-square-foot “transit-oriented, pedestrian-friendly corporate office park” that could include 75,000 square feet of shops, restaurants and other uses. The bank bought the land for $8 million.
A bank spokesman did not immediately respond to a request for comment. The listing does not give a price.
Bank of America is in the midst of companywide cost-cutting it calls Project New BAC. The program included a review of its real estate holdings and other business processes.
The bank has said it will cut $8 billion in annual costs by mid-2015 and lay off 30,000 employees. Staff Writer Andrew Dunn contributed.