A two-bedroom sales model at Skye Condominiums uptown is set to open in March as redevelopment on the uptown condominium-hotel tower continues.

The transformation of the 22-story high-rise at South Caldwell and Third streets puts an end to what was once one of Charlotte’s most visible commercial failures.

Previously known as The Park, the condominium project failed because of problems with the developer, and before the financial crisis and real estate melt down struck. Because of its prominent uptown location, the rusting, unfinished high-rise became an undeniable sore spot in uptown’s glittering skyline.

Now, the tower is evolving into a mixed-use project with 67 luxury condominiums, two penthouse suites, a 172-room Hyatt Place Hotel, ground-floor retail and a rooftop restaurant offering 360-degree views of the city. The project is expected to be open by the third quarter.

“It is exciting to see our vision progress on this unique project for the city of Charlotte, said Bud Balsom, vice president of business development for Small Brothers, which bought the partially finished building out of foreclosure in October 2009.

“Luxury residential condominiums, a Hyatt Place Hotel, ground-floor retail space and a spectacular rooftop restaurant with unparalleled views of the Charlotte skyline all under one roof will be a destination location for residents and visitors to Center City,” Balsom said.

Much of the exterior work, including structural work on the roof, is complete. Work is planned to begin shortly on the building’s entryway, on Caldwell Street, which will include a two-story lobby with valet service and a concierge.

Shane McDevitt with The McDevitt Agency said the exterior of the building is like a blank canvas, and decorative touches, such as lighting and signage, will be added later.

Because the building is now enclosed, McDevitt said sales agents are now able to give tours. In addition to viewing the sales model, prospective buyers will be able to tour different floor plans later this spring, he said.

He said his firm has written 12 sales contracts for units. Prices range from $210,000 for an 835-square-foot one-bedroom unit to $465,000 for an 1,800-square-foot unit to $2.3 million for a 3,600-square-foot three-bedroom, three-and-a-half bathroom penthouse.

He said developers are talking to prospective tenants for the 2,500 square feet of retail space that will be at the corner of Third and Tryon streets.

“It’s not just another high-rise,” McDevitt said. “The mixed-uses add buzz and something new and unique to the city. It’s a new kind of living.”

Kerry Singe: (704) 358-5085