Living Here Guide 2009
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Monday, Sep. 14, 2009

Uptown skyline reflects slowing growth

By Kerry Hall Singe - ksinge@charlotteobserver.com

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Charlotte's uptown looks different than people expected for 2009.

After years of explosive growth, many developments have stalled or been killed. But some major projects – including a cultural arts campus and a luxe hotel – remain under way.

Two years ago, developers announced plans for 20 high-rise condo projects, including two 50-story towers.

Today, seven high-rise residential projects are completed and only one giant tower is selling units – the Vue in Fourth Ward, which was expected to be finished by August. At least three condo projects have converted to apartments, giving renters more options.

And one reminder of the nation's weak housing market and credit crunch has become part of the cityscape: a concrete slab sits atop the EpiCentre complex, the foundation for a proposed 50-story condo tower that is stalled by a legal dispute. Another unfinished project, The Park, a 21-story condo tower at Caldwell and Third streets, went into foreclosure but a buyer has emerged.

In the heart of downtown, work continues on Bank of America's new 32-story tower across College Street. The bank expects to move in next year. An adjoining 17-story Ritz-Carlton, Charlotte is set to be finished by October.

And construction continues on a major project in the southern edge of uptown – although it has a new name. Duke Energy will become the major tenant in a 1.4 million-square-foot tower at South Tryon and Stonewall streets originally slated to serve as the headquarters for the former Wachovia Corp., bought by Wells Fargo. The Duke Energy Center is part of the $880 million Wells Fargo Cultural Campus, which will include two museums, a theater and an arts center. The tower is expected to be ready for tenants by January. Down the street, the NASCAR Hall of Fame is expected to open in May 2010.

And across the street from the Wells Fargo project, a major new tenant is readying to move in. GMAC Financial Services, the bank holding company best known for its auto loans, has leased more than 100,000 square feet in the top four floors of the 15-story 440 South Church office building. The Detroit-based company said it will begin moving employees during the fourth quarter from its Charlotte suburban offices and plans to add another 200 jobs over the next two years.

Kerry Hall Singe writes about development for the Observer. 704-358-5085.

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