Construction is officially underway on Charlotte’s newest banking tower: Ally Charlotte Center, which is being built at Stonewall and Tryon streets.
Demolition and utilities relocation has been ongoing for several weeks, but general contractor Brasfield & Gorrie said Thursday that construction on the building itself has begun. The cost of the project was not disclosed.
The building is set for completion in 2021, and the project also includes ground-floor retail space and a separate building with a 350-room hotel.
Detroit-based Ally Financial, which employs about 1,700 in the Charlotte region, has leased 400,000 square feet at the new office tower, just over half of the building’s 742,000 square-foot total. The new building will stand 378 tall when complete, and Little Diversified Architectural Consulting is the architect.
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The 3.5-acre property was formerly home to a Goodyear auto shop, asphalt parking lots and the law firm James, McElroy & Diehl.
Ally Financial is one of four banks to anchor a new office tower in uptown.
FNB Corp., the parent company of First National Bank, said Tuesday that it will be the anchor tenant for a 31-story building at 401 S. Graham St., across from BB&T Ballpark.
Lincoln Harris is building a 33-story tower near Stonewall and Tryon streets, on the former site of The Charlotte Observer, to be anchored by Bank of America. And in 2016, Regions Bank became the first tenant in a new tower at 615 South College St.