Conversion of Duke Energy’s former uptown HQ into housing and retail takes step forward
The $250 million conversion of Duke Energy’s former headquarters into housing and retail has taken another step forward.
MRP Realty, Asana Partners and Rockefeller Group closed on their construction financing for the Brooklyn & Church development, according to City Biz, a business news platform. Details on the transaction weren’t disclosed.
The 13-story, 800,000-square-foot tower at 526 S. Church St was built in the 1970s. The plan is to convert the space into 460 loft-style apartments with close to 14-foot exposed ceiling and oversize balconies. The ground floor will feature 25,000 square feet of retail space.
The building’s core will be preserved while the outside will receive a face lift.
Construction is underway, Asana representatives told The Charlotte Observer. The utilities in the building are currently being decommissioned.
Demolition of the front lobby and atrium will begin in April, representatives said. In its place will be a three-story building with 30,000-square-feet of retail space.
A 60-foot walkway will also be built to connect the apartments to the retail center.
The conversion is set to be completed by late 2026 or early 2027, developers told CBJ.
Office conversions
Brooklyn & Church will be Charlotte’s first office building conversion, a move city leaders are hoping to see more of as office vacancies remain a concern for the region.
The Charlotte metro’s office vacancy rate ended the year at around 24.6%, according to a report from Cushman & Wakefield, which includes suburban areas such as Matthews. In Charlotte alone, the rate was 22.4%, according to a report from JLL.
High vacancies, especially in aging buildings, can lead to revenue loss, lowered property value and, possibly, foreclosures.
Revitalizing and converting older buildings will be a key focus for city leaders this year, according to Charlotte Center City Partners’ annual State of the Center City report.
Center City Partners is a nonprofit focused on promoting growth in the downtown districts of uptown Charlotte, midtown and South End.
About $1.7 billion is set to be invested into reimagining aging spaces this year, including the Brooklyn and Church project.
This story was originally published March 3, 2025 at 5:07 PM.
