Officials broke ground last week on a tower that will extend Ballantyne’s skyline, part of a transformation of the suburban area.
Developer Panorama Holdings said in a release Monday that it is building a 14-story tower, next to the Ballantyne Village shopping center, with a hotel, office space, and a rooftop restaurant and bar. The project is expected to be complete in 2021.
The building will feature a 186-room AC Marriott Hotel, with 100,000 square feet of office space on top. The Ballantyne location will be the third for Marriott’s AC brand in Charlotte, after its recently-opened hotel in uptown next to the Epicentre, and a hotel under construction in SouthPark.
Panorama said it will add around 400 parking spaces to the existing parking deck. An ongoing dispute between the owners of Ballantyne Village and the owner of adjacent parking had led some customers to complain about scarce parking at the upscale mall.
Property records show that part of the site for the new tower was sold to Panorama for $2.7 million in June, and the other for $3.5 million in 2017. The firm did not disclose the total cost of the project.
It’s one of several projects that will revamp the area, first developed more than two decades ago.
Ballantyne is a 2,000-acre community, home to a business park that has over 4 million square feet of office space, with companies such as Brighthouse Financial, Wells Fargo and TIAA.
In 2017, Northwood Investors bought the corporate park from the Bissell Cos. The $1.2 billion sale was the single largest transaction in Charlotte real estate history.
The new owners are in the midst of a major revamp of the suburban office park.
Northwood Office, a subsidiary of owner Northwood Investors, said last month it plans to build a 25-acre town center, with shops, restaurants, parks, an amphitheater and 2,000 apartments. The development is expected to be built in the next five years on the land between the Ballantyne and Aloft hotels, which is home to a public golf course.
A project that will bring the first apartments to the corporate park, along with 328,000 square feet of office, is also underway.