The developer behind a plan to revamp 7 acres in midtown Charlotte unveiled details Wednesday for the next phase of the project, which will include a hotel, offices and shops.
Pappas Properties said it will build a $40 million, 150-room Tapestry by Hilton Collection hotel with a rooftop bar across from Pearl Street Park. It’s the first Charlotte location for that Hilton brand, launched in 2017.
Pappas also announced plans to build up to 210,000 square feet of office space and 20,000 square feet of ground-floor retail and restaurant space at the corner of Kenilworth Avenue and Pearl Park Way. The height and number of office buildings that could be developed will vary depending on demand, said Peter Pappas, founder and CEO of Pappas Properties.
It’s the latest piece of Pappas’ project to reshape an already fast-growing area just outside of uptown.
In September, officials cut the ribbon on the Charlotte Regional Realtor Association’s $28 million building on the site.
As part of the plans, 280,000 square feet of medical office space is under construction for Atrium Health in two buildings. The first facility, which topped out in August, will house the Sanger Heart and Vascular Institute. Pappas started construction in May on the second building, which will have general clinical offices for neurology and digestive health.
Pappas Properties also developed the Metropolitan, which is just across Kenilworth Avenue from the project. Separately, hundreds of apartments have also opened in the area in recent years.
“We really feel like this midtown project is a great complement to the work that we did at Metropolitan,” Pappas said. “And that this whole area is becoming very walkable, and really has all the amenities that any office user or hotel guest would want.”
Pearl Street Park is also slated to be renovated as part of the development.
In 2016, City Council approved $4.4 million in city and county property tax rebates for Pappas Properties for building roads and other infrastructure improvements.
Pappas expects construction of the office and retail building and hotel to start in the third quarter of 2020, around the same time that work on the Atrium buildings is expected to wrap up.