Construction begins to turn Uptown office tower into luxury apartments
Construction has started to transform the old Duke Energy headquarters on South Church Street into 460 luxury apartments with ground-floor retail.
Why it matters: The $250 million Brooklyn & Church project is Uptown's first office-to-mixed-use conversion. It comes as about 25% of Uptown's 21 million square feet of office space is vacant, according to commercial real estate firm CBRE's Q1 2025 report.
The latest: Charlotte-based Asana Partners and Washington, D.C.-based MRP Realty, in collaboration with Rockefeller Group, celebrated construction commencing at the '70s-era building on Thursday.
"This city block has really been left pretty stagnant since the 1970s," Reed Kracke, partner at Asana Partners, said at the groundbreaking. "We're really excited as a team for the opportunity to reinvent it."
The 30-month construction project is now expected to be completed in Q4 2027.
Zoom in: The 13-story tower's core and shell will be preserved, while the façade will get a makeover with new windows and balconies.
Site plans also call for 57,000 square feet of retail, including a new three-story, 30,000-square-foot building at the corner of Church Street and Brooklyn Village Avenue.
The big picture: Brooklyn & Church is anticipated to energize this prominent corner near Bank of America Stadium, with new retail and a more walkable layout planned.
"This is a corner of Uptown that really hasn't been activated in a long time," says Patrick Sullivan, senior vice president of acquisitions and asset management at MRP Realty. "There's just so much opportunity to capture people that come to the stadium and also create more of a 24/7-type environment."
Asana managing director Welch Liles says the leasing process is still very early, but interest is strong. Asana will aim to have the majority of tenants open by early 2028, soon after construction wraps.
"We really started marketing to retailers in January," Welch says. "We are hoping to get a good mix of new-to-market...food and beverage-type users, along with some local, regional users. And I think it's gonna be a great curated mix."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Newmark Title Services Provides Title, Escrow Services for $700 Million, National Multifamily Portfolio Recapitalization
NEW YORK, June 12, 2025 /PRNewswire/ -- Newmark Title Services announces that the Company provided title and escrow services for the $700 million recapitalization and refinancing of a national multifamily portfolio owned by Nitya Capital. The 18-property, six-state portfolio includes a blend of Class A student housing and Class B market-rate multifamily assets in high-growth markets such as Dallas, Indianapolis, the Carolinas, Nashville, Phoenix and Las Vegas. The transaction was executed through a Single Asset Single Borrower (SASB) loan structure and required the coordination of a top-tier bank, multiple advisory firms and legal counsel. Newmark Title Services played a central role in managing the closing process from start to finish, overseeing a highly complex set of deal components across a large and diverse asset base. "This transaction demonstrates the depth of expertise and coordination our team brings to large, sophisticated capital events," said Marc Israel, President of Newmark Title Services. "With over a dozen of our professionals dedicated to this assignment, we delivered seamless execution and timely closing for one of the year's most complex multifamily financings." The closing process extended over several months. Newmark Title Services' ability to unify all aspects of title and escrow across the portfolio helped ensure the successful execution of the transaction. "This transaction highlights how Newmark's integrated service offerings can help clients achieve an optimal outcome in even the most complex financings," said Chad Lavender, President of Capital Markets for North America at Newmark. "By delivering precision and efficiency through Newmark Title, we help unlock value and drive results for clients across the commercial real estate landscape." Now operating as Newmark Title Services, our team of professionals leverages a strong foundation built through the 2018 acquisition of the New York City-based, national title agency MiT National Land Services. This strategic integration brought MiT's superior title industry practice into Newmark's expanding suite of commercial real estate services. Since then, Newmark Title Services has grown its national footprint, efficiently facilitating the closing of commercial real estate transactions across the country. About NewmarkNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit or follow @newmark. Discussion of Forward-Looking Statements about NewmarkStatements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: SOURCE Newmark Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
Oracle (ORCL) Rallies 8% on Q4 Beat, Cloud Outlook Tops 70% Growth for FY26
Oracle (ORCL, Financials) shares jumped 8% in after-hours trading Wednesday after the company topped Wall Street's fiscal Q4 expectations and issued robust guidance for accelerated cloud growth. Warning! GuruFocus has detected 8 Warning Signs with ORCL. For the quarter ended May 31, Oracle posted adjusted earnings of $1.70 per share, beating the $1.64 consensus. Revenue rose 11% year over year to $15.9 billion, above the expected $15.59 billion. Net income increased to $3.43 billion from $3.14 billion a year earlier. Catz guided for 12%14% top-line growth in Q1, with adjusted EPS between $1.46 and $1.50both in line with LSEG forecasts. Catz said Oracle's cloud infrastructure revenue will grow over 70% in fiscal 2026, up from 50% in fiscal 2025. She also forecast more than $67 billion in total revenue for FY26, above the $65.2 billion analyst consensus. Looking further ahead, she said Oracle could exceed its previous $104 billion projection for FY29. Cloud services and license support revenue reached $11.7 billion in Q4, ahead of StreetAccount's $11.59 billion estimate. License revenue from both cloud and on-premises totaled $2.01 billion, also above expectations. Oracle highlighted several strategic wins during the quarter, including a cloud and AI health-care partnership with Cleveland Clinic and UAE-based G42, new deals with IBM, and infrastructure migration by Chinese retailer Temu. Capex surged past $21 billion in FY25 and is projected to exceed $25 billion in FY26. Larry Ellison said customer demand is so high that Oracle received a bulk order for all available cloud capacity. We never got an order like that before, Ellison said. The demand right now seems almost insatiable. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
27 minutes ago
- Yahoo
CEO Says AI Will Replace So Many Jobs That It'll Cause a Major Recession
The CEO of layaway startup Klarna is claiming that AI is coming for your white-collar jobs — even though his own experiments with replacing human workers with AI were a bust. Speaking to The Times Tech podcast, the Sweden-based CEO Sebastian Siemiatkowski admitted that adoption of the technology will result in "implication[s] for white-collar jobs" that include, but are not limited to, "at least a recession in the short term." "Unfortunately, I don't see how we could avoid it, with what's happening from a technology perspective," the CEO said in reference to job loss and a recession. On that part, unfortunately, he may be right: we've been careening headlong towards a recession for a while now, and unemployment rates — affected, no doubt, by AI-obsessed CEOs like Siemiatkowski laying people off in droves — are a huge factor. Still, those are bold words coming from this particular Swedish CEO, considering that just a few weeks ago, he admitted to Bloomberg that he's looking to rehire for some of the 700 customer service positions he fired in favor of AI in 2024. The reason? Because, as Siemiatkowski acknowledged, the AIs perform at a "lower quality" than human workers. Despite prematurely pulling the AI trigger in his own business, the "buy now, pay later" CEO insists the technology will get there. "I feel like I have an email almost every day from some CEO of a tech or a large company that says we also see opportunities to become more efficient and we would like to compare notes," he told The Times Tech. "If I just take all of those emails and add up the amount of jobs in those emails, it's considerable." Were Futurism to stake our beliefs by a similar metric, we, too would believe that AI replacing human labor is inevitable. In this writer's inbox alone, there are dozens of similar pitches from companies and so-called "experts" seeking to get our attention from this week alone — and hundreds more where that came from, should we be curious to look. With AI's present-day capabilities, those emails read as little more than junk mail — but it makes sense that a tech CEO who made his fortune on financial promises would see things a bit differently. Like other AI boosters, Siemieatkowski added that eventually, the "value of that human touch will increase" and that flesh-and-blood workers will "provide a much higher quality type of service" — after learning new skills, which may or may not become obsolete at some vague point in the future. Siemieatkowski is, perhaps more than anyone else, the platonic ideal of an AI-boosting CEO — and unfortunately, there are lots of others who will take this kind of prognostication as gospel. More on clueless CEOs: Duolingo CEO Expresses Astonishment That People Were Mad When He Bragged About Replacing Workers With AI
