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Axios
08-05-2025
- Business
- Axios
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 and beverage-type users, along with some local, regional users. And I think it's gonna be a great curated mix."
Yahoo
04-03-2025
- Business
- Yahoo
Demolition of former Duke Energy HQ in Charlotte to start next month
The $250 million redevelopment of Duke Energy Corp.'s former uptown headquarters is set to begin its next phase with exterior demolition starting next month, according to the Charlotte Business Journal. The redevelopment project, known as Brooklyn & Church, involves converting the 800,000-square-foot office tower into 460 luxury apartments and 25,000 square feet of retail space. The project is expected to be completed by late 2026 or early 2027. 'Asana and Rockefeller are partners who share our vision for the former Duke Energy headquarters and believe in the positive impact that luxury residential will bring to what has been a static office quarter,' said Pat Sullivan, MRP senior vice president of acquisitions and asset management. The development partners, which include Charlotte investment firm Asana Partners, Washington, D.C. investment firm MRP Realty, and New York developer Rockefeller Group, have secured a construction loan for the project, although the loan amount was not disclosed. ALSO READ: Public weighs in on Duke Energy's plans to increase capacity and cut emissions The project will involve demolishing the front lobby and atrium to reduce the total square footage by about 230,000 and make way for a new three-story, 30,000-square-foot retail building. A 60-foot-wide walkway will be created to provide 360-degree pedestrian access around the site. Reed Kracke, partner at Asana, stated that the existing utilities in the building are being decommissioned to prepare for the next phase of work. Asana and MRP purchased the site for $35 million in December 2022. The planning, design, and pre-development phases took about a year as Duke Energy prepared to move into its new headquarters at Duke Energy Plaza. The 1970s-era building was one of several properties Duke sold to consolidate its uptown employees. Asana Partners has a significant presence in the area, owning properties such as The Design Center of the Carolinas and Cotswold Village, and managing over $7 billion in assets across 24 cities. The Brooklyn & Church project represents a major transformation of a former office space into a vibrant mixed-use development, promising to enhance the retail and residential offerings in Charlotte's uptown area. VIDEO: Public weighs in on Duke Energy's plans to increase capacity and cut emissions Sign in to access your portfolio
