New York-based Spandrel has submitted new construction plans to transform 400 South Tryon, a 32-story, 587,000-square-foot office building, into a mix of nearly 600 apartments and a hotel, as a major residential redevelopment project moves forward.
The document outlines up to 599 residential units on the top 25 floors and a hotel on the bottom eight floors, as well as a new plaza and significant exterior upgrades.
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It’s the latest in a months-long series of applications since Spandrel acquired the mostly vacant 1970s tower at public auction last April for $36 million, well below its $115.3 million tax value.
The building was foreclosed after its previous owner defaulted on a $93.5 million loan, the Charlotte Business Journal reported.
Upon completion, the project will be Charlotte’s largest office-to-residential project, removing nearly 600,000 square feet of vacant office space from the residential market and representing a vacancy rate of approximately 24.5%.
The project joins other major renovation projects underway, including the conversion of the Johnston Building into the Beckworth Hotel and Asana Partners’ conversion of the former Duke Energy headquarters into a mixed-use project in Brooklyn and Cathedral.
Spandrel is also behind Radius Dilworth, a 626-unit multifamily development due to be completed in 2025.
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