CHARLOTTE, N.C. — Seventh and Tryon, a planned $600 million mixed-use project in Charlotte’s Uptown district, has cleared a critical hurdle with the Charlotte City Council. The proposed development will include a 160,000-square-foot mixed-use building, 450,000-square-foot office tower, market-rate and affordable multifamily units, retail space and below- and above-ground parking.
At a virtual meeting yesterday, the council unanimously approved a memorandum of understanding (MOU) that allows Marcus Jones, city manager of Charlotte, to negotiate and execute with the Virginia-based developer, Metropolitan Partnership Ltd., on behalf of the city and the landowners of the 3.1-acre site in Uptown. The landowners include Bank of America, City of Charlotte, Mecklenburg County and Charlotte Mecklenburg Library. Atlanta-based DaVinci Development Collaborative is the development manager on behalf of the landowners.
“North Tryon needs a facelift, I believe this project moves us in that direction,” said councilmember Malcolm Graham, representative of Charlotte’s District 2, during the proceedings.
The council also moved to allow the use of city funds to be negotiated for the project to move forward. The MOU includes the sale of the land from the four landowners to Metropolitan Partnership for a price of $21.5 million.
The key terms of the MOU also include $3 million from the developer to support affordable housing; $25 million in city and county Tax Increment Grant money to support the property’s public spaces, parking and affordable housing units; $2 million to $5 million for construction and infrastructure improvements for 7th Street; good faith efforts to reach at least 30 percent inclusion of minority, women and small business enterprises; coordinating with the Charlotte Mecklenburg Library overhaul to its Main Library branch located at 310 N. Tryon St.; and a exclusivity clause for the developer lasting 180 days, which would prohibit the landowners from negotiating the sale of any portion of the project.
At its June 2 meeting, the Charlotte City Council approved the use of the proceeds from the land sale to the developer to support affordable housing at an adjacent redevelopment project that Inlivian (formerly the Charlotte Housing Authority) is spearheading. Inlivian was initially part of the Seventh and Tryon project when it was originally drawn up in 2015.
Seventh and Tryon is estimated to create 1,200 to 1,500 temporary construction jobs, 250 permanent facility-based jobs, 4,000 permanent jobs as part of the property’s office component, $4.1 million in new annual property tax revenue and $674,000 in new annual local sales tax revenue.
— John Nelson