Joint Venture to Develop $95M Mixed-Use Tower in Charlotte
CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million.
The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood.
Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022.
The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters.
“Ten Tryon has everything we look for in a new ground-up development project,” says Louis Haddad, president and CEO of Armada Hoffler Properties, which is the majority partner in the joint venture. “Ten Tryon will be one of our signature projects. We are extremely optimistic about Charlotte’s continued growth as demonstrated by this, our third major investment in the city.”
Furman will continue to have design influence over the project.
“David and I have been working on the Ten Tryon project for years, and it’s very gratifying to have a respected institutional partner like Armada Hoffler on board with a groundbreaking just a few months away,” adds Campbell.
David Dorsch of Cushman Wakefield will market the office space, while Keely Hines of Foundry Commercial will handle leasing of the retail space at Ten Tryon.
Armada Hoffler’s stock price closed on Wednesday, Jan 22, at $18.87 per share, up from $14.41 per share a year ago.
— Alex Tostado