A west Charlotte retail and office space project just grew by three buildings and a $60-million investment.
Developer Third & Urban announced in a news release it is expanding the Lower Tuck “campus-sized community” with a $60 million investment in three new buildings at 926 and 1100 Tuckaseegee Road and 1026 Jay St.
The cost of the buildings was $23 million, according to the company, and improvements are expected to cost about $37 million.
Tenants already there include Not Just Coffee and Hygge Coworking, both at Jay Street.
The deal adds 130,000 square feet of space to the overall $140 million mixed-use project that started this summer in the Seversville, Wesley Heights and Enderly Park neighborhoods. The development is less than 2 miles from uptown.
The first phase started with an $80 million redevelopment of four warehouse buildings at 929 Jay St. and 1018 Jay St. and 800 Gesco St. and 835 Gesco St. for adaptive-reuse of old warehouses, according to Third & Urban.
Construction on that 260,000 square feet of space began in the summer and finished this month. Tenant lease negotiations are under way, Third & Urban said.
“We’ve got some really cool stuff in the works, which we think will grow Lower Tuck into a destination and community gathering place,” Pierce Lancaster, managing partner at Third & Urban said in a statement.
CBRE helped close the deal on 1026 Jay St. and 1100 Tuckaseegee Road, while 926 Tuckaseegee Road was a separate, off-market transaction. Third & Urban is working with JLL and Thrift Commercial Real Estate Services to lease the office and retail space.
Based in Atlanta, Third & Urban has more than 1.2 million square feet of office, retail and residential space in the Southeast. The firm has developed more than $300 million in urban projects.