Growth in uptown and South End sees ‘mic drop’ numbers as skyline keeps changing
For anyone driving around Charlotte, it can feel like the city’s growth marks every street corner. Cranes dot the skyline and the sounds of construction workers echo across town.
One group keeps an eye on all this change. Charlotte Center City Partners’ state of the center city report provides insight into the dollars and figures behind the growth in uptown and South End.
For instance, the center city has 39 million square feet of office space inventory. In 2021, that number stood at 33 million square feet. This year, the average market rent per square foot is $37. Those rent numbers are a bit higher in the fast-growing South End where rates go for $39.
Here’s more numbers in the group’s annual report, which came out this week.
Uptown, South End see ‘mic drop’ numbers
The center city, which includes uptown, South End and midtown, has $6.9 billion of new development in the pipeline this year. That includes 7.2 million square feet of office, 7,700 apartments and more than 2,000 hotel rooms.
Last year, the development pipeline stood at about $4 billion with about 5.5 million square feet of planned office, about 5,600 new apartments and more than 750 hotel rooms.
Those projects are either under construction or have been announced.
One hotel project that recently broke ground is close to the Spectrum Center. The 13-story, 208-room Moxy Hotel aimed at millennials is on track to open late next year.
South End’s skyline is quickly changing with a number of office and apartment projects underway. Work on 110 East, a 23-story, $186 million office tower with retail and restaurants planned on the ground floor, is well underway.
“Those are mic drop kind of numbers,” Michael Smith, CEO of Charlotte Center City Partners, told The Charlotte Observer about the area’s growth.
Charlotte aims to become more dynamic
There are a few bigger projects that could give uptown and South End area a big boost in years to come, the report states.
That includes the 55-acre Charlotte Pipe and Foundry site. The property was rezoned in 2021 for a mixed-use development. Marketing efforts are still underway but the site has been eyed as a potential home for a new stadium. Charlotte Pipe and Foundry has announced in May 2020 it’s moving to Stanly County.
A few blocks north, work has been underway at the Charlotte Gateway Station.
Construction on a new Amtrak station there was completed late last year, though no trains are running yet. There’s a joint project underway between the city, state and a development venture to bring a mixed-use development.
Across town, work is underway on The Pearl. The $1.5 billion project from Atrium Health will lead to the creation of a medical school, residential tower, offices and retail.
“We’re in the middle of another defining period for center city Charlotte,” Smith said.