Duke Energy to add to Charlotte skyline while dramatically reshaping Uptown office space
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Duke Energy announced Friday that it would build a new 39-story tower on South Tryon, while at the same time putting several other Uptown buildings on the market.
All together, the moves will shrink Duke Energy’s Charlotte office space presence by a quarter — a major shift for one of the city’s major employers. Duke has about 6,000 employees and contractors in Charlotte.
The Duke Energy Center, arguably Charlotte’s signature office tower, will remain as is, however.
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Duke Energy’s new building will be on South Tryon Street, on the site of the surface parking lot between St. Peter’s Catholic Church and The Harvey B. Gantt Center. Construction should begin in 2019, and the company should move in by the end of 2022.
It will have roughly 1 million square space, including 25,000 square feet of lower-level retail — a major addition to the southern part of Uptown.
On the block: The hideous brown building at 526 Church Street and its mid-size tower at 401 South College Street. Duke Energy will also end its lease at the boxy 400 South Tryon building.
When all the construction and sales are complete, Duke Energy’s presence Uptown will shrink from 2 million square feet to 1.5 million square feet.
That will leave a massive hole in Uptown’s office market. This could be an asset — a site for a new company headquarter relocation. It could also save money for companies looking for Uptown space by increasing supply.
Of course, the opposite is true for Uptown’s landlords.
The building sales could also be opportunities for new additions to the skyline. Don’t be surprised if the buyer of 526 South Church decides to tear it down and build a new mixed-use project, a la Legacy Union on the site of the former Charlotte Observer building.