23-story South End tower breaks ground

Details: Called 110 East, the 370,000-square-foot building will include 6,000 square feet of ground-floor retail and restaurant space.

• It’ll have a garage on floors 2-10 with 900+ spaces.
• There’ll be a deck on floor 11 with a fitness center and lobby.
• Offices will be on floors 12-23.

Zoom out: It’s a spec building, meaning the development team behind it (Florida developer Stiles and California real estate firm Shorenstein) are building it without any tenants lined up.

• The fact that there aren’t any tenants lined up yet underscores the development team’s confidence in the Charlotte market.

Timeline: The project will deliver in 2024, the development team says.

What he’s saying: “(Charlotte) is a great city, a great economy … and there are great people here,” Shorenstein managing partner Matt Knisely said during a groundbreaking event Wednesday. “You’re very welcoming to out-of-towners like us.”

Why it matters: This development is the latest example of the explosive growth in South End, particularly among office properties.

• Just across Camden Road, Lowe’s is building a 23-story tech hub called the Design Center Tower.

• At Midnight Diner site, Chicago firm Riverside Investment & Development plans to build three towers with a range of uses, from office to residential.
• On South Tryon, developer Spectrum Cos. has been building a pair of 11-story office towers called Vantage South End.
• Also, about a block to the north, just across East Boulevard, White Point Partners and Greystar are building a 24-story apartment tower on the site where the old Rosemont bar was located.

“We love the way the project embraces the transit line. It’s going to be a really iconic project for Charlotte,” economic development director Tracy Dodson said.

Hastings is the architect on the project. Renderings are courtesy of Stiles.