Duke Energy is selling another Uptown property

What’s happening: The electric and natural gas holding company announced it’s selling a third property, a parking deck, on Wednesday, June 29. It will remain a parking deck for the time being.

Of note: It’s the second property Duke Energy is selling to Berlin-based Millennium Venture Capital (MVC) which is also purchasing Duke Energy’s 401 S. College St. property.

Flashback: Duke Energy announced is selling Uptown properties 526 S. Church St. and 401 S. College St. in May. Washington, D.C.-based MRP Realty will purchase 526 S. Church St.

The former will become a mixed-use development, complete with luxury apartments, office, hotel and retail space.

• MVC spent the last five years expanding its reach in the Southeast, and will convert 526 S. Church St. to residential lofts.
• A new apartment tower is planned for the top of the existing office tower, with intentions to reuse as much of the existing structure as possible to limit the environmental impact. 
• MRP will work with Charlotte-based real estate investment company Asana Partners and plans to add 50,000 square feet of retail, including culinary concepts and experiential retail.

Of note: MRP partnered with White Point Partners on an office tower on the corner of East Boulevard and South Boulevard.

Context: Last May, Duke Energy said it would consolidate operations into the new Duke Energy Plaza (525 S. Tryon St.), leaving several other Charlotte buildings.

• They also lease space in 400 S. Tryon St. and the NASCAR office tower.

Why it matters: Duke Energy will reduce its own real estate holdings by 60% from 2.5 million square feet of office space to 1 million square feet.

• “This will allow us to reduce our overall real estate footprint in Charlotte and reduce costs to benefit customers,” Duke Energy said in a statement. 

What’s next: Duke Energy expects to close on the properties announced in May later this year and the parking deck in late 2022 or early 2023. Then, they’ll leave 401 S. College St., but will remain at the 526 S. Church St. building through late 2023 before moving into Duke Energy Plaza. 

Editor’s note: This story was originally published in May 2022. It was updated in June 2022 to reflect the sale of a third property.