See renderings: Massive towers to replace shuttered SouthPark Wendy's
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Rendering: Courtesy of Hines
SouthPark could get its tallest towers yet as Texas developer Hines moves forward with plans for two 19-story buildings along Carnegie Boulevard.
Why it matters: The mixed-use project, which has no timeline for groundbreaking, will densify nearly 4 underutilized acres in fast-changing SouthPark, bringing hundreds of new residents and office workers to the site.
What to expect: Plans for The Gallery SouthPark, as the project's called, will transform a retail strip, home to Rooster's and other restaurants, and the closed Wendy's building.
- The development's slated to include a 19-story, 250,000-square-foot "highly amenitized" office building, with "private terraces, a shared sky terrace and lounge, conference and training facilities and fitness offerings," per a press release.
- The office won't begin construction until space is pre-leased to companies, Hines tells Axios.
Also on site, Hines is planning a 19-story, 302-unit residential building.
- Ground-floor retail will surround a plaza with public art. Hines hasn't shared any more details on prospective businesses.
The big picture: SouthPark is evolving from a suburban, car-first mall destination to an urban, walkable, hot office submarket with a mix of housing types.
- Some projects are intentional, like the Loop trail and Symphony Park renovations, which SouthPark Community Partners is behind.
- Other changes are market-driven, like ongoing office conversions and company relocations.
- SouthPark's office vacancy rate is 17.4% — healthier than Charlotte's marketwide rate of 23.9%.
Zoom out: Hines, a new-to-market firm, is doubling down in Charlotte, hoping to capitalize on the city's population and job growth. It calls Charlotte "one of the most compelling growth markets in the country."
- Hines recently acquired the Design Center of the Carolinas in South End.
- It's also taken ownership of Birkdale Village and Blu South, a 551-townhome community in Pineville, over the years.
- Hines is partnering on the SouthPark project with Harris Land, the property owners.
What's next: Hines has yet to release details on the construction timeline.
