Developers seek historic designation for Uptown office tower
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Photo (left): City of Charlotte public record. Rendering (right): Courtesy of SDX Studios
Charlotte may designate 301 S. Tryon — the former Two Wells Fargo Center — as a local historic landmark ahead of a planned, sweeping redevelopment.
Why it matters: Charlotte has a rep for tearing down its history because of all the fast change. But here is one case where new development could happen alongside the preservation of decades-old architecture.
- And the developers potentially get a tax break in return.
Catch up quick: Chicago developers Singerman Real Estate and Riverside Investment and Development acquired the city block this year for $36.5 million.
- The firms say they expect to turn the site into hospitality, residences and retail, and make over the public plaza.
- A local landmark designation would require the developer to get Historic Landmark Commission approval for some exterior changes.
Flashback: The 1971, 32-story Jefferson First Union Tower and the connecting 12-story building are being considered for their role in Charlotte's emergence as a banking city and in ushering in "a new era" of the city's skyline, according to a summary distributed to city council.
- The tower was the first "late-modern skyscraper" in Charlotte and was once North Carolina's tallest building.
What they're saying: "I was really excited to see that application come through," says Stewart Gray, director of Mecklenburg County Historic Landmarks Department. "That building was built because of a concerted effort by the city of Charlotte and business leaders to turn Charlotte into a banking center."
- Gray says only a select few Uptown towers are eligible for landmark designation, including the Cameron Brown Building and 400 South Tryon.
Follow the money: As a designated local landmark, owners can apply to defer up to 50% of the taxable assessed value. The goal is to offset the costs of preserving a historic property, Gray explains.
- A city document estimates the Jefferson First Union Tower could currently qualify for more than $350,000 in an annual local property tax savings at its current assessed value — though that estimate could change significantly after the 2027 countywide property revaluations.
- Historic designations have influenced the redevelopment of many old mill buildings in South End and the NoDa area, such as Optimist Hall.
What's next: Charlotte City Council is calling a public hearing for Sept. 28 and will vote on the designation at a later date.
- The developers declined to comment, but city documents state they are also seeking National Register tax credits.
📍 301 S. Tryon St.