Charlotte development project up in the air after big move

Charlotte development project up in the air after big move

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by KATIE KILLEN / NBC Charlotte Staff

WCNC.com

Posted on November 5, 2012 at 11:13 AM

Updated Monday, Nov 5 at 11:20 AM

CHARLOTTE, N.C. -- The future of a development project near uptown is up in the air, as one big tenant gets ready to relocate. 

The Charlotte School of Law is moving out of Bryant Park and into uptown.  The developer is now searching for a new tenant for the the building. 

The building was meant to anchor a big $250 million redevelopment plan, including offices and homes.

"We see this as a major employment center, with residential uses more oriented over toward Bryant Park and West Moorehead Street," said George Macon, an agent with developer Merrifield Patrick Vemillion.

However, the developer says the plans haven't materialized because of a slow economy.

"You know, the real estate industry, there's not been a lot of new development at all.  And I think our prospects will improve out here, as the economy improves," adds Macon.
 
The city of Charlotte agrees.

"It's prime for development.  It's adjacent to uptown.  It's on the way to the airport. It's a great spot for office development, said City Economic Development Manager Brad Richardson.

Richardson says several projects have stalled in the last couple of years.

"The exception in our community are Ballantyne," he said.  "They continue to build, they do very well.  Office vacancy in the inner city is dropping below 10 percent finally."
 
Macon says the plans for the Bryant Park Development haven't changed, it might just take a while longer

 

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