A $700 million mixed-use development at the border of uptown Charlotte and South End, Queensbridge Collective, will shortly begin site preparation thanks to Chicago-based Riverside Investment & Development Co.
A 45-story multifamily tower with around 400 units and parking on levels two through nine, as well as 20,000 square feet of ground-floor retail, are all part of the huge development at 1111 S. Tryon St. By the middle of 2025, the project is expected to be completed. Retail space will be 30,000 square feet.
More details on the Queensbridge Collective in Charlotte
According to a press release from Riverside, the residential skyscraper will contain pickleball and basketball facilities on the roof. Additionally, it will have a pool on the top level, a co-working area, private dining attached to a restaurant, and a golf simulator. Furthermore, the project’s first phase would include the opening of a rooftop restaurant. The office will include amenities including a gym in addition to a private outdoor area. The Carson LYNX Blue Line station is a short stroll from the location.
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Three towers were originally planned for the Riverside project. However, one was abandoned by Riverside after a study of the circumstances underneath, according to Tony Scacco, the company’s chief operating officer. This is Riverside’s first project in Charlotte.
Anthony Scacco, chief operating officer at Riverside, said in an interview with the Charlotte Business Journal that “these projects take two years to even get off the ground, then two to three years to build and time to stabilize.” “You’re talking seven years of work from conception to income-producing property. Without (tenant) pre-leasing, the amount of money available for office at scale is really restricted.
“I think we’re going to be very thoughtful in how we handle the financing of the office component. “Despite the broader economic headwinds, we are confident in our ability to lease the project. We are holding discussions with a number of tenants across a range of industries.”