WASHINGTON, D.C. – February 6, 2013 – (RealEstateRama) — Crescent Resources has selected Little, a diversified architectural consulting firm, to begin design and master planning for a signature property that Crescent has assembled at South Tryon and East Stonewall streets in Uptown Charlotte. Little has been asked to review a full range of options for the strategic location, which predominantly will feature office space but also may include a mix of uses including hospitality, retail and multi-family.
Uptown’s low 9.8 percent office vacancy rate can serve as a strong indicator of the need for new development to support organic business growth and corporate office relocations, according to Michael Smith, President and CEO of Charlotte Center City Partners.
“Crescent’s South Tryon property represents a unique opportunity for Charlotte and the dynamic southern portion of Center City,” Smith said. “In close proximity to the Levine Center for the Arts, the Convention Center, Duke Energy and Wells Fargo, this property also represents a gateway to South End and serves as a catalyst for several initiatives in our Center City 2020 Vision Plan.”
Crescent’s recently assembled site encompasses more than three acres bordered by Tryon, Stonewall, College and East Hill streets. Little and Crescent have begun a strategic collaboration that will include outreach to the city’s business, governmental and civic leadership to identify the most advantageous use for the property.
“We have an opportunity with our South Tryon Street property to launch what we believe will be a transformative development for Center City,” said Todd Mansfield, chief executive officer of Crescent Resources. “We have asked Little to consider every possibility with a vision of creating an office community that is authentic to Charlotte’s progressive heritage yet embraces how people live, work and play today and for the future. The guiding values for this development are community, sustainability and connectivity.”
Little offers a diverse array of architecture and related design disciplines through its six offices, five domestic and one international. The firm delivers results beyond architecture by utilizing a strategic visioning process to develop breakthrough ideas and solutions that provide a competitive advantage for its clients.
“A site of this magnitude and strategic location is truly a unique opportunity to provocatively shape the future of Charlotte’s Center City in a fundamental way,” said Eddie Portis with Little. “It is our goal to work with Crescent and its clients to create a vibrant new community that will serve as a driver for continuing achievements in this region.”
Little is a key member of the development team that Crescent is assembling as the master planning process proceeds.
“This site offers the potential for everything that tenants are looking for in an office space today,” said Ned Austin, vice president of Crescent’s Charlotte Region Commercial Group. “This vibrant location is adjacent to residential areas and close to restaurants, shopping and entertainment, and it affords outstanding access and visibility to the I-277 beltway and Uptown.
“We are confident that Little will push the envelope with innovative design, technically advanced materials and energy efficient systems. Our selecting Little is the crucial step in what we view as a collaborative process to create a dynamic new development,” Austin said.
Little, an international architecture and design firm, is recognized for developing exceptional design solutions that generate business results in the workplace, community, and retail industries. With over 230 professionals, Little delivers results beyond architecture by combining expertise in traditional architectural services (architecture, engineering, interior architecture) with proficiency in additional diversified architectural consulting services (land development services, facilities planning and space management consulting, graphic design, building technology applications, and computer animation and internet application services). For more information, please visit www.littleonline.com.
Crescent, founded in Charlotte in 1969, is a diversified real estate firm with 20 master-planned communities and eight multifamily communities with 2,900 units under development and an additional 2,900 multifamily units in predevelopment. The company owns approximately 72,000 acres across its four divisions, including 1,400 acres zoned for commercial use.