-Firm will invest more than $4 million in renovating the five-story office building-
Charlotte, N.C. (Aug. 12, 2020) – Following the purchase of the 4600 Park Rd. building by Foundry Commercial last year, the real estate firm has been busy with construction on a $4 million+ plan to modernize and update the interior and exterior of the building.
Located on the southwest corner of Park Road and Abbey Place in the Park Road submarket, 4600 Park is a five-story, 111,436-square-foot office building featuring full-floor leasing opportunities, including the top two floors at this time.
“The continued appeal of Charlotte and resulting population growth is straining our infrastructure, and traffic is becoming a real problem. The urbanization occurring in high-growth markets like Charlotte is unlocking opportunity for infill submarkets such as Park Road,” stated Bill Simerville, managing director and principal, Foundry Commercial. “4600 Park represents the perfect opportunity to capitalize on tenant demand for high-quality, modern office space in a dynamic, highly walkable and amenitized market. With more than 30 bars and restaurants and over 1,500 new apartment units within walking distance, we expect significant tenant demand once renovations are completed.”
In line with recent trends in aesthetics, Foundry intends to return the building to its mid-century modern design. Inside, renovation plans include the expansion and modernization of the first-floor lobby to include an amenity or “touch-down” space for tenants to enjoy, as well as a tenant conference center. Additionally, Foundry will be installing new carpet, lights and ceiling tiles, providing new paint throughout, and renovating the restrooms on the building’s upper floors. This first phase of renovations is currently underway and scheduled to be completed by the end of the summer. Exterior renovations – include removing the stucco façade, replacing existing wall systems with modern glass, and painting the exterior of the building – are expected to start by this fall with anticipated completion in spring 2021.
Ideally situated between SouthPark and South End, 4600 Park is expected to attract tenants who desire the convenient location as well as access to more eclectic, recently reconditioned retail, restaurant, and multi-family options in the area. Noticing a growing interest in the Montford Park neighborhood just to the southwest of downtown Charlotte, Foundry has targeted the submarket for some time.
“Recent upgrades in retail tenants and the new multifamily product in the neighborhood virtually ensured that demand for quality office options would follow,” Simerville added. “We expect the renovated building will appeal to a wide range of tenants, from client-facing groups to more creative office users. In a post-COVID world, we expect broader appeal to a surface-parked, vertically walkable offering.”
Montford Park is located along Park Road from Selwyn Avenue to Reece Road behind the Park Road Shopping Center. The neighborhood has been growing in interest among employers and younger Charlotte residents for the past several years, now serving as home to more than 3,200 employees, 80 retail businesses, and thousands of residents.
BB&M Architects designed the 4600 Park renovations, with Barnhill Contracting Company handling the construction. For leasing information, contact John Ball or Cody Sundberg at Foundry Commercial at 704-523-0272.
About Foundry Commercial
Foundry is a full-service real estate services and investment company with over 330 employees and more than 50 million square feet of management and leasing across the Southeast and Texas. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.
Lauren Leetun, APR