News
The 260,000-square foot adaptive reuse project will deliver in three phases
Charlotte, N.C. (April 25, 2022) – Atlanta-based developer Third & Urban today unveiled the branding for The Pass, a new adaptive reuse project located in Charlotte’s NoDa neighborhood that will feature over 260,000 square feet of creative office, retail, and upscale multifamily delivered in multiple phases.
“By embracing the overpass that runs directly through the center of the project, The Pass has been carefully designed to bring energy and life to the surrounding areas,” said Caleb Brenneman, Director, Third & Urban. “Third & Urban, alongside our partners PGIM Real Estate and Blueprint Local, is thrilled to bring this large-scale adaptive reuse project to the submarket, and we’re committed to preserving the character and architectural features of the original buildings, while thoughtfully modernizing the site.”
Located at 4100 and 4212 Raleigh Street in the popular NoDa arts district, The Pass is directly on the light rail at Sugar Creek Station and is just one stop away from downtown NoDa. Joining Third & Urban as capital partners for the project are PGIM Real Estate and Blueprint Local.
The first phase – named Pass41 – will incorporate 86,000 square feet of office and retail and is expected to deliver in the first quarter of next year. Construction is anticipated to begin within the next month. The second phase of the project will feature 330+ multifamily units expected to be complete in the third quarter of 2024. Future phases include Pass42, with 120,000 square feet of commercial space, and Pass43, which will incorporate an additional 60,000 – 80,000 square feet of commercial space.
Until recently, the property featured older warehouse buildings and vacant land. Third & Urban has extensive experience in the development of adaptive reuse projects, with a portfolio in excess of 1.2 million square feet throughout the southeast, including the recently completed Lower Tuck office and retail project on the west side of Charlotte.
Foundry Commercial is handling management and office leasing at The Pass on behalf of Third & Urban; Thrift Commercial is handling retail leasing. The project team also includes architect Odell Associates Inc. and general contractor Gay Construction. For office leasing inquiries at The Pass, contact Foundry Commercial’s Karah Tanneberger or Claiborne Dandridge at 704-523-0272. For retail inquiries, contact Charles Thrift or Cliff Benson of Thrift Commercial at 704-989-5476. For project updates, follow @thepassclt on Instagram.
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Featured Image: Never-before-seen renderings of The Pass, a planned 260,000-square-foot adaptive use project being developed by Third & Urban – as well as partners PGIM and Blueprint Local – that will feature creative office, retail, and upscale multifamily in Charlotte’s NoDa submarket.
About Third & Urban
Third & Urban are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, engaging in a deliberate value creation process to produce truly unique destinations and best-in-class results for office, retail and residential spaces. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. With a current portfolio of more than 1,200,000 square feet across the Southeast, Third & Urban has developed more than $500,000,000 in institutional grade urban projects. For more information, please visit www.thirdandurban.com.
About PGIM Real Estate
As one of the largest real estate managers in the world with $209.3 billion in gross assets under management and administration,[1] PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,[2] and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
About Blueprint Local
Blueprint Local seeks investments in communities across the U.S. that drive attractive returns for investors and meaningful community impact. Blueprint Local manages Qualified Opportunity Zone Funds focused primarily on real estate investments. Blueprint Local looks for high-quality opportunities from developers and entrepreneurs who want to grow and reinvigorate their communities. We partner with local and regional sponsors to identify attractive opportunities that align with our mission. Blueprint Local was involved in the creation of Opportunity Zone legislation and boasts significant experience in institutional real estate investment transactions. Blueprint Local is proud to have been named by Forbes in 2020 as one of the top ten impact-oriented Opportunity Funds in the U.S. For more information, visit https://blueprint-local.com.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 400 employees and more than 60 million square feet of management and leasing across the Sun Belt. 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 $1.5 billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.
Media Contact:
Lauren Leetun, APR
Director of Public Relations
Lauren.Leetun@foundrycommercial.com
(407) 592-7923