CHARLOTTE – Charlotte City Council has granted local historic-landmark status to 301 South Tryon, a step developers say is essential to obtaining tax incentives for a planned $250 million conversion of the vacant Uptown office complex.
The council approved the designation Sept. 28, covering the Jefferson-First Union Tower, the adjoining 12-story connector and about 0.7 acres at 301 South Tryon Street, according to the city record.
Riverside Investment & Development and Singerman Real Estate are planning the mixed-use overhaul. Charlotte Business Journal reported that the developers consider tax credits tied to the historic status essential to the project. The plan calls for 275 apartments, a 200-room hotel, at least 250,000 square feet of office space and 30,000 to 40,000 square feet of retail.
The property is owned by 301 S Tryon PropCo LLC and is currently vacant, according to the city. City staff said the site could qualify for approximately $357,000 in combined annual city, special-district and county tax deferrals based on the current appraised value of about $162.9 million.
That estimate is not fixed. The city record notes that Riverside and Singerman bought the property for $36.5 million in April and that Mecklenburg County’s 2027 revaluation is likely to reduce the amount of taxes eligible for deferral.
The designation creates a preservation and financing tool for the redevelopment, but it does not by itself secure tax credits, approve a construction schedule or establish that construction has begun. The city says the protected property includes the exterior and significant interior elements of the tower and adjoining building.