TSCG Announces Commercial Tenants At One305 Central In Charlotte

10/10/17

One-of-a-kind architectural installation completes Plaza Midwood property.

The Shopping Center Group, one of the largest, privately owned, retail real estate advisory firms in the United States with offices coast-to-coast, announcesthe retail tenant lineup at One305 Central in the PlazaMidwood neighborhood, located approximately one mile northeast of Charlotte’s Uptown. At 100% leased, the 10,000-square foot commercial space is part of the $53 million adaptive re-use development that broke ground in 2015 with the demolition of the onsite warehouses. Concepts from two locally knownrestaurateursand a startup brewery are scheduled to open next spring at the corner of Central and Clement Avenues.

“We were selective about exactly what amenities to bring to this submarket,” explains Darrell Palasciano, leasing advisor, The Shopping Center Group. “While it was important to us to enhance the vibe of Plaza Midwood, we also knew that landing in one of Charlotte's most vibrant and eclectic neighborhoods wouldn’t be a hard sell – particularly for those with an entrepreneurial spirit andan affinity for authentic and creative community.” The Shopping Center Group is the exclusive commercial leasing representative for developer TriBridge Residential.

Featuring fast casual yet authentic Mediterranean fare, Yafo Kitchenis set toopen its second location in 3,500 square feet at One305 Central. Known for its shawarma-spiced rotisserie chicken and hummus made from organic chickpeas, the eatery is owned and operated by Frank Scibelli, another widely-popular localrestaurateur whose other Charlotte venture includes Midwood Smokehouse located just across Clement Avenue.

A diner concept comes from TRUE Crafted Hospitality Group, a locally well-known restaurant group that owns True Crafted Pizza at Charlotte’s StoneCrest at Piper Glen. Co-owned by Todd Gallineck and Ken Martino, the 4,200-square foot, fast-casual restaurant will feature traditional “diner fare” and serve breakfast, lunch and dinner.

Pilot Brewing Company is a local nano brewery specializing in small-batch, experimental brews. Thenearly 1,900-square foot space includes a tasting room for guests to purchase pints for onsite consumption.“We chose the name Pilot Brewing Company due to our brewing style,” explains Rachael Hudson, co-owner and head brewer for Pilot Brewing Co.“In the brewing industry, the term ‘pilot brewing’ is associated with small-batch, experimental brewing on a small brewing system, which is –for now at least – all we want to do.

“It’s also fun that my husband and co-ownerJeff Hudson is a pilot for a major airline, so that connection will be tied to our branding through the use of subtle puns and clever names,” adds Hudson.

Architectural Landmark

Marking the significance of this redevelopment, a custom-made architectural installation serves as a visual beacon not only for the mixed-use development, but also for the neighborhood. Charlotte-based Boxman Studios, the national go-to resource for mobile space, is designing a metal structure utilizing recycled shipping containers to emphasize the importance of re-use and adaptation of available resources. Built atop a purpose-built foundation for structural integrity, the top three structures will be repurposed containers painted vibrantly so that when combined with surface lighting the result is dramatic and eye-catching.Developer TriBridge Residential commissioned the 40-foot art installation as a gift to the community. The tower will be installed early 2018.

“Because of the unique character of Plaza Midwood, we wanted to push the boundaries to create a unique and identifying focal point for this development,”states William Norris, development director for TriBridge Residential. “With the repurposed tower being the first of its kind in Charlotte, we believe we are contributing something that will become part of the already cool identity of this entire neighborhood.”

The first phase of the residential portion of the propertyis 95% pre-leased and 85% occupied – with residents onsite since last fall. A second phase is slated to be completeby next monthbringing the total number ofresidential units to 281. Resident-only parking is available in addition to 65 parking spaces allocated for brewery and dining customers.

“One305 Central was designed to complement the unique character of the neighborhood – and we believe these tenants, along with the overall concept of the property itself, are consistent with the Plaza Midwood vibe,” adds Palasciano.“With the project’s exceptional visibility and access, we expect to draw patrons from surrounding areas as well.”

The commercial building was originally built in the 1960s and 1970s. Local firm Hood Architecture designed the updated commercial space with the goal of preserving the existing structure while providing unique new space reflective of Plaza Midwood. Roper Constructionserved as the general contractor. TriBridge acquired the five-acre site in 2014for $7.8 million. Citizens Bank provided financing for the mixed-use development.

About The Shopping Center Group

Founded in 1984, The Shopping Center Group, with 21 offices covering 16 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers "best in class" service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States and California. In 2016, The Shopping Center Group facilitated over 2,000 transactions totaling over $2 billion. The firm’s third-party portfolio includes exclusive leasing assignments for over 800 retail centers totaling over 60 million square feet and management agreements for over 11 million square feet of retail property. The firm also represents over 400 national and regional retailer and restaurant operators. For more information, visit theshoppingcentergroup.com.

About TriBridge Residential

TriBridge Residential is a full-service multifamily investment, management, and development company based in Atlanta, Ga., with approximately 10,000 units and $1.3 billion in assets under management as of 2016 year-end. With 60 corporate professionals and more than 215 on-site staff, the firm focuses on markets in the Southeast and provides a vertically integrated platform with a 25+ year track record through its subsidiaries and affiliates.

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