Charlotte Tower Revamp Complete – Connect CRE

Crescent and Nuveen jointly purchased the 20-story One Independence highrise in Charlotte in 2019 for $132 million. Since then, they’ve spent $30 million on renovations to the retail and restaurant offerings. Most of the improvements were aimed at the needs of tenants. In collaboration with architecture and design firm Gensler, retail space was repositioned, with Crescent leasing 23,000 square feet of restaurant and food and beverage space.

At the heart of those offerings is Monarch Market, an $18 million food hall that opened in November. The more than 18,000-square-foot space includes nine food vendors, such as Brooklyn Dumpling Shop, Kabab2Go, Rolled AF, Curry Gate and the recently opened Just Chicken. There’s also a full-service restaurant, Sushi Art and three unique cocktail offerings: Aster Cocktail Room, Lanai Terrace Bar and the Monarch Bar.

LRC Properties and Cornerstone Real Estate Advisors purchased what was then called 101 Independence Center from previous owner KBS Capital Advisors and Gramercy Property Trust in 2015 for $108 million