MRP Realty, a developer of commercial, residential, industrial, and mixed-use real estate throughout the mid-Atlantic and Southeast, Asana Partners, a neighborhood retail-focused investment firm headquartered in Charlotte, and the national developer Rockefeller Group announced the first joint venture between their firms and the final close of funding for the Brooklyn & Church redevelopment.
“Together with Asana Partners and Rockefeller Group, we will deliver a project that turns two functionally obsolete buildings into a much-needed mixed-use destination that will bring a new energy to Uptown,” said Pat Sullivan, MRP Senior Vice President of Acquisitions and Asset Management.“Asana and Rockefeller are partners who share our vision for the former Duke Energy headquarters and believe in the positive impact that luxury residential will bring to what has been a static office quarter.”
The first conversion of office to mixed-use in Charlotte, the 800,000-square-foot building will reimagine the 1970s office tower into loft-style apartments with both ground-floor retail plus a new three-story, 30,000 square-foot retail building at the corner of Church Street and Brooklyn Village Avenue. A 60-foot walkway connecting the apartments and retail will create 360-degree pedestrian access to the residences, shopping, and dining options at the property and provide a gateway to Bank of America Stadium.
“Asana Partners has been focused on adding well-merchandised retail in the dynamic southern edge of Uptown since 2017,” said Reed Kracke, Partner with Asana Partners. “Brooklyn & Church is an exciting extension of our investment in the corridor and will provide an opportunity to elevate the retail offerings for the residents, office workers, and visitors in the heart of Charlotte.”
“This is exactly the type of project Rockefeller Group looks to deliver: properties that transform neighborhoods or enhance quality of life through the built environment,” said John Petricola, Senior Managing Director and Head of Development for Rockefeller Group throughout the Southeast. “In MRP and Asana, we’ve identified partners who share a commitment to quality and exceptional experiences, and to opportunities to redevelop existing buildings, which can have a lower environmental impact and greater long-term benefit for residents and the community.”
Brooklyn & Church will rise thirteen stories and provide modern industrial loft-style living featuring 13’6” exposed ceilings and larger-than-market-standard balconies. By reusing the existing structure, the embodied carbon impact of the project will be significantly less than that of a new ground-up development. The building’s core and shell will be preserved, and the façade will be completely reskinned, providing new glass windows and spacious balconies. The project adds toMRP’s portfolio of redevelopment that incudes repositioning more than 30 million square feet of residential and commercial real estate with more than $8.0 billion in total capitalization.
