Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Crestlight Plans Renovation/Addition to SouthPark Towers
With rising rates and dicey occupancy numbers, office investors are easing their urge to build or even flip properties. Many have chosen to renovate until the market improves.
The Charlotte Business Journal reports Crestlight Capital plans to spend more than $20 million to make over one of SouthPark’s most recognizable properties.
Crestlight paid $192.5 million for SouthPark Towers in May 2022 and has since changed the name of the project to Towers at SouthPark.
Renovations are expected to wrap up in the second quarter of next year.
The Towers at SouthPark, which total about 526,600 square feet, are close to 80% leased. The firm filed a rezoning petition with the city of Charlotte that, if approved, would allow for more than 150,000 square feet of mixed-use development on the site.
