Tapestry Collection by Hilton Hotel on the Way for Pappas Properties' Midtown Development
Pre-leasing also underway for 230,000 square feet of office and retail space as second phase begins
CHARLOTTE, N.C., Nov. 7, 2019 /PRNewswire/ -- Pappas Properties today unveiled details for the next phase of development at its 7-acre property in Midtown Charlotte, including a Tapestry Collection by Hilton Hotel and new office and retail space that will complement the two state-of-the-art medical office buildings already being built for Atrium Health.
The 150-room hotel will be the first Tapestry Collection by Hilton location in the Charlotte area. Launched in 2017, Tapestry Collection by Hilton is a collection of hotels that embraces the distinctive, local culture of each hotel's environment, ensuring that each property in the collection offers a unique experience, authentic to the destination.
Pre-leasing has also begun for up to 210,000 square feet of new Class A office space and 20,000 square feet of ground-floor retail and restaurant space. Located at the corner of Kenilworth Avenue and Pearl Park Way, the new mixed-used component will offer impressive views of Uptown Charlotte's skyline while fronting a newly renovated Pearl Street Park and the Little Sugar Creek Greenway.
"We are incredibly excited by the momentum our Midtown development is enjoying," said Peter A. Pappas, founder and CEO of Pappas Properties. "This new mixed-use component will be a great complement to the medical office buildings underway there and the new headquarters of the Charlotte Regional Realtor Association that's already been completed."
"The Hilton Tapestry hotel will be a unique addition to the Charlotte hospitality landscape in an area where there is tremendous demand," added Pappas. "And the three new restaurants planned, along with the nine restaurants across the street at our Metropolitan development, are all walkable for hotel guests, office workers and residents of the surrounding neighborhood, providing a fantastic pedestrian-friendly amenity."
The 94,000-square-foot hotel will sit on the corner of Pearl Park Way and Berkeley Avenue, and have a name unique to its Charlotte location, like all the other properties in the Tapestry Collection by Hilton portfolio. Guests can expect stylish design, top-flight amenities, a rooftop bar and all the benefits of Hilton's award-winning guest loyalty program, Hilton Honors, which offers its 99 million members access to instant benefits including exclusive member discounts and free standard WiFi, along with hundreds of ways to earn and redeem points.
Construction of the mixed-use building and hotel is expected to begin in the third quarter of 2020, around the same time as the planned completion of the first of the two Atrium Health buildings already being developed. The first building will be the new home of Atrium's Sanger Heart & Vascular Institute, while a second building will house general clinical offices for neurology and digestive health.
Pappas credited the Mecklenburg County Commission for cooperating in a land swap that made the development possible and facilitated improvements to the adjacent Pearl Street Park. He also thanked the Charlotte City Council for approving a Tax Increment Grant to support the extension of Pearl Park Way to McDowell Street, significantly improving access to both Midtown and Uptown Charlotte.
"Pappas Properties is committed to bringing a new destination experience to Midtown and building upon the success of our Metropolitan project," said Pappas. "The timing is right to take advantage of market growth and the dynamic location that is Midtown Charlotte."
"We're seeing tremendous demand from companies who want to be very close to Uptown Charlotte, but prefer a location just outside I-277," said JLL Managing Director Louis Stephens, who is handling pre-leasing of the new office and retail development. "The Midtown submarket is one of the most desirable locations in all of Charlotte, and this new component will be an excellent complement to the residential, retail and other commercial development already happening in this area."
About Pappas Properties
Pappas Properties, based in Charlotte, North Carolina, is one of the Southeast's premier developers of retail, office and medical mixed-used projects and master-planned communities, with a special focus on executing large and complex projects. Established in 1999 and led by a team of real estate development professionals averaging more than 25 years of experience, Pappas Properties has earned national acclaim for its use of innovative planning, exceptional design and distinctive amenities to create extraordinary assets that enhance the value of the broader community. In addition to real estate development, Pappas Properties also provides asset management and consulting services to institutional clients and private equity firms.
About Tapestry Collection by Hilton
Tapestry Collection by Hilton, launched in 2017, is a portfolio of upscale, original hotels that offers guests unique style and vibrant personality, and encourages guests to explore the local destination. With plans for global expansion, every Tapestry Collection property is united by the reliability that comes with the Hilton name, in addition to the benefits of the award-winning Hilton Honors program. Learn more about Hilton's upscale collection brand at newsroom.hilton.com/tapestry, and connect with Tapestry Collection on Facebook, Instagram and Twitter.
About JLL
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 92,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
SOURCE Pappas Properties
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