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Ballantyne (Charlotte neighborhood)

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Ballantyne
Edge City / Neighborhood
Ballantyne at the intersection of Johnston Rd and Ballantyne Commons Parkway
Ballantyne at the intersection of Johnston Rd and Ballantyne Commons Parkway
Map
Location in Charlotte
Coordinates: 35°03′17″N 80°51′01″W / 35.0547°N 80.8502°W / 35.0547; -80.8502
Country United States
State North Carolina
CountyMecklenburg County
CityCharlotte
Council District7
Neighborhood Profile Areas75, 169, 187, 188, 189, 253, 255, 257, 355, 356
Founded1992
Annexed1999–2003[1]
Founded byBissell Companies
Government
 • City CouncilEdmund H. Driggs[2]
Area
[3]
 • Total
5,114 acres (2,070 ha)
Population
 (2016)[4]
 • Total
70,582
 • Density8,800/sq mi (3,400/km2)
Time zoneUTC-5 (EST)
 • Summer (DST)UTC-4 (EDT)
Zip Code
28277
Area codes704 and 980
Quality of Life Dashboard

Ballantyne is a neighborhood and developing edge city[5] on the southside of Charlotte, North Carolina, occupying a 2,000-acre (8.1 km2) area of land adjacent to the South Carolina border. The neighborhood is home to St. Matthew Catholic Church, the largest Catholic congregation in the United States.

In June 2013, Wingate University announced that it was moving its Matthews campus to Ballantyne.[6]

History

Ballantyne was originally a large hunting tract owned by the Harris family, descendants of former North Carolina governor Cameron A. Morrison.[7] In 1992, Johnny Harris and his brother-in-law, Smoky Bissell, started Ballantyne Corporate Park, which has become one of the most successful master-planned communities in the United States. Harris had the 2,000 acres rezoned, the largest in Mecklenburg county history. Another developer, Crescent Resources, had already purchased the 610 acres that would later become the Ballantyne Country Club and the accompanying residential development.[8] In October 1995, Bissell bought out his brothers-in-law’s shares for $20 million and established Ballantyne, named after his great aunt. Bissell also developed and designed the Ballantyne Hotel, which opened in September 2001.

At the intersection of Johnston Road and Ballantyne Commons stand four 30-foot monuments representing transportation, technology, finance, and the human spirit of Charlotte. The art installation was commissioned by Yugoslavian artist Boris Tomic, who spent three years crafting them at a brick factory in Salisbury.[8]

Ballantyne Corporate Park

Ballantyne Corporate Park is a 535-acre (217 ha) business park. With over 4,000,000 square feet (370,000 m2) of Class A office space, the business park includes the headquarters of Dentsply Sirona, Babcock & Wilcox, Curtiss-Wright, Tree.com Inc, Snyder's-Lance Inc, Premier Inc, Extended Stay America, Inc, SPX, and ESPN regional television.[9] Brighthouse Financial, TIAA, and Wells Fargo also have a major corporate presence in Ballantyne.[10]

In 2010, Ballantyne Corporate Park was recognized as International Office Park of the Year by the Building Owners and Managers Association International (BOMA).

In April 2013 it was announced that MetLife Inc. had agreed to leased 340,000 square feet (32,000 m2) in the park. That space was in the entire new 10 story Gragg building and 2 floors of the twin Woodward building. At the time the deal closed it was the park's largest deal. MetLife's 1,300 employees moved into the buildings in November 2012.[11]

In November 2014 TIAA-CREFF announced plans to the six-story 140,000 square feet (13,000 m2) Betsill office building in the park. At the time the building was only one of three building that offered more than 100,000 square feet (9,300 m2). This vacancy was created by Bank of America's announcement to vacate the building by the end of 2014.[12]

In October 2016 Wells Fargo signed a leased for the entire 10 story Brigham Building in the corporate park, which is 287,507 square feet (26,710.3 m2). The building was built as a speculative building by then owner of the park the Bissell organization. The building completed in November 2016 and Wells Fargo began occupying it in early 2017. The initial plan was to eventually house 1,600 Wells Fargo employees in the building.[13]

In July 2016 MetLife announced it will be spinning off its US retail business to form Charlotte based Brighthouse Financial. At the time of the announcement Metlife had 1,500 local employees.[14] They were leasing the entire Gragg building and a portion of the Woodward building in the Corporate Park.[15] The creation of Brighthouse gave Charlotte another fortune 500, the company was 342 on the list with $8.97 billion in revenue in 2018.[16]

In 2017, H.C. "Smoky" Bissell, who developed Ballantyne Corporate Park, sold the development for $1.2 billion to Northwood Investors, becoming the largest transaction in Charlotte real estate history.[17] The deal was also the third largest US office deal in the first half of 2017 according to data collected by Yardi Matrix.[18] The deal was 41 separate transactions totaling $1.2 billion. The transactions ranged in size from the Woodward Building and Gragg Building for $165 million to The Goddard School at 13820 Ballantyne Corporate Place purchased for $1.7 million.[19] John Kukral, president and CEO of Northwood Investors said this about the purchase “We are excited that the Bissell team will join Northwood and help lead the next phase of Ballantyne Corporate Park. This transaction represents one of our largest acquisitions to date and reinforces our commitment to Charlotte”. Northwood has been active in the Charlotte area since the 2011 creation of Northwood Ravin which is a multifamily development company based in Charlotte. At the time of the purchase Northwood owned and managed Blakeney in south Charlotte and Latta Arcade in Uptown.[20]

In October 2019 Northwood Ravin announced the park's first apartment tower. The 16-story building with an attached low-rise building were planned to have 212 apartments. The apartments ranged in size from one bedroom to three-bedroom units with the smallest apartments having 650 square feet (60 m2) and the largest units with 3,800 square feet (350 m2). The name of the apartment complex is Towerview at Ballantyne. It delivered in the spring of 2021. The building was part of the early stages of Ballantyne Reimagined.[21]

In May 2021 the park had 4,100,000 square feet (380,000 m2) of office space with 80% of it leased. Also, in March of that year the Overlook building with 328,000 square feet (30,472 m2). It was the first office build to deliver under Northwood Ravin's ownership of the corporate park.[22] In April 2022 Credit Karma announced it was leasing 95,000 square feet (8,800 m2) in the Overlook building to establish an east coast headquarters in Charlotte. At the time of the announcement the company employed 450 people locally with plans to add 600 additional jobs by 2026.[23] In September 2021 Sompo International signed a leased for 43,125 square feet (4,006.4 m2) in the Overlook building. With this new tentant the building was 46% leased with 164,895 square feet (15,319.2 m2) still available.[24]

In October 2022 XPO Logistics announced they will be spinning off RXO as a separate proprietary tech-enabled truckload brokerage company.[25] XPO Logistics has a large office in the Corporate Park and 837 employees.[26] The new company will be based in the Corporate Park, the Woodard Building at 11215 North Community House Road, where they will be leasing 113,000 square feet (10,500 m2). The new company will 750 local employees and 5,600 total employees with $4.7 billion in annual revenue. The IPO should go live on the New York Stock Exchange on November 1, 2022.[27]

In an effort to transform Ballantyne from a corporate park into a walk-able, dense community, Northwood announced plans to construct a 25-acre mixed-use development on the current site of The Golf Club at Ballantyne. Phase I of the development includes 1,200 multifamily units, 300,000 square feet (28,000 m2) of retail, a 3,5000-seat amphitheater,[28] multiple parks, and a greenway. In May 2022 Northwood Investors gave more details about this phase, it will include 70,000 square feet (6,503 m2) of retail space and 350 apartments in a 26-story residential high rise.[29] The retail space will be anchored by Olde Mecklenburg Brewery which will be a , this will be 14,000 square feet (1,300 m2) building with a 7,000 square feet (650 m2) patio. Ballantyne's first brewery.[30][31] Phase II includes an additional 1,000 multifamily units, 300 townhomes, and 400,000 square feet (37,000 m2) of additional office space.[32]

Ballantyne Corporate Park in December 2023

Ballantyne Village

Ballantyne Village is a 171,000 square foot mixed used development (excluding the Panorama Tower). It was purchased by American Realty Advisors and Stonemar Properties for $43.2 million in 2017. Previously it was purchased by Charlotte-based Vision Ventures and Mount Vernon Asset Management for $26 million in 2013. It includes a number of restaurants, personal care business, 25,000 square feet of office space[33] with an additional 53,000 square of office being developed in place of the Regal Ballantyne Village that closed in 2020[34] , and outdoor gathering space.[33] One of the most notable tenants is Blackfinn Ameripub which employees 125 people, occupies 7,500 square feet, and has a popular outdoor seating area. Blackfinn has been a tenant since 2016.[35]

Ballantyne Village

Panorama Tower

In July 2019 Charlotte-based Panorama Holdings broke ground on the Panorama Tower in Ballantyne Village,[36] it is expected to deliver in the second quarter of 2021.[37] It is a 14 story mixed used building. At an estimated height of 182 feet it is one of the tallest buildings in Ballantyne. It includes a 186-room AC Hotel by Marriott and 100,000 square feet of office space, and a rooftop restaurant. Part of the plan for the office space is co working space, which is a part of the office market that Ballantyne that is under represented.[36] The land was acquired in two separate transactions a .6 acre plot and a .5 acre for a combined totaled of $6.7 million[36] paid in 2017. The project has been financed with a $66 million loan through Medalist Capital.[38] Jane Wu, president of Panorama Holdings, said this about the project “Panorama Tower is a first for the Ballantyne area and brings new and exciting urban amenities to one of Charlotte’s top submarkets. Ballantyne already has great office, hotel and dining, so our goal is to offer something unique within each use. It’s rare to see Class A office built over a hotel, and our restaurant will offer views like no other.”[36]

Hotels are lacking in Ballantyne. The only hotels prior to the tower were the Ballantyne Hotel and three hotels in the corporate park. This hotel is the third AC hotel in Charlotte, one in uptown and in one in South Park.[36] It will occupy the first seven floors of the building. The AC lifestyle brand of Marriott is known for its modern designs which includes guest rooms featuring high finishes and fixtures, large picture windows, and touches of European inspiration. Some of the other unique features include European inspired dishes as part of the hotel restaurant, a fitness center, and 16th floor ballroom that can host weddings and corporate events. The hotel is expected to open to guests in September.[39]

In October 2022 the building signed three new tenants. Panorama Holdings, the project developer will be moving in a 3,500 square feet (325 m2) space. Reinsurer PartnerRe will be leasing 11,130 square feet (1,034 m2). ServisFirst Bank will be leasing 5,500 square feet (511 m2). This is ServisFirst's first Charlotte office, the company's 9 local employees will occupy the space in December 2022. However, the space can accommodate 35 to 40 employees. The bank is currently looking to grow their Charlotte presence by creating a Lake Norman area office and hiring a market president to serve that area. Lee Millian, the new president will start on October 24, 2022.[40] [41]

The Panorama Tower in December 2023

Demographics

Historical population
CensusPop.Note%±
20009,466—
201020,936121.2%
2015 (est.)23,49512.2%
[4]

As of 2011, Ballantyne had a population of 20,936. The racial makeup of the neighborhood was 69.2% White American, 11.3% Asian American, 10.3% Black or African American, and 2.5% of some other race. Hispanic or Latino American of any race were 6.7% of the population. The median household income for the area was $96,435.[42]

Controversies

On April 14, 2012, residents met to discuss an idea of breaking away from the city of Charlotte to form their own city.[43] In the history of North Carolina, this has never been done before. If it is done, the residents will name the new city Providence. However, there is currently[when?] a North Carolina community that already carries this name and has its own zip code.[44] Due to a layout that combines a variety of land uses and densities plus a reliance on vehicular journeys, traffic congestion in the area has been a consistent problem.

Printed media

  • Ballantyne magazine

Notable residents

See also

References

  1. ^ "Charlotte Explorer". City of Charlotte. Retrieved October 14, 2021.
  2. ^ "District 7 Charlotte City Council Member Ed Driggs". City of Charlotte. City of Charlotte. Retrieved 29 July 2020.
  3. ^ "Quality of Life Explorer (acres)". City of Charlotte, Mecklenburg County, and UNCC. Retrieved 3 May 2015.
  4. ^ a b "Quality of Life Explorer (population)". City of Charlotte, Mecklenburg County, and UNCC. Retrieved 7 May 2016.
  5. ^ "Home". ballantynecorporate.com.
  6. ^ "Wingate University to open Ballantyne campus in August". Charlotte Business Journal. 5 June 2013. Retrieved 22 May 2021.
  7. ^ Markovitch, Jeremy (March 2, 2016). "Being Ballantyne in the Always New Charlotte". Our State. Retrieved October 31, 2016.
  8. ^ a b Newsome, Melba (November 19, 2012). "There's Something About Ballantyne". Charlotte Magazine. Retrieved October 31, 2016.
  9. ^ Ballantyne Corporate Park Directory
  10. ^ "Bissell's Ballantyne bet pays off". Charlotte Business Journal. 19 April 2013. Retrieved 22 May 2021.
  11. ^ Boye, Will (19 April 2013). "Bissell's Ballantyne bet pays off". Charlotte Business Journal. Retrieved 15 October 2022.
  12. ^ Boye, Will (5 November 2014). "TIAA-CREF in talks to lease Betsill building at Ballantyne Corporate Park". Charlotte Business Journal. Retrieved 15 October 2022.
  13. ^ Fahey, Ashley (31 October 2016). "Wells Fargo to lease Brigham Building in Ballantyne". Charlotte Business Journal. Retrieved 15 October 2022.
  14. ^ Peralta, Katherine; Roberts, Deon (21 July 2016). "MetLife to rebrand Charlotte-based U.S. retail business as Brighthouse Financial". Charlotte Observer. Retrieved 22 October 2022.
  15. ^ Boye, Will (27 May 2015). "MetLife taking more space at Woodward building in Ballantyne". Charlotte Business Journal. Retrieved 22 October 2022.
  16. ^ Martin, Jenna (16 May 2019). "Charlotte area sees shake-up in companies on new Fortune 500 ranking". Charlotte Business Journal. Retrieved 22 October 2022.
  17. ^ Portillo, Eli (March 8, 2018). "Behind the scenes on Ballantyne's $1.2 billion sale: 'A deal that wanted to be made'". Charlotte Observer. Retrieved March 8, 2010.
  18. ^ Fahey, Ashley (23 August 2017). "Report: Ballantyne sale 3rd largest U.S. office transaction in first half of 2017". Charlotte Business Journal. Retrieved 15 October 2022.
  19. ^ Fahey, Ashley (2 March 2017). "Buying up Ballantyne: How much did Northwood pay in Charlotte's biggest real estate deal?". Charlotte Business Journal. Retrieved 22 October 2022.
  20. ^ Nelson, John (2 March 2017). "Bissell Sells Ballantyne Office Portfolio in Charlotte to Northwood Investors for $1B". Rebusiness Online. Retrieved 15 October 2022.
  21. ^ Fahey, Ashley (1 October 2019). "FIRST LOOK: Northwood Ravin's first Ballantyne Corporate Park apartments to include 16-story tower". Charlotte Business Journal. Retrieved 15 October 2022.
  22. ^ Fahey, Ashley (5 May 2021). "Northwood Office president talks $1B Ballantyne Reimagined project, what's next for office space and retail". Charlotte Business Journal. Retrieved 15 October 2022.
  23. ^ Hudson, Caroline (21 April 2021). "PHOTOS: Inside Credit Karma's new East Coast HQ in Ballantyne — part of $13M-plus investment". Charlotte Business Journal. Retrieved 15 October 2022.
  24. ^ Huguley, Collin (28 September 2021). "Sompo International signs on as latest tenant at the Overlook building in Ballantyne". Charlotte Business Journal. Retrieved 15 October 2022.
  25. ^ Downey, John (14 October 2022). "XPO Logistics spinoff to create new Charlotte publicly traded company". Charlotte Business Journal. Retrieved 22 October 2022.
  26. ^ Sharpio, Amy (26 August 2022). "Largest Charlotte-area logistics companies". Charlotte Business Journal. Retrieved 22 October 2022.
  27. ^ Downey, Downey (14 October 2022). "XPO Logistics spinoff to create new Charlotte publicly traded company". Charlotte Business Journal. Retrieved 22 October 2022.
  28. ^ Franco, Elise (3 August 2022). "Northwood Development on vision for entertainment venue at Ballantyne project, what's still to come". Charlotte Business Journal. Retrieved 22 October 2022.
  29. ^ Rago, Gordon (18 May 2022). "See renderings of the Bowl at Ballantyne, a 20-acre project bringing a 'main street' feel". Charlotte Observer. Retrieved 15 October 2022.
  30. ^ Thomas, Jennifer (15 March 2022). "Northwood's Ballantyne project lands OMB as efforts ramp up to bring more retail, restaurants". Charlotte Business Journal. Retrieved 22 October 2022.
  31. ^ Huguley, Collin (17 May 2022). "RENDERINGS: Northwood Investors gives new peek at OMB-anchored The Bowl at Ballantyne". Charlotte Business Journal. Retrieved 15 October 2022.
  32. ^ "PHASING". Retrieved 26 March 2023.
  33. ^ a b "ARA, Stonemar Properties acquire Ballantyne Village". Charlotte Business Journal. 10 May 2017. Retrieved 21 May 2021.
  34. ^ "Ballantyne Village cinema to close as property owner plans 'unconventional' office space". Charlotte Business Journal. 31 January 2020. Retrieved 21 May 2021.
  35. ^ "Ballantyne Village to add women's boutique this fall". Charlotte Business Journal. 18 July 2016. Retrieved 21 May 2021.
  36. ^ a b c d e "RENDERINGS: Mixed-use tower to bring hotel, office space to Ballantyne Village". Charlotte Business Journal. 22 July 2019. Retrieved 21 May 2021.
  37. ^ "CBJ Morning Buzz: Development towering over Ballantyne reaches construction milestone; Manufacturing facility closing in region; Local bars dump OMB beer". Charlotte Business Journal. 12 October 2020. Retrieved 21 May 2021.
  38. ^ "Ballantyne project moving forward despite COVID-19 uncertainties". Charlotte Business Journal. 21 May 2019. Retrieved 21 May 2021.
  39. ^ "AC Hotel Charlotte Ballantyne eyes September opening". Charlotte Business Journal. 18 June 2021. Retrieved 21 June 2021.
  40. ^ Graham, Symone (21 October 2022). "ServisFirst Bank setting down roots in Ballantyne as it looks to Lake Norman area for expansion". Charlotte Business Journal. Retrieved 22 October 2022.
  41. ^ Franco, Elise (5 October 2022). "Panorama Tower in Ballantyne lands three new office tenants". Charlotte Business Journal. Retrieved 5 October 2022.
  42. ^ "Quality of Life Explorer". City of Charlotte, Mecklenburg County, and UNCC. Retrieved 3 May 2015.
  43. ^ "Ballantyne ponders divorce from Charlotte | CharlotteObserver.com & the Charlotte Observer Newspaper". Archived from the original on 2012-07-22. Retrieved 2012-04-14.
  44. ^ "27315 ZIP Code - Providence, North Carolina Map, Demographics and Data". Zipdatamaps.com. Retrieved 26 March 2023.
  45. ^ Jenkins, Lee (June 26, 2017). "How Allen Iverson finally found his way home". Sports Illustrated. Retrieved November 8, 2021.
  46. ^ Milliken, Paul (5 July 2022). "Football pioneer reflects on 1956 Sugar Bowl controversy". FOX 5 Atlanta. Retrieved 26 March 2023.
  47. ^ "Names in the News". www.sportsbusinessjournal.com. Retrieved 26 March 2023.
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