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Buyers plan apartments, shops at two former Duke Energy buildings uptown

090821 Duke buildings.jpg
Duke Energy
Duke Energy sold two office buildings on Church Street (left) and College Street as it consolidates office space in uptown Charlotte.

Duke Energy completed the sale of two properties in uptown Charlotte last week as it prepares to consolidate office space at its new headquarters tower on South Tryon Street.

Millennium Venture Capital of Berlin bought 401 South College St., near the Charlotte Convention Center, for $24 million on Tuesday. MRP Realty of Washington paid $35 million for 526 South Church St., near Bank of America stadium.

Both buildings will be redeveloped into a combination of apartments, shops and offices. Millennium Venture Capital’s plans for the South College street building include luxury apartments, offices, a hotel and retail space.

MRP Realty plans to build loft-style apartments in part of the Church Street building. Duke Energy says MRP is also working with Charlotte-based Asana Partners to add 55,000 square feet of retail space.

Duke Energy has been without a headquarters building since its lease at the former Duke Energy Center ended a year ago. Employees have been working remotely or at other Duke buildings.

Duke says it expects the consolidation will shrink its office space in Charlotte from 2.5 million square feet to about 1 million square feet. That will save $85 million to $90 million over the next five years, spokeswoman Madison McDonald said.

In January, the first employees will begin moving into Duke Energy Plaza, the new headquarters tower on South Tryon Street. Most employees won't have permanent desks, but will sign up for seats through an app. The building should be fully occupied by the end of 2023, McDonald said.

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David Boraks is a veteran journalist who covers climate change for WFAE. See more at www.wfae.org/climate-news. He also has covered housing and homelessness, energy and the environment, transportation and business.