Charlotte Tower Gained Historic Landmark Status

The former Two Wells Fargo Center will be transformed into 282 apartments and a new hotel for the city.

Updated on Oct. 12, 2026 in Commercial

Charlotte Tower Gained Historic Landmark Status

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Should cities incentivize converting historic office towers into residential and hotel spaces to reduce vacancy?

Charlotte City Council has designated the 55-year-old former Two Wells Fargo Center, now renamed the Jefferson-First Union Tower, as a historic landmark. The 3.4-acre site at 301 S. Tryon St. is slated for a $250 million redevelopment project.

Why it matters

The renovation aims to address high vacancy rates in the central business district by repurposing underutilized office space into residential and hospitality units. Currently, Uptown Charlotte faces a 20.2% office vacancy rate, while the citywide average stands at 18.5%.

Owners Riverside Investment & Development and Singerman Real Estate LLC purchased the 3.4-acre property for $36.5 million. The project includes 282 new apartments and a 180-room hotel, with developers eligible for up to 50% in combined state and federal tax credits.

The players

Riverside Investment & Development

A Chicago-based developer specializing in large-scale urban commercial and mixed-use real estate projects.

Singerman Real Estate LLC

A Chicago-based private equity firm that invests in and redevelops complex commercial property portfolios.

Charlotte City Council

The local governing body responsible for zoning decisions and municipal historic landmark designations.

The details

The historic designation applies to the 32-story tower and 12-story connector, allowing developers to pursue tax credits for the massive conversion. The plan involves gutting and reconfiguring existing office floors to accommodate modern residential living spaces and a hotel. A land development construction permit has already been filed to begin this structural overhaul.

The site was originally constructed in 1971.
Riverside and Singerman purchased the property in April 2026.
The Court Arcade building was demolished in September 2026.
JLL published an office vacancy report in October 2026.
Owners filed the land development construction permit on October 8, 2026.

The Home Front

This project represents a shift toward adaptive reuse in the central business district, aligning with national trends to address high commercial vacancy levels. The historic designation provides a financial mechanism that supports the revitalization of older downtown assets.

Residents should track upcoming public planning meetings to understand how the construction may impact local traffic or access to the Uptown area. If you live or work nearby, monitor site announcements for potential street closures or shifts in local parking availability.

The takeaway

The transformation of the Jefferson-First Union Tower highlights how developers are aggressively repurposing older office structures to meet current urban housing demands. Keep an eye on local development filings to see how major downtown infrastructure projects may change your neighborhood’s layout.