The Ivey’s hotel is currently (and quietly) under construction at the corner of Tryon and 5th. Many may have noticed the new glass and framing going up on Tryon as well as the new windows going in along 5th. All this is going to come together to create an upscale boutique hotel as well as add 8,500 square feet of retail space along 5th and Tryon.
Mike Lucier and his team at CBRE are marketing three different spaces (with the potential to wind up just being two).
First is the small, 1,000-square-foot café storefront along Tryon. This is prime space for a bakery or café due to its “front row” location along Tryon and presents a really cool opportunity to add a late-night café feel to complement all the bars across the street.
Next are the two larger spaces along 5th Street. The 4,300 square feet of space along 5th and Tryon are being primed for an upscale or creative restaurant concept. This space can be combined with the neighboring 3,200 square feet of space which would create an enormous space.
Going for $40 per square foot I personally think this is quite the premium, even with its prime location. CBRE knows what they are doing so I trust they will bring in the right tenants.
There has been talk of pursuing a tenant that would take the entire 5th Street side and have a two-part concept, one part restaurant and one part cocktail club. I am all for this idea, and I hope they can get someone to sign up for this and execute properly.
This is an important development as it not only continues uptown Charlotte’s wave of introducing new retail space, but it allows 5th Street to continue developing its “restaurant row” feel. Once complete, you can start on Church and take 5th all the way down to College and hit restaurants and bars the entire way. Good stuff.
Note: There was initially talk of a French-style boutique going in the 3,200-square-foot space, but it now seems the property owner is going to market and lease out the entire retail space.
Cover image via Google Maps