Portman Holdings has secured financing for its $122 million uptown office development and is scheduled to hold a groundbreaking at the site Friday.
Dubbed 615 South College, the 19-story office tower will be constructed on top of an existing parking garage next to The Westin Charlotte hotel. The building will total 371,000 square feet and include outdoor green space and direct access to the Lynx Blue Line.
“Since Portman first entered the Charlotte market in 2003 with the opening of The Westin Charlotte, we have been seeking our next opportunity to create a unique property in this area,” said Ambrish Baisiwala, chief executive of Atlanta-based Portman Holdings, in a statement. “615 South College is in an ideal location that allows us to create a stand-out office product located among Uptown’s amenities and convenient connectivity.”
Construction is slated for completion in February 2017.
When Portman Holdings announced its plans for the building in late 2014, the company said it would feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, a fitness center with locker rooms and a conference facility.
Portman Holdings has developed more than 50 million square feet of real estate globally, focusing on hospitality, office and mixed-use properties.
China Orient Summit Capital, which invests in and manages real estate on behalf of institutional investors, contributed equity financing for the project. Real estate finance and investment manager PCCP is the lender. PCCP has offices in New York, San Francisco and Los Angeles.