Binaco, a family-owned real estate development and management company, today announced plans for “Binaco Tower” located at 123 E. 5th Street between the Hearst Tower and Connolly’s Irish Pub in Uptown Charlotte. The five-story, 13,000 s.f. building, that broke ground in July 2018 is expected to be completed by end of 2019 and will be home to five new retail concepts.
Three of the five floors have been leased and Binaco is in serious discussions on the remaining two. Floors two through five have slightly larger footprints than the ground floor ranging in size from 1800-2000 s.f. Designed by Charlotte-based PF Architecture with multi-tenant retail in mind, Binaco Tower features balconies on every floor and is surrounded by major office buildings. Doerre is the General Contractor and the project was financed by TD Bank.
“I grew up on 5th Street so it’s home to me,” says Binaco President Vijay Bhojwani, whose family’s clothing store was once where the Blumenthal Performing Arts Center stands today. “Over the past 17 years, we’ve made the most of our street-level holdings but have decided to take a page from major cities and go vertical.”
Binaco is the long-time owner of the 10,000 s.f. building next door to Binaco Tower that stretches to North Tryon and serves as landlord to popular hotspots such as Connolly’s, Prohibition, The Local and SIP. Bhojwani says he found inspiration for “B Tower” from New York, China and Europe. “I’m doing my part to make Charlotte more metropolitan and 5th Street our official entertainment district,” he says.
The 1330 s.f. ground floor unit will be occupied by SAKU, a contemporary Asian Izakaya dining concept traditionally known throughout Japan as pubs that pair small plates with drinks. Owners and (almost) native Charlotteans, Dao Nguyen & Sopha Lim, expect to open in mid January.
“SAKU (meaning to bloom in Japanese) while not revolutionary elsewhere, is entirely fresh to Charlotte,” said Nguyen. “After visiting Japan and living in California for three years, I saw a culture of street food and bar food that I wanted to replicate here.”
The other four concepts will be announced separately over the next 30-60 days.
Charlotte-based Binaco, a family-owned real estate and investment company, was founded in 1977 by Gary and Bina Bhojwani. Today, the company is led by their children, Vijay and Jaya. In addition to Uptown Charlotte, Binaco develops and invests in commercial real estate around the country.