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major mixed-use project in Charlotte's South End is moving forward after Crescent Communities filed permits for Carson & Tryon, a 31-story development at 1102 South Tryon Street. The project will feature 200 apartments under the Novel brand, 560,000 square feet of office space, and a 200-key hotel. Construction costs are estimated to be around $126 million, although Crescent hasn't disclosed the total project cost.

    The site was purchased by Crescent in partnership with Nuveen Real Estate for $37 million in 2022. The developer is touting amenities such as an 18,000-square-foot sky terrace and a 12,000-square-foot space with a lounge and fitness center to attract office tenants. However, the project has faced delays due to challenges in the office market.

    Charlotte's office market is currently experiencing record-high vacancy rates, with a 24.7% rate in the second quarter. The city's office development pipeline has slowed this year, with $4.2 billion of projects expected to start construction, a 39% drop from last year's forecasted $6.9 billion.