Developer Delays N. Tryon Tower With Publix Grocery
The long-planned Ten Tryon mixed-use project on North Tryon Street in uptown Charlotte was supposed to break ground this spring. But the developers now say the 15-story tower - with a Publix grocery store - is on hold because of uncertainty surrounding the coronavirus outbreak.
Armada Hoffler of Virginia Beach, Virginia, said in a press release it's not sure when the project might start. The company also is delaying a second project in the Charlotte area — redevelopment of the Chronicle Mill in Belmont.
“While it’s impossible to predict how long current conditions will last, the fundamentals of our business remain strong," Armada Hoffler CEO Louis Haddad said.
Haddad said the company is adapting to changing market conditions by deferring several projects and delaying its need to raise additional capital.
Armada Hoffler paid $4.25 million in January for a vacant 1.5-acre lot at North Tryon and Ninth Streets between the Odell Building and the Charlotte Ballet. Charlotte developer David Furman is a partner in the project.
At the time, the company said a Publix grocery store would be on the ground floor and an unnamed Fortune 100 company also would take space in the building.
The project is one of several in the works for North Tryon Street as part of a broad redevelopment effort called the North Tryon Vision Plan.