Charlotte Tower Gained Historic Status for Renovation
The former Two Wells Fargo Center will be converted into apartments and a hotel to help address local office vacancy.
Updated on Oct. 12, 2026 in Commercial
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The Charlotte City Council has designated the 55-year-old former Two Wells Fargo Center as a historic landmark. This move supports a planned $250 million redevelopment of the 3.4-acre site into a mixed-use complex containing residential and hotel space.
Why it matters
The project aims to reduce elevated office vacancy rates in Charlotte, where the citywide average sits at 18.5% and the Uptown area reaches 20.2%. The historic designation allows the developers to access tax credits to help fund the conversion of aging office stock.
The development team is eligible for state and federal tax credits covering up to 50% of the $250 million renovation cost. This follows their $36.5 million purchase of the 3.4-acre property in April 2026.
The players
Riverside Investment & Development
A real estate development firm managing property acquisition and large-scale urban redevelopment projects.
Singerman Real Estate LLC
An investment firm that partners on commercial real estate acquisitions and capital-intensive renovation projects.
Charlotte City Council
The local governing body responsible for municipal land use, historic preservation designations, and economic development oversight.
JLL
A global real estate services company that provides commercial market data and vacancy analysis for metropolitan areas.
The details
Owners Riverside Investment & Development and Singerman Real Estate LLC filed a land development construction permit to transform the site, to be renamed the Jefferson-First Union Tower. The plan converts the 32-story tower and 12-story connector into 282 apartments and a 180-room hotel. These incentives allow developers to repurpose underutilized commercial space into residential assets while preserving the historical architecture.
Timeline
1971: The Jefferson-First Union Tower was originally constructed.
April 2026: Riverside and Singerman purchased the property for $36.5 million.
September 2026: The Court Arcade building was demolished.
October 2026: JLL published an office vacancy report for the area.
October 8, 2026: The owners filed the land development construction permit.
Money Landscape
The renovation follows the established pattern of using federal and state tax credits to bridge the funding gap for complex adaptive reuse developments. By converting aging commercial space into housing, the project targets a reduction in Charlotte's current double-digit office vacancy rates.
Local residents and potential renters should watch for new housing inventory as the project adds 282 units to the Uptown area. Investors and those interested in urban development should consult a qualified financial professional to understand the impact of historic tax credit eligibility on property valuations.
The takeaway
Large-scale urban redevelopments often rely on tax incentives to convert stagnant commercial real estate into viable housing. If you are tracking local real estate shifts, monitor the Charlotte City Council meeting minutes for future updates on construction timelines and final site plans.
Further reading
For broader trends in regional office-to-residential conversions, explore our Commercial section.
Source note: This article includes information reported by The Charlotte Observer.
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Should cities incentivize converting historic office towers into residential and hotel spaces to reduce vacancy?
