Charlotte’s Innovation Park Transforms with $8 Million Renovation
Charlotte, a city known for its vibrant business climate, is buzzing with excitement as the Innovation Park undergoes a remarkable transformation. Thanks to an overall investment of $8 million, the office and light industrial development is getting a much-needed facelift that aims to reinvent the space and attract new tenants.
After facing an occupancy drop of nearly 40% due to the impacts of Covid, Accesso Partners, the Florida-based firm that owns the property, realized it was time to reevaluate what they could offer to tenants in this new working landscape. “When we purchased this property, it was about 98% occupied, but now we’re hovering around 65%,” shared Abbey Rowsey, the managing director of portfolio management at Accesso. “It was a wake-up call for us.”
A New Vision for Innovation Park
The renovation project, which kicked off in July, was designed by Gensler, a renowned architectural firm. Their goal was simple yet ambitious: create spaces that not only keep current tenants engaged but also entice new businesses to set up shop. One of the standout features of the renovation is a complete overhaul of Innovation Park’s atrium. What was once a standard lobby is now evolving into a dynamic gathering place.
“This new atrium will feature coworking areas, quiet work spaces, a gaming hub, and even a pop-up lounge,” Rowsey detailed. “We wanted to create a place where tenants could socialize, collaborate, and enjoy themselves—something that feels alive and inviting.”
Outdoor Spaces and Conference Centers
One thing that tenants were particularly vocal about was the need for expanded outdoor spaces. The renovation project addressed this demand, providing areas where people can gather and enjoy the fresh air. Furthermore, a new centralized conference center is set to break ground in November and is expected to be completed before the year wraps up.
This improved conference center is designed to host up to 150 people, featuring multiple breakout areas and a bistro that offers daily food options for all the busy professionals working in the park. “We wanted these improvements to be something tangible that people could see and feel. We’re really focusing on creating a sense of community.” added Rowsey.
Looking Ahead
When Accesso and Swiss investment firm Partners Group acquired the 1.8 million-square-foot office park for $270 million back in 2019, they had no idea they’d be compelled to make such significant upgrades just a few years later. With the park spanning over 200 acres and originally built for IBM back in the 1980s, there was a clear need to modernize the space to align with current market needs.
As they prepare for the evolving future of work, Rowsey notes that these renovations are a path towards recovery for Innovation Park. “This was not something we planned for originally, but with the changing landscape and many tenants downsizing, it became evident that we needed to rethink how to attract long-term tenants,” she explained.
A Bright Future for Innovation Park
With such an impressive makeover underway and creative solutions in place, the future looks promising for Innovation Park. Accesso is taking significant steps to ensure this property not only retains existing tenants but also becomes a sought-after destination for new businesses in Charlotte.
As the city continues to evolve in the post-pandemic world, it’s clear that spaces like Innovation Park play a crucial role in shaping a connected, collaborative atmosphere that fosters community and innovation. Charlotte’s business landscape is about to get even more exciting!
