Charlotte’s Elizabeth on Seventh is Nearing Full Occupancy
Charlotte’s vibrant Elizabeth neighborhood is buzzing with excitement as a mixed-use development is making impressive strides towards full occupancy. Elizabeth on Seventh, a modern four-story building located at 1942 E. Seventh St., is already boasting a remarkable 90% occupancy rate just two years after its completion in 2022. This transformation has been driven by developments from the local firm, Crescent Communities, which has not only developed but is also operating this thriving property.
Recent Lease Agreements Share Good News
It’s been a busy year for Elizabeth on Seventh, which has welcomed nine new leases totaling around 48,700 square feet since January! The individual leases vary significantly, ranging from cozy 2,400 square feet to more spacious options exceeding 10,000 square feet. According to Sagar Rathie, managing director at Crescent Communities, the retail sector has played a crucial role in the development’s success over the past several months.
On the ground floor, diners and shoppers will find two popular venues that are attracting a crowd: Rosemont Market & Wine Bar and Catalina Kitchen + Bar. Rathie emphasized how the lively atmosphere created by these businesses is generating “great food, great beverage and great energy.” This lively scene is precisely what inspired the design and purpose of the entire development.
New Tenants Join the Ranks
The latest addition to the lineup is the respected law firm, Bowman and Brooke, which recently signed a long-term lease for 7,526 square feet. This Minneapolis-based firm, known for mainly representing automobile manufacturers, is set to move into their new space in December. Following closely behind, other firms such as Adams Beverages and Brown Brothers Harriman will be taking up residence on the top floor. One of these new tenants will also have a coveted sign on the roof, although Rathie is keeping that detail under wraps for now.
Just One Space Left!
Interestingly, there’s only one office space left in the building, a 7,500-square-foot spec suite on the top floor. This impressive suite is set to be ready for occupancy this fall, and Rathie can’t help but boast about its appeal: “I think that’s one of the best spaces in the building, with windows on three sides.” With all but one space leased, it’s expected that this last unit could be taken quickly.
Competitive Rental Market
The office rental rates at Elizabeth on Seventh average around $50 per square foot, which puts it on par with many prime Class A properties found in South End and uptown Charlotte. Rathie noted, “We’re competing with rents in South End and brand-new space in uptown, so something special is clearly happening in this building.… The demand is there, and this is the only supply in the submarket.” He believes that unique, neighborhood-like workspaces will play an important role in driving demand in select areas throughout Charlotte.
New Opportunities Await
In addition to recent leases, Crescent Communities has also completed the shell construction of two new retail spaces within Elizabeth on Seventh, each between 1,990 and 2,575 square feet. These fresh spots come with finished restrooms, drywall, and light fixtures, offering potential tenants a quick and flexible opportunity for customization.
As the Elizabeth neighborhood continues to flourish, many are eagerly watching its development and growth. With impressive leasing activity and a lively atmosphere, it’s clear that Elizabeth on Seventh is a shining example of successful urban planning in Charlotte.
