Dominion Realty Partners (DRP) has broken ground on the construction of the new F.N.B. Tower at 401 S. Graham St., its latest mixed-use development in Uptown Charlotte. DRP is partnering with New York Life Real Estate Investors, on behalf of its institutional clienton the $129 million project. F.N.B. Corporation (NYSE: FNB), the corporate parent company of Pittsburgh-based First National Bank, has signed a long-term commitment to become the tower’s anchor office tenant. This same partnership broke ground in May on a similar 22-story mixed-use tower in downtown Raleigh, NC.
“We are excited to begin construction on this project for F.N.B. in Uptown Charlotte, and proud to contribute to the economic growth in the region for years to come,” said Andy Andrews, Chairman and CEO of Dominion Realty Partners. “We have led the Southeast region for the last 10 years in developing creative, institutional quality, environmentally friendly projects, and we look forward to continuing our tradition of delivering best-in-class, green-certified projects with the development of F.N.B. Tower alongside our partner, New York LifeReal Estate Investors.”
Located at the intersection of Martin Luther King Jr. Blvd. and S. Graham St. in uptown Charlotte, F.N.B. Tower will feature unobstructed views of the city’s best amenities, including Romare Bearden Park, BB&T Ballpark and Bank of America Stadium. The 29-story tower will have a sleek, reflective curtainwall exterior façade and will be built to achieve both Green Globe and LEED certifications. The building will be Charlotte’s first vertically integrated office and residential tower, and feature 156,500 square feet of Class A office space with 115,500 SF available for lease, 2,300 SF of ground floor retail space, 196 luxury apartments, eight floors of garage level parking, and an expansive outdoor pool deck and amenity floor.
A professional video animation of the planned structure can be seen here.
“Today makes another milestone for First National Bank, our clients, partners and the local community, as we continue our investment in North Carolina and build on our mission to improving the quality of life in the areas we serve,” stated Vincent J. Delie, Jr., President and Chief Executive Officer of F.N.B. Corporation.
The tower will enable the consolidation of F.N.B. Corp.’s Charlotte region operations, improving collaboration, efficiency and productivity to ultimately benefit clients, employees, communities and shareholders. F.N.B. Tower will house the bank’s regional leadership and several other departments, such as small business administration lending, commercial banking, mortgage banking, and builder finance.
In March of 2017, F.N.B completed its $1.4B acquisition of Yadkin Bank, which included more than 100 branches in North and South Carolina. DRP is also currently developing the 22-story F.N.B. Tower at 501 Fayetteville St. in downtown Raleigh, where F.N.B will be the anchor tenant.
“The NYL Real Estate Investors team is excited to be part of the 401 S. Graham development project. This is a very unique, institutional quality mixed-use offering that should change the dynamics and skyline of Uptown Charlotte for many years to come” says Kevin Smith, Managing Director.
F.N.B. Tower will be DRP’s third recent large-scale project in the Charlotte market, and its25thGreen Certified in the Carolinas and Virginia. DRP, a real estate organization focusing on the development of sizable infill office, apartment and mixed-use projects, is headquartered in Raleigh and has a local office in Charlotte. DRP currently has active projects in Charlotte, Raleigh, Durham, Richmond, Charlottesville, Virginia Beach, Greenville (SC), and Columbia.
“We are thrilled to begin this landmark project, and proud to enhance the Charlotte skyline while contributing to the continued growth of the city,” said Beau McIntosh, DRP Managing Director. “We considered multiple locations for this project, and 401 S. Graham St. quickly rose to the top. Third Ward has become the most active and vibrant area in Uptown, and this tower will offer an unparalleled user experience with unbelievable views for all tenants and occupants.”
Batson Cook will serve as the general contractor for F.N.B. Tower, Rule Joy Trammell + Rubio will be the architect on the project, and LandDesign will provide civil engineering and landscape design services. The building is expected to be ready for occupancy by early 2021.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestorsfor more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About F.N.B. Corporation
F.N.B. Corporation (NYSE:FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in eight states. FNB holds a significant retail deposit market share in attractive markets including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The Company has total assets of $31 billion, and more than 400 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina. The Company also operates Regency Finance Company, which has more than 75 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, international banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
About Dominion Realty Partners
Dominion Realty Partners (DRP) is a full-service real estate organization providing development, management, leasing, acquisition and investment services. As one of the most active developers in the Carolina’s, Dominion Realty Partners was recently named the 2018 North Carolina Developer of the Year by NAIOP. DRP was also awarded the 2018 USGBC Community Change Agent of the Year and recognized as a Green Partner of Excellence by the National Green Building Standard for their leadership and innovation in environmentally responsible residential development. Collectively, the DRP team of professionals brings more than five decades and $2 Billion of real estate experience in delivering high quality, environmentally friendly commercial and residential real estate projects throughout the Southeastern and Mid-Atlantic United States. In the past 24 months, DRP has developed over $600 Million worth of real estate assets.