Asana Starts Transformation of Former Duke Energy HQ

Why It Matters

The conversion adds much‑needed housing and retail to a city grappling with excess office inventory, signaling a shift toward higher‑density, mixed‑use urban growth.

Key Takeaways

• Asana Partners, MRP Realty, Rockefeller Group begin Brooklyn & Church conversion.
• Project adds 448 apartments and 25,000 sq ft retail space.
• 800,000‑sq‑ft former Duke Energy site bought for $35 M in 2022.
• Completion late 2027 will cut Charlotte office inventory by 2 M sq ft.

Pulse Analysis

Charlotte’s commercial real‑estate landscape is undergoing a rapid re‑configuration as developers pivot from traditional office towers to mixed‑use, adaptive‑reuse projects. The city’s office vacancy rate has risen above 15%, prompting investors to seek alternative revenue streams. Conversions of former corporate campuses into residential and retail hubs are emerging as a pragmatic response, leveraging existing infrastructure while addressing a growing demand for urban housing.

Brooklyn & Church exemplifies this trend. The 800,000‑square‑foot former Duke Energy headquarters, purchased for $35 million, will be reborn as a 448‑unit apartment complex anchored by 25,000 sq ft of street‑level retail and a separate 30,000‑sq ft three‑story retail pavilion. Scheduled for delivery in late 2027, the development will inject roughly 1,200 new residents into the South Church corridor, boosting foot traffic for local businesses and enhancing the neighborhood’s walkability.

The broader impact extends beyond a single site. Alongside other conversions—such as the Johnson Building hotel and the Wells Fargo office‑to‑apartment projects—Brooklyn & Church will help strip more than two million sq ft of office space from Charlotte’s inventory. This reduction eases pressure on a saturated office market, supports rental price stabilization, and signals to capital providers that mixed‑use, high‑density projects are the next growth engine for the region’s real‑estate ecosystem.