Business North Carolina
By Chris Burritt
October 24, 2024
An example of how property owners are adapting to changing workforce needs is evident at Charlotte’s Innovation Park. That’s where Imagine Group renewed its lease by 10 years and added 28,500 square feet, giving it a total of 267,000 square feet in the renovated mixed-use development in the University City area of northeast Charlotte.
Imagine Group, a Shakopee, Minnesota-based commercial printing, design and marketing company, was already Innovation Park’s biggest tenant. It added space as the property’s owner, Accesso of Hallandale Beach, Florida, said it is wrapping up $8 million in improvements.
Earlier this year, Barrday, a maker of advanced materials for armor, aerospace and other markets, leased nearly 88,000 square feet of industrial space on the property.
Accesso aims to chip away at Innovation Park’s 40% vacancy rate with upgrades such as the transformation of the center’s circa-1970s lobby into a gathering place for co-working, gaming and relaxation. Working with San Francisco-based design firm Gensler, Accesso set up blue and orange tables, chairs and umbrellas for outdoor meetings.
When they’re not working, people can eat from food trucks and take free yoga and fitness classes. In a nod to environmental awareness, Bee Downtown maintains bee hives on the campus.
Developed by IBM as a manufacturing hub in the 1970s, Innovation Park contains 1.8 million rentable square feet. It has 12 buildings and covers 200 acres. Two-thirds of the campus consists of commercial office space while the rest accommodates industrial use, such as Imagine’s printing operations.
In a second phase slated to be completed late next year, Accesso is creating a conference center that will accommodate as many as 150 people.