Title
Public Hearing and Decision on the Jefferson-First Union Tower Historic Landmark Designation
Action
Action:
A. Conduct a public hearing to consider historic landmark designation for the property known as the “Jefferson-First Union Tower” (parcel identification number 125-051-01), and
B. Adopt an ordinance with an effective date of September 28, 2026, designating the property known as the “Jefferson-First Union Tower” (parcel identification number 125-051-01) as a historic landmark.
Body
Charlotte-Mecklenburg Historic Landmarks Commission Representative(s):
Stewart Gray, Historic Landmark Department Director
Tommy Warlick, Historic Landmarks Department Historic Preservation Specialist
Staff Resource(s):
Erin Chantry, Planning, Design, and Development
Explanation
§ The city has received a recommendation from the Charlotte-Mecklenburg Historic Landmarks Commission (HLC) to designate the Jefferson-First Union Tower as a local historic landmark.
§ Public hearings are required prior to City Council action on designation requests.
§ The Jefferson-First Union Tower is located at 301 South Tryon Street in Council District 1.
§ Designation of this property could significantly contribute to its long-term preservation.
§ The Jefferson-First Union Tower is listed under parcel identification number 125-051-01, and the recommended designation would include the exterior and significant elements of the interior of the high-rise tower building and adjoining hyphen building, and an approximate 0.7-acre portion of the land listed under Tax Parcel Number 125-051-01.
§ The property is zoned UC.
§ The property is owned by 301 S Tryon PropCo LLC.
§ Based on the current value, the potential amount of deferrable taxes would be approximately $124,525 for the City of Charlotte taxes, $5,440 for Charlotte Special District 1, $17,595 for Charlotte Special District 3, and $209,397.50 for Mecklenburg County taxes. This estimate is based on Mecklenburg County’s current appraised value of $162,869,200 for the property. However, given the April 23, 2026, sale of the property for $36,500,000 and the upcoming 2027 countywide property revaluations, the potential amount of deferrable taxes is likely to decrease significantly.
Background
§ This property is the site of the former Wells Fargo headquarters and is currently vacant.
§ In 2023, Charlotte Center City Partners hosted a Reimaging Vintage Office Design Competition focused on evaluating the future of Uptown and how to position the central business district to be more balanced with office, residential, retail, and civic uses.
§ Through the Reimaging Vintage Office Design Competition, the former Wells Fargo headquarters was identified as suitable for office-to-residential conversion.
§ The owner of the property, Riverside Investment & Development, has developed a redevelopment plan for the property that includes:
- Conversion of the 30-story Jefferson-Union Tower into 275 multi-family residential units in the top half of the building with the potential for 200 hotel rooms on the bottom half;
- A minimum of 250,000 square feet of renovated office space;
- 30,000 to 40,000 square feet of retail across the site; and
- The existing plaza will also be remade to add green space and connectivity to other nearby offices and retail properties.
§ The proposed historic landmark designation would include the 30-story office tower and the 12-story atrium connector; the remainder of the property is not proposed for historic landmark status.
§ A historic designation and associated incentives at this site will support reinvestment by closing financial gaps created by high construction costs, complexities, and market constraints, while also preserving an important property in Charlotte’s history.
§ The redevelopment project will transform a vacant landmark-caliber block into a productive, revenue-generating site aligned with Charlotte’s long-term goals for an economically resilient and vibrant Uptown.
Attachments
Attachment(s)
Ordinance
Information Sheet
Designation Report