A joint venture between Chicago firms Riverside Investment & Development and Singerman Real Estate has completed the purchase of the former Two Wells Fargo Center. The partnership paid $36.5 million for the uptown office complex located at 301 S. Tryon St. according to Mecklenburg County property records. This figure sits significantly below the official tax value of approximately $204 million.

The 3.4-acre site includes two connected buildings. One is a 30-story tower and the other an 11-story structure. Together, they offer more than 800,000 square feet of office space. The property also features a 540-space car park and 30,000 square feet of retail units. CBRE represented the seller in the deal after marketing the property since June 2023.

The new owners have renamed the site 301 South Tryon. They intend to transform the location into a mixed-use destination. Plans include residential and hospitality elements alongside refreshed commercial and retail spaces. Public areas and the building atrium will also be redesigned to bring new life to the block. Construction on the project is expected to begin in 2027.

Tony Scacco, president of Riverside, said: “Our goal is to deliver trophy-quality residential, hospitality, retail and commercial space to the redeveloped property at a price point that allows us to be competitively positioned within the broader market. All of these asset (types) are undersupplied in the Class A category, particularly in the most high-demand locations.”

This acquisition is the second major Charlotte investment for Riverside. The firm previously purchased a site at West Morehead and South Tryon streets. Their first project there was a luxury high-rise named Vivian. Work on a second 43-story tower began in late 2025. That building will serve as the headquarters for law firm Moore & Van Allen and is scheduled for completion in 2028.

Tony Scacco also noted that his firm had been tracking the 301 South Tryon site for several years. He believes the redevelopment will address a lack of high-end office and living space in the city. The developers will start seeking the necessary permissions and funding for the project next year.