Next phase of this high-profile development in Plaza Midwood could be imminent

Developers have wrapped construction on phase one of the Commonwealth development in Plaza Midwood.

Melissa Key/CBJ

By Elise Franco – Staff Writer, Charlotte Business Journal

Sep 10, 2025

Story Highlights

• Crosland Southeast and Nuveen Real Estate complete phase one of Commonwealth.
• The project includes office, retail and 383-unit apartment community.
• Next phase could bring more office, retail space and a hotel.

Developers have wrapped construction on phase one of a mixed-use project that’s changing the fabric of Plaza Midwood.

Crosland Southeast and Nuveen Real Estate in late August delivered a key piece of Commonwealth, a 150,000-square-foot office building at 1710 Commonwealth Ave. Phase one includes the office building, a 383-unit multifamily community called The Rowe and about 100,000 square feet of retail across the project.

Bobby Speir, Crosland senior vice president of mixed-use investment, said the office building was designed with the neighborhood in mind versus having a typical, open lobby.

“We were very intentional here to create more of a hospitality-driven environment, especially on the ground floor here,” he said. “Instead of putting the lobby on the corner and having a massive, open ceiling and whitewashed area, we wanted something more boutique that fit the size of the building — something that felt intimate when you walk in.”

The first-floor lobby is flanked by retail spaces, one of which has an interior entrance that Speir said could eventually be a coffee shop or similar user. Floors two through six are leasable office space, with a tenant sky deck on the seventh floor. That space has a 7,000-square-foot outdoor patio with clear views of uptown that can also be reserved, along with smaller conference spaces.

“This is a neighborhood environment, and we want people to feel that all the way through,” Speir said. “With the use of wood and the steel, we tried to bring some of that vintage detail in here to match the vintage retail buildings and what we did at (The Rowe).”

Crosland and Nuveen purchased the site in November 2020 for $50 million, according to previous CBJ reporting. The 12-acre property includes two vintage retail buildings at the back of the site. The buildings, which date back to 1912, underwent some external retrofitting to refresh the facade, Speir said.

Atlanta-based Choate Construction Co. was phase one’s general contractor; Charlotte-based Axiom Architecture designed the multifamily development; Charlotte-based BB+M Architecture designed the commercial development; Charlotte-based LandDesign was the civil engineer.

Barry Fabyan, co-managing director at Stream Realty Partners, said Crosland and Nuveen took advantage of unique opportunity in building Commonwealth. Fabyan handles office leasing at the development.

“Even if they didn’t have a single restaurant (on the property), Plaza would have been as good to develop in as any submarket in the city,” he said. “But to add these (retailers) to that neighborhood … you can park your car and feel like you’re immersed in the city right out your doorstep.”

Fabyan added, “Commonwealth presents itself for the user that wants to stand out … If I want to make a statement about who I am, it provides that unlike any other option available right now.”

While potential users were interested in the building throughout its construction, demand grew exponentially as it neared delivery, Fabyan said.

“It has three times the interest, square-footagewise, than it can accommodate,” he said. “The maturation and announcements of more retail affirm that this is a really great place to be.”

Fabyan said Stream is in negotiations with an new-to-market user interested in leasing the entire building. He said Stream and Crosland have signed nondisclosure agreements and cannot discuss the name of the potential tenant at this time.

“As these (lease deals) go on they get fairly complicated, so we’re working through details, but we’re closer to the end than the beginning,” he said. “They really like what Commonwealth offers, which is an established location, with the retail and amenities that come with it, in an area that feels representative of their brand and culture.”

Speir said a lease from that tenant would be the catalyst that kicks off the project’s second phase. He said the user wants another office building of the same size, which would be constructed on a vacant parcel near the corner of Commonwealth and Pecan avenues. That iteration of the second phase would also include additional podium parking, more ground-floor retail space and a boutique hotel, he said.

“The site is fully entitled, so it would be about 18 months from getting permits in hand and starting demolition and foundation work,” he said. “This is if the tenant were to sign a lease … We’re not going to spec build another office building like we did with this one.”

The Rowe at Commonwealth

The first potion of Commonwealth to deliver was The Rowe in late 2024. Crosland and Nuveen broke ground in November 2021 on the 383-unit apartment community at 1711 Commonwealth Ave. It has studio, one-, two- and three-bedroom apartments. Rents start at $1,610 per month for a studio, $2,005 for a one-bedroom unit, $2,790 for two bedrooms and $4,835 for a three, according to the community’s website.

Speir said The Rowe is about 35% occupied, with the larger units and floor plans facing uptown leasing first. He said leasing has picked up over the summer months and that property management company Greystar has signed 30 leases in August.

“This is the newest in the submarket, and I think what we’ve been able to do is differentiate ourselves with the ground-floor experience,” he said. “The retail is driving people to rent here; that’s the value premium.”

The overall project added 1,000 new parking spaces to the neighborhood — 775 in a parking deck attached to The Rowe, and another 225 under the office building. Speir said the office spaces are reserved for tenants during the day. The top two floors of the parking deck are reserved for multifamily residents and office tenant spillover, and the bottom three floors are retail and public parking.

Retail leasing boom

Speir said the site’s 100,000 square feet of ground-floor retail space is nearing 100% leased. Currently, only two corner restaurant spaces and a handful of smaller spaces remain available and drawing interest from multiple groups.

“When we first set out, we figured spaces along Central Avenue would be first to go because of visibility and frontage, but those have been the last spaces to lease,” Speir said. “It’s been interesting to learn that people wanted to be on the interior of the project.”

Van Leeuwen Ice Cream is the most recent retailer to open at the development. The brand’s 1,200-square-foot scoop shop — the first in North Carolina — opened on Sept. 4 at 1711 Commonwealth Ave. Speir said a line of customers snaked around the corner when Van Leeuwen opened its doors.

Postino WineCafe and New York City-bakery maman in July confirmed plans for locations at the project. The growing tenant roster also includes Uchi, a restaurant concept by James Beard award-winning chef and sushi master Tyson Cole, as well as Sweet Green, Bartaco, The Salty Donut, Harriet’s Hamburgers, acai chain South Block, Yonder Yoga, Solidcore and high-end producer of Western boot and leather goods Lucchese.

“Now that people see what the ground floor is going to be, almost all the feedback has been really positive,” Speir said. “You always have your nay sayers, but those who are actually dialed in seem to be pretty stoked about what’s already here and what’s coming.”