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Bank of America, Cousins Developing $470 Mil Gateway Village

CHARLOTTE-The 25-acre project along five blocks of abandoned land on the city's blighted West Trade and Fifth Streets in the Third Ward will encompass 1.1 million sf of office for the bank's technology center; 75,000 sf of retail; and 600,000 sf of multifamily.

By Robert Anthony | Updated on November 27, 2000

CHARLOTTE-An idea that originated in the early 1980s to revive a blighted section of town is finally getting off the ground. Bank of America and Cousins Properties Inc. of Atlanta are jointly developing Gateway village, a $470 million, 25-acre venture along West Trade and Fifth Streets in the Third Ward. The project encompasses 1.1 million sf office for the bank’s technology center; 75,000 sf of retail; and 600 townhomes and apartments taking up 600,000 sf.

The bank and the developer are sharing the $350 million in commercial development costs. Funds for the $120 million residential component will come from various developers participating in the project. About 5,000 persons will work at Gateway Village when completed and about 1,000 will live there as permanent residents.

The first phase of the two-phased project is expected to be completed in late summer. This phase includes the existing Doubletree Hotel and Gateway Center across West Trade Street. A hotel and 10-story Gateway Center had been completed in 1989, but the project began to lose momentum.

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