Duke Energy completes sale of two uptown properties slated for redevelopment

526 South Church Street MRP Realty has closed on its purchase of 526 S. Church St. in uptown, formerly owned by Duke Energy. The Washington, D.C.-based developer is planning a 1.2 million-square-foot mixed-use development on the site. (MRP REALTY)

By Charlotte Business Journal

CHARLOTTE — Duke Energy Corp. closed this week on the sale of two uptown properties, both of which are slated for redevelopment over the next several years.

Madison McDonald, Duke Energy corporate communications, told Charlotte Business Journal today that the sale of 401 S. College St. closed on Dec. 14. Berlin-based developer Millennium Capital Partners purchased the building for $24 million. The sale of 525 S. Church St. closed late yesterday, purchased for $35 million by Washington, D.C.-based MRP Realty.

[ PREVIOUS: Duke Energy building sales to bring apartments, hotel and shops to uptown sites ]

McDonald said the sale of the properties, along with its parking garage at 410 S. Mint St., which is also under contract by Millennium, will have a positive financial impact for Duke over the next five years.

“By divesting of these we expect to see $85 to $90 million over the next five years, which will enable us to invest in more clean initiatives and projects that will serve our customers,” she said.

Both MRP and Millennium have mixed-use projects planned at their respective sites.

Read more here about those plans.

(WATCH BELOW: Duke Energy resumes normal power operations)

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