440 South Church
Encyclopedia
440 South Church is a 15-story skyscraper
in Charlotte, North Carolina
with 363000 square feet (33,723.8 m²) of space. Smallwood, Reynolds, Stewart, Stewart & Associates designed the building, and Bovis Lend Lease
was the general contractor. Major tenants are GMAC Financial Services and HDR. It was built according to LEED
gold standards, making it a green building
.
On June 19, 2008, Novare Group and Trinity Capital Partners broke ground
on the $78 million 440 South Church project and opened a sales office for Catalyst
, a 27-story condominium
project, both on the same 5.2 acres (21,043.7 m²) site between Third Street and Martin Luther King, Jr.
Boulevard in uptown Charlotte. HDR, an architectural and engineering firm with 140 Charlotte employees, became the first tenant with plans for 45000 square feet (4,180.6 m²) of space. The "topping out
" ceremony took place March 6, 2009.
In April 2009, GMAC Financial Services announced plans to move its corporate center from Ballantyne to 106525 square feet (9,896.5 m²) on four floors of 440 South Church, with possible expansion later. At the time, GMAC had 265 Charlotte employees in three business units, with plans to cut as many as 60 jobs. However, 30 new sales jobs and 236 new jobs at the corporate center meant a net increase of 200 jobs. By creating the jobs and keeping them for nine years, GMAC would receive $4.5 million in incentives from the state of North Carolina
. Charlotte had many employees with banking knowledge who had been laid off from Wachovia
and Bank of America
, and GMAC Financial CEO Al de Molina, who spent 17 years at Bank of America, lived in Charlotte. The GMAC headquarters, however, would remain in Detroit.
Novare kept its investment, but was dropped as an operating partner because the company had significant debts that could result in foreclosure
s, and auditor Deloitte had "substantial doubt about the company’s ability to continue as a going concern."
HDR moved in during October 2009. GMAC started its move in late November 2009 despite de Molina's unexpected resignation that same month. The move was expected to be finished by February. Michael Carpenter, who replaced de Molina, said of Charlotte's role in the company, "I'm not saying it's going to grow at the rate it has grown in recent times. But it's a central part of the activities of GMAC."
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
in Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
with 363000 square feet (33,723.8 m²) of space. Smallwood, Reynolds, Stewart, Stewart & Associates designed the building, and Bovis Lend Lease
Bovis Lend Lease
Lend Lease Project Management & Construction is the international project management and construction division of Lend Lease Group.-History:...
was the general contractor. Major tenants are GMAC Financial Services and HDR. It was built according to LEED
Leadership in Energy and Environmental Design
Leadership in Energy and Environmental Design consists of a suite of rating systems for the design, construction and operation of high performance green buildings, homes and neighborhoods....
gold standards, making it a green building
Green building
Green building refers to a structure and using process that is environmentally responsible and resource-efficient throughout a building's life-cycle: from siting to design, construction, operation, maintenance, renovation, and demolition...
.
On June 19, 2008, Novare Group and Trinity Capital Partners broke ground
Groundbreaking
Groundbreaking, also known as cutting, sod-cutting, turning the first sod or a sod-turning ceremony, is a traditional ceremony in many cultures that celebrates the first day of construction for a building or other project. Such ceremonies are often attended by dignitaries such as politicians and...
on the $78 million 440 South Church project and opened a sales office for Catalyst
Catalyst (building)
Catalyst is a 27-story 462-unit condominium and apartment building on South Church Street in Charlotte, North Carolina. The concrete and glass skyscraper in Third Ward, designed by Smallwood, Reynolds, Stewart, Stewart, was built by Atlanta-based Novare Group and completed in 2009.Tony Skillbeck,...
, a 27-story condominium
Condominium
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights...
project, both on the same 5.2 acres (21,043.7 m²) site between Third Street and Martin Luther King, Jr.
Martin Luther King, Jr.
Martin Luther King, Jr. was an American clergyman, activist, and prominent leader in the African-American Civil Rights Movement. He is best known for being an iconic figure in the advancement of civil rights in the United States and around the world, using nonviolent methods following the...
Boulevard in uptown Charlotte. HDR, an architectural and engineering firm with 140 Charlotte employees, became the first tenant with plans for 45000 square feet (4,180.6 m²) of space. The "topping out
Topping out
In building construction, topping out is a ceremony held when the last beam is placed at the top of a building. The term may also refer to the overall completion of the building's structure, or an intermediate point, such as when the roof is dried in...
" ceremony took place March 6, 2009.
In April 2009, GMAC Financial Services announced plans to move its corporate center from Ballantyne to 106525 square feet (9,896.5 m²) on four floors of 440 South Church, with possible expansion later. At the time, GMAC had 265 Charlotte employees in three business units, with plans to cut as many as 60 jobs. However, 30 new sales jobs and 236 new jobs at the corporate center meant a net increase of 200 jobs. By creating the jobs and keeping them for nine years, GMAC would receive $4.5 million in incentives from the state of North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
. Charlotte had many employees with banking knowledge who had been laid off from Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
and Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, and GMAC Financial CEO Al de Molina, who spent 17 years at Bank of America, lived in Charlotte. The GMAC headquarters, however, would remain in Detroit.
Novare kept its investment, but was dropped as an operating partner because the company had significant debts that could result in foreclosure
Foreclosure
Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
s, and auditor Deloitte had "substantial doubt about the company’s ability to continue as a going concern."
HDR moved in during October 2009. GMAC started its move in late November 2009 despite de Molina's unexpected resignation that same month. The move was expected to be finished by February. Michael Carpenter, who replaced de Molina, said of Charlotte's role in the company, "I'm not saying it's going to grow at the rate it has grown in recent times. But it's a central part of the activities of GMAC."