Golf Simulator and Major Upgrades Coming to Former NASCAR Plaza Building
A golf simulator is set to become a surprising new feature in an uptown office building, as major renovations are underway at 550 South, formerly known as the NASCAR Plaza. Building owner and real estate firm Cousins Properties announced plans for these updates last month as part of a broader trend to transform office spaces into vibrant, multi-use destinations.
“We have taken a more hospitality approach to these kinds of projects, really making the modern office a morning, noon, and night destination,” said Grant Harrell, Cousins’ director and vice president of the Charlotte regional team. “This is a project we’ve had in the works for quite some time.”
While Harrell did not disclose the renovation costs, he emphasized that the investment is significant.
Transforming 550 South
Built in 2009 and acquired by Cousins in 2016, the 20-story, 395,000-square-foot building has been well-leased over the years. However, after NASCAR, its largest tenant, relocated most of its operations to Concord last December, the building’s occupancy dropped to around 75%, according to the Charlotte Business Journal.
The broader office market in Charlotte is stabilizing, with a vacancy rate of 22.5% in the third quarter of 2024, down from a peak of 24.7% earlier in the year, per a report from commercial real estate firm JLL.
In today’s post-pandemic work environment, amenities have become essential to attract and retain tenants. While newer office buildings are designed with modern conveniences, older spaces like 550 South are undergoing renovations to remain competitive.
“This building was built in 2009 essentially for NASCAR,” Harrell explained. “Now that we’re coming out of our natural lease cycle and experiencing vacancy for the first time during our ownership period, we need to make the necessary adjustments to cater to the modern customer.”
A New Vision: Lounge, Fitness, and Golf
The renovations will focus on the first and second floors, starting next year and expected to finish by 2026.
The first floor will transform into a lounge-style lobby with expanded seating areas. Crane Coffee, a local favorite, will relocate within the building and expand its offerings. Additionally, the current fitness center will be moved to the second floor, making way for a new conference and training facility that can accommodate 40 to 60 people.
A staircase will be added to connect the first and second floors, creating seamless access to the building’s upgraded amenities.
On the second floor, the fitness center will be expanded, and more conference rooms and seating areas will be added. The highlight, however, will be the addition of a golf simulator, catering to tenants seeking unique and engaging spaces.
“The modern customer wants amenities,” Harrell said. “They want an engaging place to come to work, and I think it benefits both them and their employers in getting them back into the office. Buildings that have done these sorts of upgrades really reap the benefits on the leasing front.”
With construction set to begin next year, the revitalized 550 South aims to attract tenants by offering a dynamic and modern office experience.
