Childress Klein Redevelops Charlotte Office With 675 Apartments

Childress Klein is moving forward with plans to redevelop a 16-acre office property in Charlotte’s Southpark neighborhood.

The local developer secured city council approval to rezone the 213,000-square-foot Esplanade at SouthPark, at 2101 Rexford Road, from office to regional activity center, the Charlotte Business Journal reported.

The approval clears the way for the developer to combine the site with the adjacent office property, at 2115 Rexford, into a single parcel. It plans to redevelop the parcel with 675 multifamily units and 200,000 square feet of office space, which includes retaining the existing 77,000 square feet of offices. Plans also include a one-third-acre green space.

The property was purchased by Childress Klein, led by co-founder and managing partner Don Childress, in June 2023 for $31 million, or about $145 per square foot. Built in 1982 and renovated in 2015, the office complex is leased by tenants such as Noble Insurance Advisors, McMichael & Gray and Terrascope Public Relations.

Childress Klein requested five-year vested rights for the Esplanade redevelopment to account for its size and economic factors.

The redevelopment aims to capitalize on the strong growth in Charlotte’s residential market. Charlotte ranks as the seventh most competitive housing market in Zillow’s 2025 rankings. With demand outpacing supply, analysts project a 3.2 percent increase in home values this year.

Multifamily rent growth is expected to pick up nationwide this year, as deliveries slow and vacancy rates decline, according to Moody’s.

Charlotte is also seeing significant activity in the built-to-rent sector, with projects like NewStar and Red Cedar’s Long Farm development contributing to a busy pipeline that is expected to nearly double inventory by October.

However, the commercial office market faces challenges with a vacancy rate of 24.7 percent, driven by weak demand.

— Andrew Terrell