When Siemens Healthineers, the German provider of healthcare equipment and service, launched its U.S. experience center at The Pearl in Charlotte, North Carolina, last fall, it provided evidence that the city's first innovation district could attract global companies.
The Pearl is a multiphased, mixed-use project being developed by Wexford Science & Technology and Atrium Health, a healthcare system that's part of Advocate Health. Plans call for the $1.5 billion development in midtown Charlotte to include office, lab, ground-level retail with food and beverage outlets, and residential and academic spaces.
The Pearl district's initial phase contains Charlotte's first four-year medical school — the Wake Forest University School of Medicine Charlotte — and the 905 Pearl Park Way research building anchored by Siemens Healthineers' $141 million Experience Center USA, Connect Labs and IRCAD North America, an experiential education and innovation center that offers hands-on training for surgeons and other medical industry professionals.
The Pearl mixed-use project is projected to generate more than 5,500 direct onsite jobs and over 11,500 regional jobs, with long-term statewide totals exceeding 14,000. The project's fast start and long-term outlook earned The Pearl a CoStar Impact Award as judged by professionals in the market.
About the project: The 905 Pearl Park Way building is a major component of first phase of The Pearl Innovation District. The 10-story, 313,000-square-foot building was completed in 2025 and is more than 70% leased, according to CoStar data.
What the judges said: "The Pearl establishes Charlotte's first true innovation district with the addition of Wake Forest Medical School, an amenity/draw the city has sorely lacked given its size and substantial corporate community, not to mention strong healthcare institutions," said David Morris, director of investment property sales at Trinity Partners. "The development truly transformed an otherwise underutilized area of midtown by connecting Atrium's campus to the CBD."
"The Pearl is an incredible development bringing new uses and Charlotte's first medical school. This will make a significant impact on our city," Foundry Commercial partner Meredith Ball said.
They made it happen: Atrium Health Senior Vice President Collin Lane and Hillary Crittendon, a senior innovation executive, represented owner Atrium Health. The Wexford Science & Technology development team is Caroline Moore, Southeast senior vice president; Susan Homberg, vice president and regional leasing director; Jay Pavanal, development director; Daniel Lucenti, senior project director, construction; and Craig Sharton, founding site director for Connect Labs by Wexford. The CBRE team of Kris Westmoreland, senior vice president; Matthew Gardner, Americas advisory leader, life sciences; and Joe Franco, senior vice president, represented the owner.