Gentrification as Corporate Growth Strategy: The Strange Case of Charlotte, North Carolina and the Bank of America

Abstract

ABSTRACT:In keeping with calls for gentrification research to show greater sensitivity to contextuality, this article uses Charlotte, North Carolina as a case study to illustrate a geography of gentrification in which motivations to gentrify and stage trajectories do not quite fit traditional expectations. In this mid-sized Southern city, gentrification was first introduced in the early 1970s when corporate leaders recognized the importance of revitalizing central city space in a manner that would enhance their corporate identity and advance their strategic goals. Early stage gentrification in Charlotte was characterized by the production of gentrifiable space in one of the city’s most deteriorated districts, the absence of marginal gentrifiers and traditional urban pioneers, unconventional profit motives, and significant deviations from traditional stage theory. Beyond providing an analysis of gentrification at a level of the urban hierarchy (and in a region) that has long been overlooked, the article contributes a critical and contextual perspective to our understanding of gentrification’s causality and process.