141 replies to this topic

[ricky_davis_fan_21]

southslider, on 26 January 2012 - 08:53 AM, said:

I'd say the new wave centers around Uptown in many of the "first-ring" neighborhoods, not just South End.

NoDa has new rezonings all over the place, most notably the Mercury NoDa, which will be apartments, instead of condos.

Elizabeth has Elizabeth Square (2008) and Metro 808 (2011), plus Winter Elizabeth (2013) and Grubb Elizabeth Village (?).

Midtown just saw the announcement of Levine (2013) joining the Met.

Dilworth has Latta (2005) and Camden (2007).

Wesley Heights/Bryant Park has a new rezoning off West Morehead.

North End also has many rezonings, though Double Oaks appears to be the only project moving forward anytime soon.

In the list above there is only one a couple of projects in the current apartment boom in the city. I do agree that all of the inner ring suburbs in Charlotte are ripe for development. All I am saying is there is a TON of spaces in South End that have changed hands because the projects that were supposed to be built on them have failed. We have had 4 spaces in South End Change hands to Apartment Developers in the past 6 months (Southhaus is going to be an animal hospital ).  There are 6-7 apartment projects in the works along the LRT, and more to come. Thats the only reason I made the statement above.

[southslider]

^Sure, South End has the most projects, all within a fairly short time frame.  But that's also due largely to the availability of land, or ease of site assembly, combined with an ease in entitlements, or the City's support and approval of many TOD rezonings.

It would be short-sighted to think it's because South End is greatly more desirable than the other "first ring" neighborhoods.  Elsewhere in that "first ring," rezoning can be more controversial, and land assembly more expensive.

Of course, South End's abundance is also its risk.  The other "first-ring" areas, by having fewer deliveries, then also have faster absorption and fewer vacancies.

And since there was pent-up demand for urban product before the Great Recession, it's hard to tell, right now, if even all of these deliveries in South End are too many or too few.  Additionally, current demand is likely even more inflated by the home ownership crisis.

Ultimately, this recent explosion of multi-family could speed up gentrification and the inversion of Charlotte.  However, too much supply may also quickly filter, once the housing crisis stabilizes.

Edited by southslider, 26 January 2012 - 03:50 PM.