Museum Tower - 31 story Childress Klein Apartments

[CLTProductions]

http://m.bizjournals.com/charlotte/blog/real_estate/2014/12/childress-klein-to-build-apartment-tower-atop-mint.html

Figured it's time this building gets its own thread. It's a shame this is going to be apartments. I feel like we've hit and passed the threshold but whatever. Cool rendering in the article

[Niner National]

The equivalent of 42 floors high. Impressive.

[tozmervo]

Looks sharp! Kind of a strange resolution to the back of the Mint Museum, though. 

 

Here's a question... parking?

[kermit]

Here's a question... parking?

 

 

Childress Klein is under contract to purchase the air rights above the Mint Museum, where Wachovia, now Wells Fargo & Co., planned to build a condo tower before the recession. As part of the purchase, the firm will acquire underground parking that was planned for the condo project as well as the museum's lobby on Church Street, says Fred Klein III, a partner with Childress Klein.

[tozmervo]

Ahhh, my reading comprehension is sucking tonight. tnx

[RiverwoodCLT]

I like this one.

[atlrvr]

Details:

 

Project: Museum Tower (temporary)

Use: Apartments over the Mint Museum with ground floor retail

Size: 31 stories on top of existing Mint (6 actual floors that is equivalent of 11 floors)  Marketed as 42 story building.

Height: 410'-425' (estimated)

Location: 501 S Church St (corner of Church and 1st aka Levine Ave of Arts) to be built atop the existing Mint Museum of Art

Developer: Childress Klein

Architect: RJT+R

Status: Proposed.  Air-rights under contract.

Commencement/Completion: 2Q 2015(?) / 1Q 2017 (?)

Renderings: from the Charlotte Business Journal

 

[abttown]

I'm thankful for more Uptown residents and a nice looking tower, but a little perplexed as to why some of theses are not for sale. Either it is incredibly difficult to build condos or everyone is scared to do so. I mean all of those BMW employees will need homes close to work

Edited December 24, 2014 by abttown

[js4life]

Some of these apartments could be converted to for sale units at some point .

[HopHead]

Wow. She's a beauty... Very classy looking. Looks like a great fit for being next to the Duke Energy Tower and above the Mint Museum. I wouldn't be surprised if some of this building does go for sale once it gets closer to completion.

[15895]

South Tryon is slaying & 3rd ward are slaying.

Are we comfortable to say both this & Bearden are extremely likely to get built in Jan/Feb & 2Q15 respectively?

We got 2 Big office towers, 2 big residential towers.... Now we just need 2 big hotel towers.

Edit: and the poster who said to expect a tower to ride soon deserves a cookie!

Edited December 24, 2014 by AirNostrumMAD

[CLTProductions]

The article mentioned building these apartments "bigger" to me that indicates they could go up for sale at some point

[cltbwimob]

The article mentioned building these apartments "bigger" to me that indicates they could go up for sale at some point

I had that exact same thought.

 

Either way, rental or for sale, this project seems like it will be very high quality.

[Richhamleigh, DC]

South Tryon is slaying & 3rd ward are slaying.

Are we comfortable to say both this & Bearden are extremely likely to get built in Jan/Feb & 2Q15 respectively?

We got 2 Big office towers, 2 big residential towers.... Now we just need 2 big hotel towers.

Edit: and the poster who said to expect a tower to ride soon deserves a cookie!

...and retail. Someone at Belk should consider a flagship store anchoring a mixed use structure....maybe the parking lot next to the Presbyterian church on Trade Street?

Remarkable rendering.

[navigator319]

This great all around and came out of no where.  Only 17 month construction timeline too.

[Matthew.Brendan]

Really like that rendering!

[ah59396]

I can't believe how much I like this project.

[nonillogical]

Looks sharp! Kind of a strange resolution to the back of the Mint Museum, though. 

 

Here's a question... parking?

That treatment of the base, the back of the Mint Museum, is already there and looks exactly like the rendering. I think it works ok.

 

Worth mentioning too that the retail element of the project is already there since it was a little misleadingly stated: Starbucks, Levant, E2. The only space not currently open is where the lobby will be I am assuming. 

[dubone]

It is hilarious that they are saying the Mint Museum is equivalent to 11 stories but the faux story lines on façade now that will remain are 9 stories.  https://www.google.com/maps/@35.2250847,-80.8485376,3a,90y,189.03h,110.29t/data=!3m4!1e1!3m2!1sDtfPyQ2rIPopUMAiFIQbnA!2e0

 

That would have been a far more reasonable number to use so that they roof deck/amenity floor on the roof of the Mint Museum, as well as the beginning of the new tower would be a nice even 10th floor.  

 

 

It is a nice tower design very similar to the original modeled with the Wachovia HQ project when Duke Energy Center and Levine Arts Campus were first planned.   

 

 

 

Of course it still makes perfect sense for almost all towers to just be built as apartments, and then converted to condos at a later date after some initial income.   It gets the building built up sooner, it gets population in quickly, instead of a multi-year sales process and closing process.     Looking back, the process of building condo towers seems quite silly and arduous.   It also created a low barrier to entry for new projects to just setup a marketing office and a design and start pitching the towers to sell, which resulted in a flood of projects being pitched last decade, but few being built.    This new process allows only projects to proceed that can be justified by the residential market for rentals, and then if they can later be converted, the timing can be set so that there is not a flood of units for sale at once.     It seems that banks would also far prefer this system as well with the lower risks and I feel like we won't see condo buildings built for a while, just apartments with some later conversions. 

 

 

I can't wait to finally see the bars and restaurants that result from the new population in all these new towers!

[Spartan]

Is there a retail component to the Church St ground floor? I can't really complain about a lack of retail with the DEC project as a whole but it sure would be nice to build on the emerging retail/restaurant corridor on S Church (ie: The Ave, Catalyst, etc).

[Niner National]

Is there a retail component to the Church St ground floor? I can't really complain about a lack of retail with the DEC project as a whole but it sure would be nice to build on the emerging retail/restaurant corridor on S Church (ie: The Ave, Catalyst, etc).

There is already a sushi restaurant and a gym on the Church street side, so there won't be anything new unless one of those goes out of business.

[CLTProductions]

I agree in that I am SUPER excited to see all the bars and restaurants that result from the influx of thousands of people moving here. Hopefully we get a lot more bars to help eliminate covers at bars now.

Most common complain I get from visitors is the covers. It's BEYOND stupid a bar like blackfinn, connellys, ri Ra's etc charge covers. No bars like that in cities like Austin or cleveland charge covers. My hunch of the reasoning is that here, there's just not that many places to go. Hopefully there will becomes a large variety and number that these places can't sustain a cover anymore. Bring on these towers!!!!

[michaelef]

I do love this, I was hoping a W hotel could go here! Oh well maybe in second ward

[nonillogical]

There is already a sushi restaurant and a gym on the Church street side, so there won't be anything new unless one of those goes out of business.

Those are in the DEC building separated by that covered alleyway. The Mint base as I mentioned is already full with retail too however with Starbucks, Levant, Emerils E2, and the Mint gift shop. The only apparently available space looks like it will be the lobby. 

[Miesian Corners]

Is there a retail component to the Church St ground floor? I can't really complain about a lack of retail with the DEC project as a whole but it sure would be nice to build on the emerging retail/restaurant corridor on S Church (ie: The Ave, Catalyst, etc).

The ground level is already built and fully leased.  Starbucks is at the corner of First and Church.  I believe Levant is also in this section of the building.  

 

Edit: sorry, page loaded slow, so I didn't see other responses.  

Edited December 28, 2014 by Miesian Corners