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Fifth Street Pedscape / Ivey's Building Retail Improvements


ScottCLT

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  • 4 months later...

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MRK Investments, the real estate group planning to convert the first two floors of the Ivey's Building into a boutique hotel secured a bridge loan and expects to complete the project by next summer.  I'm not sure what shape the second floor is in, but this seems like a pretty aggressive timeline, especially since it has taken them this long to get the loan.  I kept holding out hope that we would get some actual retail in the large 5th Street space, but at this point I'll just be happy to see it occupied by the planned restaurant and possibly bakery/coffee shop.

http://www.bizjournals.com/charlotte/blog/real_estate/2015/10/real-estate-firm-secures-loan-for-hotel-project-at.html

Here is MRK's development portfolio: http://mrkinv.com/#inline-content-2275

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MRK Investments, the real estate group planning to convert the first two floors of the Ivey's Building into a boutique hotel secured a bridge loan and expects to complete the project by next summer.  I'm not sure what shape the second floor is in, but this seems like a pretty aggressive timeline, especially since it has taken them this long to get the loan.  I kept holding out hope that we would get some actual retail in the large 5th Street space, but at this point I'll just be happy to see it occupied by the planned restaurant and possibly bakery/coffee shop.

http://www.bizjournals.com/charlotte/blog/real_estate/2015/10/real-estate-firm-secures-loan-for-hotel-project-at.html

Here is MRK's development portfolio: http://mrkinv.com/#inline-content-2275

the project isn't news but the funding is. I should have more on this very soon

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I love that this is happening. Seems like a more intimate experience for visitors. Not everything in uptown needs to be tall and loud and cold. The Iveys building is gorgeous, has a big city feel to it and with everything cranking up on N Tryon I think this is a great move.

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Although brand name hotels have consistency and benefits for frequent customers, I have stayed in two boutique hotels in the last few weeks that have made me really want to see more of these in Charlotte. In San Francisco (Hotel Rex) and Denver (Hotel Teatro), the hotels I stayed at were amazing! Both relatively small, but the attention to detail was impeccable, and the restaurants were very local, not your typical hotel fare. I would love for visitors to have the option of more indie hotels in Charlotte rather than just being stuck with the Hyatt Place, Marriott, Hilton, etc. (which are perfectly fine hotels - just without the funky vibe).

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Nice write up in the Agenda today on the Ivey's Building renovations. My favorite quite is that they "not only preserve, but to bring [the building] back to life"  ...and the improvements they are making sound like it will do just that. I also like that they will open what may be our first true boutique, non-restaurant, retail space on Tryon. The only thing I'm not clear on is whether or not Qdoba is going to stay (no strong opinions either way)

http://www.charlotteagenda.com/22081/the-historic-iveys-building-uptown-is-being-turned-into-a-boutique-hotel/

 

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Nice write up in the Agenda today on the Ivey's Building renovations. My favorite quite is that they "not only preserve, but to bring [the building] back to life"  ...and the improvements they are making sound like it will do just that. I also like that they will open what may be our first true boutique, non-restaurant, retail space on Tryon. The only thing I'm not clear on is whether or not Qdoba is going to stay (no strong opinions either way)

http://www.charlotteagenda.com/22081/the-historic-iveys-building-uptown-is-being-turned-into-a-boutique-hotel/

 

the boutique will actually be on 5th so close enough. Tryon will have the coffee shop and bakery.

 

and yeah qdoba is staying

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When told this project won’t work in Charlotte because it’s too unique, Krueger reveled at the idea. “Good, our goal is not to fit in,”

 

The above quote is my favorite sentence in the entire article.  Brett Kreuger rose to the top of my favorite developers list with this statement.

I wish MRK and Mr. Kreuger would also buy Polk State and do something with that building rather than having to watch it get replaced by the six story apartment building that is proposed there.

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  • 4 months later...
  1. Remove the garage exit and replace it with retail or an entrance into Hearst. I realize this one is likely impossible, but it's also the most important. A perfect A+ block doesn't have any vehicular crossings.
  2. Remove the hamster tube
  3. Remove the left turn lane to make the sidewalk even wider on that portion of the block
  4. Make the view of the side of the Blumenthal across the street better somehow
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2 minutes ago, Spartan said:
  1. Remove the garage exit and replace it with retail or an entrance into Hearst. I realize this one is likely impossible, but it's also the most important. A perfect A+ block doesn't have any vehicular crossings.
  2. Remove the hamster tube
  3. Remove the left turn lane to make the sidewalk even wider on that portion of the block
  4. Make the view of the side of the Blumenthal across the street better somehow

1-3 are definitely never going to happen and personally arent huge deals. 

4 is going to happen eventually. Personally that's my only issue with the block. It's AWFUL and makes 0 sense. Blumenthal is in the planning stages of a big time renovation that includes the plaza space and the sidewalk down 5th.

I would agree that with the B tower 5th street is a B+ from Church to College. With Blumenthal done and Ivey's hotel it moves to an A- for me. Probably the most active 2 blocks in the city.

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  • 1 month later...

In the Iveys building where is the the new hotel going in, they are  marketing a 7500 sq ft restaurant site with front door on 5th Street. It also looks like another smaller retail space there as well to the right next to 5 Church. The lobby of the hotel will be where the old Bojangles was up front it seems facing Tryon Street with rooms on 2nd floor.  The restaurant space is being marketed at $40 a sq foot which is high by even uptown standards. 

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  • 2 weeks later...

Wasn't exactly sure where to put this, but they have started some 5th street improvements at the retail spot.  This is all that is there right now.  Doors were open, and there were a few people moving around inside.  5th Street between church and tryon is going to be nuts once this finishes.  Hopefully the tenants redesign the windows and make it more interactive with pedestrians, i.e., have them open and some window dressings.  This part is definitely lacking right now due to the chest-high wall and recessed stoop entrance.

IMG_0032.JPG

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  • 4 months later...

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