The Good News Report

[ssh214]

This isn't an economic development post per se so much as a thought, but with the announcement yesterday that the Metropolitan complex being sold for $94 million I realized that there has been a lot of major commercial property purchases in Charlotte the last few weeks/months which I think is good news as it shows investors betting on Charlotte continuing to grow. 

I still do wonder how much Papas might have profited on this project all together...

[kermit]

^ Pappas has been pretty public in discussing an uptick of development activity (there was a CBJ article not long ago about him IIRC). I would think that if the Pappas version of the Scalybark project is ever going to get off the ground it would be soon (now that everyone knows he is well capitalized).

[Guest]

^ Pappas has been pretty public in discussing an uptick of development activity (there was a CBJ article not long ago about him IIRC). I would think that if the Pappas version of the Scalybark project is ever going to get off the ground it would be soon (now that everyone knows he is well capitalized).

I think Scaleybark Project is imminent. I have seen various reports (including CBJ article) that would suggest he is just waiting for tenants for retail spots. 

[atlrvr]

County meets tonight on an economic development incentive request, and oddly the City Council put and incentive discussion meeting on their annual retreat agenda for this Friday.  I have no idea what/scale of whatever they are discussing, but putting it on the agenda for their annual retreat makes me think it's a big deal as usually these are left to the semi-monthly council business meetings.

[Urbanity]

^I'm guessing this is it: MetLife eyeing Charlotte for Big Expansion. 

 

Apparently they are looking at leasing one of the 10 story towers in Ballantyne and would include hundreds of workers.  Some of it would be consolidation of existing Charlotte area workers, but some of it would be positions that are currently in the Northeast.

Edited February 6, 2013 by Urbanity

[dubone]

I came across this article on Business Insider.  While we are not showing housing price recovery nearly as well compared to the other cities, the thesis of it is that cities/states with non-judicial process for foreclosures is allowing them (including Charlotte) to clear the inventory of foreclosed properties much more quickly.

 

http://www.businessinsider.com/two-very-different-us-housing-markets-2013-2

 

 

Although, it does appear that our recovery is moving fairly slowly compared to cities in CA and others like Seattle, Phoenix, or Denver, but perhaps our prices not as hit as deeply as those to recover from.

[atlrvr]

^I'm guessing this is it: MetLife eyeing Charlotte for Big Expansion. 

 

Apparently they are looking at leasing one of the 10 story towers in Ballantyne and would include hundreds of workers.  Some of it would be consolidation of existing Charlotte area workers, but some of it would be positions that are currently in the Northeast.

 

This is a big deal.  To the best of my knowledge, MetLife has less than 100 corporate jobs in Charlotte when you exclude things like financial advisors that would likely remain in small offices.  Based on that amount of square footage, we are probably looking at 900 jobs or so, so my guess is that's 800 new jobs, and I would estimate the average pay would be $90k per job at least. 

 

I have no insight, but I would expect we would see corporate accounting/finance type positions moved here as well as maybe some IT.

[atlrvr]

WSOC reported sloppily this evening on the MetLife deal.

Could be:

 

Corporate HQ or Divisional HQ (my guess is neither, but a large portion of corporate functions)

 

Could be one OR both of the new B-Tyne towers (my guess is one)

 

1,400 employees (they didn't give an "or" here, but would be even more exciting if it were true)

 

[Urbanity]

^Yeah I think the CBJ had it correct when they said the one tower which could technically hold up to 1,000 people which to me makes the most sense.   

[Jael]

as well as maybe some IT.

That would be odd unless they're closing the Greenville site.

[ssh214]

Anyone have knowledge on if the Metlife deal is finalized yet???

[HopHead]

Anyone have knowledge on if the Metlife deal is finalized yet???

 

It's not... Last we heard a few days ago, MetLife were in negotiations on a lease for one of the buildings in Ballantyne. May be a little while before we hear anything. 

[CarolinaCrown]

Suprised to see this in the CO before hearing about it on here, but they're reporting a 230 room Embassy Suites will be built @ 401 E. Martin Luther King Jr. Blvd., currently home to an African Methodist Episcopal Zion Church.

Read more here: http://www.charlotteobserver.com/2013/02/15/3857704/new-embassy-suites-coming-to-uptown.html#storylink=cpy

[nonillogical]

^ in the Second Ward thread

[Guest]

Suprised to see this in the CO before hearing about it on here, but they're reporting a 230 room Embassy Suites will be built @ 401 E. Martin Luther King Jr. Blvd., currently home to an African Methodist Episcopal Zion Church.

Read more here: http://www.charlotteobserver.com/2013/02/15/3857704/new-embassy-suites-coming-to-uptown.html#storylink=cpy

Its been posted on two other threads.

[CarolinaCrown]

Hahaha whoops! I thought I caught some slackin, I'll see myself out 

[atlrvr]

 Both city and county councils are meeting in closed sessions next week to discuss incentives again.  No idea if this is different from last week, or a follow-up.  I assume at least one of these sessions is for MetLife...hopefully we aren't in competition to the point they are having to consider even more incentives and this is something completely new, though this time the city is considering as part of the rezoning meeting, which is also unusual and indicates its probably a big project that is time sensative.

[Guest]

Stuff be getting real!

[15895]

Don't think Atlanta. Think LA or NYC.

Hmmm....

[Norm2]

Don't think Atlanta. Think LA or NYC.

Hmmm....

So we have an announcement of a company moving from LA or NYC? Or am I jumping the gun on this one? Metlife is HQ'd in NYC I believe  but I could not see them moving their HQ here.

[15895]

So we have an announcement of a company moving from LA or NYC? Or am I jumping the gun on this one? Metlife is HQ'd in NYC I believe but I could not see them moving their HQ here.

Absolutely not! My apologies, I said that in response to Ricky's comment as he's over there being suspicious and seems to generally be ahead of the curve. (in reference specifically to the crescent stonewall thread where he said think LA NYC and less ATL/CLT)

Edited February 16, 2013 by AirNostrumMAD

[Norm2]

Absolutely not! My apologies, I said that in response to Ricky's comment as he's over there being suspicious and seems to generally be ahead of the curve.

Ohhh ok haha. That makes sense! You know it sucks being ahead of the curve, cause you want to release the information, but you cant!

[southslider]

Suprised to see this in the CO before hearing about it on here, but they're reporting a 230 room Embassy Suites will be built @ 401 E. Martin Luther King Jr. Blvd., currently home to an African Methodist Episcopal Zion Church.

Read more here: http://www.charlotteobserver.com/2013/02/15/3857704/new-embassy-suites-coming-to-uptown.html#storylink=cpy

 

Well, I did post last year, "There is talk of a hotel on the block opposite NASCAR and AT&T."

 

 

 

 

 

[Eightane]

Never mind. Apparently, my eyes aren't working well this morning.

Edited February 16, 2013 by Eightane

[Norm2]

Never mind. Apparently, my eyes aren't working well this morning.

Is that why your eyes look like that in your avatar!? I kid I kid!