atlrvr

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atlrvr last won the day on October 28 2014

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  1. The city/county also doen't get the same downside risk. Bob Johnson lost $100mm+ on the Bobcats, while the city was in for a fixed cost, and still received the same expected returns attributable to being a city that has an NBA team, hosting the DNC, concerts, the Epicentre and Center City Green property taxes, and uplift in food/beverage taxes. I would be far more upset if the city/county had equity participation in an MLS team, because at $150mm franchise fee plus salares, etc, it's going to be really tough to get a positive return in a mid-sized market. The investment should be measured in: Does this stimulate increased tax revenue? Does this make Charlotte for attractive for corp relocations? Does this make Charlotte more attractive for millenials/entrepreneurs? Will this result in Charlotte getting additional free media exposure? I don't know if this MLS team is a great monetary return for the city/county, but I think it would score well on each of those questions, and probably generate a better return than some other alternatives. Of course is that expected return is negative, then they shouldn't participate.
  2. Trust me, BofA has not made it a habit to save historic buildings out of a public good (BofA corp center wiped out an entire block of them). The orientation is because, BofA Corp Center and 201 N Tryon (at that point, the IJL Building) would have blocked the view of Hearst Tower tenants if it had been positioned at 5th and Tryon. I don't think LHGS cares about the consequences for Duke Tower tenants....they are trying to maximize the views for their own towers tenants. Between Duke, and if/when Tryon place is built (with direct frontage along Tryon), 2 of the 4 sides of this new tower would be adjacent by less than 80 feet from other towers. There is plenty of leasing evidence in NY and Chicago to suggest obstructed views lease rates are at a significant discount.
  3. I think the most obvious reason LHGS doesn't want the office tower right at the corner is that is Duke would obstruct the tenant views of the rest of the skyline.....the current location really improves the site-lines for the future tenant(s), and therefore I would assume leads to a bigger rental premium than a direct Tryon front entry (they still get a Tryon St address, which is probably more important). If you look at Hearst tower, this was done with the exact same configuration, for basically the same reasons.
  4. Any idea how much space they are taking? Per costar, their current showroom/office is only 3,700 sq ft (it's in the Carillon Building)
  5. A bubble popping in apartments isn't psychologically damaging to the average resident like a condo, where they feel the pain of the negative equity. If the correction is severe enough, some of the properties will certainly get foreclosed upon, and then sold by the lenders to new owners who can then charge lower rents (because their cost to purchase the community and resulting new debt is much lower). This will put downward pressure on other apartments, and possibly lead to additional foreclosures, but market stabilization can be quickly achieved, and most renters are going to be really happy for this. This most damaging aspects to individuals is that some older communities likely more suburban in nature, will soon be competing with new urban class A buildings, and really suffer as their tenants "upgrade", which leads to higher crime rates and general deterioration in those areas. Talking more macro theory here, rather than making a call that Charlotte is close to those circumstances. Lending standards are getting substantially tougher, and the new starts of apartments are declining.
  6. I think the argument against building these are disingenuous because it is saying that the city believes the people are too stupid to make rationale decisions, and have to be protected from themselves. The reality is Helix is directly adjacent to the site, and 335 W Tremont apartments are about 20 feet away across the new ally, so there are already 250 units built or going up directly adjacent to the site. Further, Asana purchase the design center and the old Southend Interiors building on the same block as the townhome proposal for a retail transformation. I think it's a negative signaling to developers/property owners that the city is no longer supportive of making the area welcoming to new residents. I just don't understand what the city wants here...they build a light rail, come up with area plans that suggest high density residential (and office and retail) is the correct land use, and then they want to not follow this plan because the pre-existing non-conforming uses still exist? That defeats the whole point of using light-rail to lead to development. You don't build light rail to encourage more metal working shops to open up. I'll stop here, because there is really a very different issue at work here that is happening behind the scenes, that I have experienced first hand on another property in South End, and similar arguments were put forward (basically greedy developers willing to trick stupid people into living some place that they will have buyers remorse on), and the end result on that property was a project that the adjacent neighbors supported was squashed, and the land is now being developed something that is non-consistent with the land use plan, and will have a material negative impact on the existing adjacent neighbors.
  7. In this case, perfect is the enemy of good. Political wrangling is all about arguing over the ideal, while the reality is Memorial Stadium is the only viable site that SHOULD get majority council and commissioner support in the next few weeks that would also be obviously a strong location to MLS. The reality, MLS doesn't want to stimulate an area, the want the stadium already in an area that will maximize attendance by millennials.
  8. Accela finally has the approved plans with a ton of renderings. Here's a sampling. Elevation is 588' from Tryon St lobby to top of pyramid. There are 29 occupiable floors (no 13th floor).
  9. ^^^ I dunno....either he is helpful in Charlotte landing a team, or he isn't. If Marcus thinks Jim is value added to the effort, I'm sure he'd be included in the group. We realistically are only going to get 1 shot at this in the next 10 years. If Jim couldn't find a financial partner at this point, Charlotte is going to miss out. I'm sympathetic, but success is about execution, and the Independence have been really lacking there.
  10. Why not just rebuild JCSU's football stadium into a duel use complex....maybe not feasible, but they already have the land and it's a killer view.
  11. County Commissioners met this past Tuesday, and City Council will meet this coming Monday to discuss approving relocation/expansion incentive package for an unnamed company. Wonder who this could be. I would assume it's something we're not aware of yet. There was a news article that Miami area Bayview Asset Management wanted to consolidate their offices in Coral Gables, but was using Charlotte as a stalking horse in order to get an incentive package to stay/expand in Florida. Those would be good paying financial servies jobs (around 800 I think), but my gut is they stay in Florida. No idea if this meeting is to present a package to them or something completely off our radar.
  12. I guess this would be considered good news, as it speaks to perception of Charlotte's emerging wealth. 2 new luxury auto dealer are opening up this year: Bentley Charlotte is opening behind Scott Jaguar on Tyvola. Lamborghini of Charlotte is opening is opening where the old Sofa Express showroom was on E Independence (about a block before the relocated/expanded Porsche dealership) Bentley I find odd, as Felix Sabates couldn't make his dealership work on Independence next door to BMW Pre-Owned, and closed after 1 year (this was within the last 2 years). This new location is a different ownership group (I think it's Donaldson Automotive Group). Lamborghini I know less about. The only current dealer in the Carolinas is in Greensboro. I don't know if this is the same owner opening an outpost location, or a rival.
  13. Another location of Leroy Fox (restaurant/bar over in Cotswold) is opening at 1616 Center (new office building on Camden).
  14. Land use plans were submitted in Accela yesterday for Phase 1.
  15. The developer is Catellus....they have at least 2 of their local projects on the sales market. I'm not sure if it's coincidence, or if they need to raise additional equity. My guess is they need more equity, as hotel lending standards have tightened nationally on decelerating rate increases and new supply concenrs.