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Plaza-Midwood Projects (Central, Commonwealth, The Plaza)


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Anyone know what's going to happen with that space now that Hong Kong vintage on Central looks to be closing?

I was wondering the same thing.  I would think it would rent pretty fast.  Also, I haven't noticed much progress on the new bar at Central and Thomas.

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Pollack Shores has closed on the property on Central (between Louise and Oakland) for its apartment complex. Great location, hope the design fits the area.

http://www.bizjournals.com/charlotte/blog/real_estate/2014/06/pollack-shores-purchases-plazamidwood-site-for-new.html

It fits Charlotte being that it looks exactly like everything else going up around town. 

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It fits Charlotte being that it looks exactly like everything else going up around town. 

Is there a rendering somewhere that you're referring to? If you're just making a cynical assumption, well, you're probably right, but I'm holding out hope that they will do something interesting on this corner. That Central Coffee and Intermezzo have stuck around so well show that it should be a prime spot for retail too.

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Is there a rendering somewhere that you're referring to? If you're just making a cynical assumption, well, you're probably right, but I'm holding out hope that they will do something interesting on this corner. That Central Coffee and Intermezzo have stuck around so well show that it should be a prime spot for retail too.

PollackCentral.png

PollackCentral2.png

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Yeah I'm not a fan. Way too massive and monolithic for the context of that corner. The only saving grace is ground floor patios.

 

No retail in that location, taking up an entire block of potential spots, is unforgivable in my book. I'd actually rather see Grand Central renovated and the building next to it looks like it could harbor retail. Build something like this a block over towards Hawthorne where those 1 story manufacturing type buildings are.

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Is there a reason for all this lack of retail with EVERY project in Charlotte?? What set this precedent and why does it continue? Is it that the market can't handle all the retail and its just us here on UP clamoring for it? I just don't understand that after all the complaining, these new projects STILL don't have retail.

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Financing.....lenders won't underwrite retail revenue, so a developer would have to finance the retail component with equity, which is more money out of their pocket and lowers their return.  Some will do it, because 1) they have a very high confidence that they can successfully fill the space profitably, or 2) they view it as an amenity for the residents and can therefore charge higher rents.

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Financing.....lenders won't underwrite retail revenue, so a developer would have to finance the retail component with equity, which is more money out of their pocket and lowers their return.  Some will do it, because 1) they have a very high confidence that they can successfully fill the space profitably, or 2) they view it as an amenity for the residents and can therefore charge higher rents.

That is just crazy, well I guess my second question is.....is it this bad in other cities? Are we with a majority of cities that are seeing new apartment/building projects being built without retail? Is it a product of the 'economy'? I just don't get how some of these developers don't add it in certain locations, just seems like a WIN. The mint for example, PRIME location for a retail lined bottom floor. I guess I just don't get it (and it makes me angry like everyone else).

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That is just crazy, well I guess my second question is.....is it this bad in other cities? Are we with a majority of cities that are seeing new apartment/building projects being built without retail? Is it a product of the 'economy'? I just don't get how some of these developers don't add it in certain locations, just seems like a WIN. The mint for example, PRIME location for a retail lined bottom floor. I guess I just don't get it (and it makes me angry like everyone else).

I don't know...anecdotally, every project I see under construction in Raleigh, Atlanta, DC, Nashville, even Winston Salem seems to include substantial retail.

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I don't know...anecdotally, every project I see under construction in Raleigh, Atlanta, DC, Nashville, even Winston Salem seems to include substantial retail.

Yeah, you are definitely right about DC and its suburbs. Every major residential project has at least some retail, with many having full-fledge major grocery stores.

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I thought there were zoning requirements for retail along Central Avenue?  Are those not in place at that point on Central?

They front central, but they may be far enough away from the core of PM that they aren't requiring commercial.

 

The more likely explanation though is that the city dropped the requirement for this project.

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I'm fine with no retail here. I would rather Family Dollar Center be demo'd for a Urban Mixed use development with enough retail, office and residential to satisfy all of us.

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I'm fine with no retail here. I would rather Family Dollar Center be demo'd for a Urban Mixed use development with enough retail, office and residential to satisfy all of us.

I'm assuming that's not happening any time soon. With the grocery store and a new restaurant moving in, I'm sure that place is there for the long haul.

 

Hell, I'd be happy if they just built a parking deck with ground level retail there. At least it'd alleviate parking problems in the neighborhood and get rid of that huge parking lot while adding some more retail at the street level.

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I'm assuming that's not happening any time soon. With the grocery store and a new restaurant moving in, I'm sure that place is there for the long haul.

 

Hell, I'd be happy if they just built a parking deck with ground level retail there. At least it'd alleviate parking problems in the neighborhood and get rid of that huge parking lot while adding some more retail at the street level.

Love that idea.

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  • 1 month later...

A new apartment project filed for a Land-Use meeting to discuss a project at the site of the warehouse building at the corner of Commonwealth and St Julien (google says its occupied by Southern Exterminating).  No other info on it, but clearly I think the neighborhood would prefer an apartment use there.

 

Also, Gateway Homes filed for their meeting on the Art Decoish looking apartment project across from the Gas Station and next to the the VFW.   That project got its rezoning approval this month.  I'm actually looking forward to that project a lot.  Central is getting an interesting mix of 3-4 story small scale projects.

I was on the city website yesterday and it looked like some updated plans had been submitted on the Gateway Homes ("Marvel Apartments") development.  The drawing date is June 4 and the upload is July 1, so it looks like they are still alive on this one.  No major changes, just small revisions.

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From the Charlotte Business Journal:

 

• CampusWorks has filed a rezoning petition for a small piece of land that is part of a larger assemblage in Plaza-Midwood where it is planning an apartment project. The firm is seeking a zoning change for the half-acre site to make it consistent with the rest of the property. (Hawthorne and Central Ave.)

 

• Developer Brian Barwick is seeking a rezoning for up to 95 apartment units on 1.5 acres on the north side of East Seventh Street between Clement and Pecan avenues. The property, owned by members of the White family, includes the Roy White’s Flowers building on East Seventh and six more parcels between that building and Clement, most of which are vacant.

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