Wachovia South Tryon Projects

[appatone]

Think of the boom this would create between the park and the cultural attractions. Also, were they correct in saying 600 residential units? It would be killer to see a 55-floor residential tower go up there in addition to Wach's office tower. That would be two tall towers as a bookend for S. Tryon but I know Wachovia will split those units up into shorter buildings.

[monsoon]

The city's first public-private partnership was City Fair.

[dubone]

one positive if they split the 600 units into different buildings is that it means that they might opt for a smaller footprint for the office tower in order to get the extra land for another resi tower. That might have been the economics driving the taller office tower. that way for the same office space, we get a taller building rather than shorter, wider building like 3 wach.

Imagine if they know how popular ratcliffe would be and they had stacked the short half of 3 wach on top of the taller half, and used the extra land for a much bigger ratcliffe....

[atlrvr]

It's a double loaded building that would run deep down Church and some over the Mint along 1st (based on the rendering)....I would guess this project to be somewhere in the 25-30 story range, based on estimated floorplates, floorplate efficincies, and average unit sizes.

[A2]

It's a double loaded building that would run deep down Church and some over the Mint along 1st (based on the rendering)....I would guess this project to be somewhere in the 25-30 story range, based on estimated floorplates, floorplate efficincies, and average unit sizes.

<{POST_SNAPBACK}>

sign me up I'll take it.

A2

[rockhilljames]

A2, I have no idea as to what the city will do in regard to funding. I only have a couple of friends at the city, and no one in a position to know what the city would do in this case.

In my opinion, it sounds like a heck of a project and one that carries very little risk for the city. It's also a way of taking a chunk out of ASC's proposal without spending as much money for it. Why they wouldn't do it is beyond me, but one never knows.

[A2]

A2, I have no idea as to what the city will do in regard to funding. I only have a couple of friends at the city, and no one in a position to know what the city would do in this case.

In my opinion, it sounds like a heck of a project and one that carries very little risk for the city. It's also a way of taking a chunk out of ASC's proposal without spending as much money for it. Why they wouldn't do it is beyond me, but one never knows.

<{POST_SNAPBACK}>

One answer as to why they want:

Don Lochman

No, but seriously, I agree with you whole-heartedly RHJ. I think it is a win-win for the city as well as the bank. Even if this thing was presented to the public, I think they would let it fly hands down. Why would you not want to support the Arts with your Tax money? I question most things that the gov't does with tax money, but I have absloutely no problem giving my hard earned cash to support a community that I am proud to be a part of. The other thing that city needs to think about is the fact that Wachovia is the largest employer in CLT. I would not want to piss any corporate leaders off by saying NO. That send the signal that they don't care.

A2

[ElricSeven]

One answer as to why they want:

Don Lochman

No, but seriously, I agree with you whole-heartedly RHJ. I think it is a win-win for the city as well as the bank. Even if this thing was presented to the public, I think they would let it fly hands down. Why would you not want to support the Arts with your Tax money? I question most things that the gov't does with tax money, but I have absloutely no problem giving my hard earned cash to support a community that I am proud to be a part of. The other thing that city needs to think about is the fact that Wachovia is the largest employer in CLT. I would not want to piss any corporate leaders off by saying NO. That send the signal that they don't care.

A2

<{POST_SNAPBACK}>

Not wanting to peeve the big banks will be the biggest motivator, especially with all this buying up of other banks and the temptation to move jobs elsewhere. The more infrastructure they've got here, the more they're likely to stay.

This will get a thumbs up from the council. That's my prediction and I'm standing by it.

[catdaddy]

Hopefully the Hieght will change. Recently with charlotte proposed towers they seem to nevver have a definite height.

[peaceloveunderstanding]

if not maybe when can get the state to help us, the favorite city

[krazeeboi]

^Start with interstate widening/improvement first, then work your way down the list to this project.

[monsoon]

Hopefully the Hieght will change. Recently with charlotte proposed towers they seem to nevver have a definite height.

<{POST_SNAPBACK}>

It has happened before. If I remember correctly the BofA tower started as a 40 something tower. McColl hedged his bets until he knew what FU was going to do with the Whirlitzer Bldg. Then, POW, 60 stories with a Crown. That would have made it taller than any building in Atlanta. However C&S who was eyeballing what McColl was doing, bolted that big ugly christmas tree thing on top of their building after it was too late to make changes to the Charlotte building. That building looks like a burning cigarette at night.

[cinco]

It has happened before.

[dubone]

that is a pretty funny story.

the kens don't seem to have those kind of anecdotes around them. Ed and Hugh sure seem to have plenty of legends, though.

[monsoon]

Well they did get the last laugh on C&S. A merger of "equals" with a Charlotte Bank, is never as such.

[A2]

Well they did get the last laugh on C&S.  A merger of "equals" with a Charlotte Bank, is never as such. 

<{POST_SNAPBACK}>

Speaking of mergers, did anyone get a chance to read the CBJ this weekend. I did not like what Ken said in the article regarding the BofA, Wachovia, and MBNA deal. He mentioned towards the latter end of the article that a merger of equals would only happen if it were right for shareholder. I can't believe he would even mention such, it just opens the door for more speculation about a Wells and WB merger. The problem that CLT would face if that became a reality is that we would lose out to SanFran for the HQ city. This was according to several analyst in the article. I am NOT saying this is ever going to happen, but for the man who mans the "ship" to even say this is WAY out of line (IMO). If I were CLT and I were thinking about throwing in ANY cash into WB's big proposal, I would make the bank commit to CLT. It would be foolish to help build for a bank that would just abandon CLT after it had recveived major funding (possibly from tax payers), then to just walk out. Again, I am not suggesting that this would ever happen, but in today's corporate world you never really know.

A2

[OE-305]

The problem that CLT would face if that became a reality is that we would lose out to SanFran for the HQ city. This was according to several analyst in the article.

<{POST_SNAPBACK}>

I thought Wachovia was the larger bank? Why would we lose our headquarters then? I couldn't find the article online.... did you read it in the print addition?

[A2]

I thought Wachovia was the larger bank?  Why would we lose our headquarters then?  I couldn't find the article online.... did you read it in the print addition?

<{POST_SNAPBACK}>

Yes it is in the Print edition. You are right to some degree Wachovia is larger, but only in deposits. The most important figure to look at in M&A is Market Capitilization. WB is 80B compared to that of Wells, which is just over 100B. It is over 20% larger. In making deals this is HUGE. But the thing that really is scary is that management would love to have SanFran as their HQ to steal what CLT took from them years ago. That was BofA, when Nations Bank moved in under Hugh McColl. THis would almost be like payback. I am sure they would love to entertain the idea of a marriage. They would make it sooooo sweet for Ken THompson and company as to where they would be crazy not to take the deal. Again, I am just throwing this out there. The realtiy is that shareholders have the final say. I would think that most shareholders for WB would have a hard time with this merger. But, it also makes sense as both banks are relatively the same size and they are polorized with respect to where their main biz is. (Ie WB on the East and Wells on the West). The merger would make essentially another bank about the size of current day BofA with National prominence.

A2

[dubone]

http://charlotte.bizjournals.com/charlotte.../11/story7.html

[dubone]

is there some legislation passed that makes it hard to take over an NC-based bank? I have no real details, i just thought i remembered reading something like that once. It might have been part of the legislation to support the first union takeover of wachovia versus suntrust.

I'm not saying impossible, as obviously suntrust just took over ccb... but making it harder?

[Sabaidee]

I hope for Charlotte's sake. Wachovia should focus on US Bancorp if they want to do a "merger of equals."it's about 1/3 the size of Wells Fargo at $198 billions. And Wachovia has no presence in the Midwest. The gaps in the banks' ranking are shocking. The top 3 are above $1 trillion, and 4th and 5th are around $500 to $600 billion. and US Bancorp the number 6 is at $198 billions.

[A2]

is there some legislation passed that makes it hard to take over an NC-based bank?

[skylinedrive]

A2, from what I understand this is not a handout to Wachovia. Instead the property taxes that Wachovia will pay on this new skyscraper will pay off the muesems. So Wachovia doesn't get a break at all. They will be paying the same property tax rate that all of us do.

I think this would be a great project for downtown Charlotte and push it up to the next level. If Wachovia is about to get bought out, then we better hurry and get this deal done now...cause if they do get bought out by Wells Fargo then this deal will be dead.

[dubone]

A2, from what I understand this is not a handout to Wachovia. Instead the property taxes that Wachovia will pay on this new skyscraper will pay off the muesems. So Wachovia doesn't get a break at all. They will be paying the same property tax rate that all of us do.

I think this would be a great project for downtown Charlotte and push it up to the next level. If Wachovia is about to get bought out, then we better hurry and get this deal done now...cause if they do get bought out by Wells Fargo then this deal will be dead.

<{POST_SNAPBACK}>

good point.

[monsoon]

Actually the NC Legislature passed Senate Bill 795 which made it impossible for Suntrust to derail the Wachovia - First Union merger.

Read about it here.