Missmylab4

Legacy Union (former Charlotte Observer redevelopment. BofA Office Tower + ???)

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Why not a "mall"? Make the back side a lobby/ball room/meeting space for future Highrise development and parking. The front and sides could be outward facing retail 2 stories. Combined With Crescent & Duke tower, that's a huge retail area.

Of course not that we could even absorb all that retail space or crescent happens or the CO site ever becomes retail.

Because it will completely destroy any hope we ever have for a retail stroll district and is just absolutely anti urban. Yes the center city needs about 350k sq feet of retail somewhere, but it shouldn't all be stuck in once place. It needs to be continuous blocks of spaces along Tryon and Trade, not some mall people disappear into.

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Because it will completely destroy any hope we ever have for a retail stroll district and is just absolutely anti urban. Yes the center city needs about 350k sq feet of retail somewhere, but it shouldn't all be stuck in once place. It needs to be continuous blocks of spaces along Tryon and Trade, not some mall people disappear into.

In principal I agree, but I'm not so certain it's such a black and white situation.   I DO NOT want the site to turn into some kind of retail mall in Uptown whatsoever - but I also don't think if it does it will destroy the chances of an retail stroll district.

 

I do prefer though that they rehabilitate the building for other uses over tearing it down - unless it is being torn down for a ready to build project, because my biggest fear with that site to have an empty lot at that particular entrance to uptown.

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^ iMO a $20 million plus valuation on each parcel make keeping the existing buildings impossible from a revenue perspective.

Also since the very underfunded Mclatchy pension fund owns the two parcels I doubt they can afford to sit on it for long once they resolve the issue of the Observers lease.

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boo.

You are basically advocating a mall. This is the opposite of what we should want.

 

I wasn't advocating anything. Just pointing out the high dollar investment that would be needed for the property. I'm not sure how you would redevelop it into anything other than a mall type facility though unless you imploded it and started from scratch. 

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And an all cash deal. Wonder if the city would do something?

So I wonder once CO packs up what would the owners do? let the building sit? No revenue?

Bulldoze it and make it a parking lot (if that's allowed anymore)?

come up with a plan to make it more attractive to buyers?

 

Surface parking lots are not allowed as a primary use in UMUDD zoninig (which is all of uptown) except those that were grandfathered in. Vacant lots seem to be a different story...

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I thought the same thing

I would say they probably won't take something brand new. I think they'll be looking for value and a deal. Newspapers aren't awash in money these days so the biggest bang for their buck is what I'd expect. Does that mean I'd rule out Portman or the new Trinity Partners building, no...but I think it's highly unlikely.

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They said in the article they are looking for a new state of the art building. I think they end up at trinity. Their 8.5 acres of land is worth north of $40million.

I guess I read that differently... I took it to mean state of the art as in equipment to produce (not print, I know that will be done in UC) the paper. I guess it could refer to the building and if so then I hope that means signing with Trinity!

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I guess I read that differently... I took it to mean state of the art as in equipment to produce (not print, I know that will be done in UC) the paper. I guess it could refer to the building and if so then I hope that means signing with Trinity!

Honestly, my reasoning is that they plan on having their name on a building with maximum visibility which requires them to be the majority tenant. There isn't a building downtown with enough space or visibility that satisfies either these desires. They also have 500-600 employees to house in the new headquarters (100-200 would probably move to UC). I just think trinity makes sense, with all this in mind. Don't get me wrong, I know it's an eyebrow raiser for a newspaper to want to sign a high profile lease and all, but the sale of their land will make them flush with funds

Forgive punctuation and spelling and run on sentences, written on my iPhone.

Edited by ricky_davis_fan_21

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Honestly, my reasoning is that they plan on having their name on a building with maximum visibility which requires them to be the majority tenant. There isn't a building downtown with enough space or visibility that satisfies either these desires. They also have 500-600 employees to house in the new headquarters (100-200 would probably move to UC). I just think trinity makes sense, with all this in mind. Don't get me wrong, I know it's an eyebrow raiser for a newspaper to want to sign a high profile lease and all, but the sale of their land will make them flush with funds

Forgive punctuation and spelling and run on sentences, written on my iPhone.

Yes they will be flush with funds, but thats just right now. They have to be somewhat business savvy right? That money wont last forever and we all know the newspaper biz is dying. I just don't see what will eventually be an online media outlet really needing that much space, and needing to make that big of an investment. Or am I off?

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Yes they will be flush with funds, but thats just right now. They have to be somewhat business savvy right? That money wont last forever and we all know the newspaper biz is dying. I just don't see what will eventually be an online media outlet really needing that much space, and needing to make that big of an investment. Or am I off?

You are 100% right about it all. Newspapers are dying, but this move could end up cutting expenses, despite the move to a modern building.

Can you imagine the operating expenses that they probably have for their hulking giant of a building from 1972, the property taxes on 9.6 acres in uptown alone would be staggering. They would be moving into an efficient, modern building and leasing it, if anything they would probably be saving money long term by moving to Trinity.

Not to mention the fact that it's a lease in SouthEnd instead of uptown. It will likely be $5-10 per square feet less than any class A office in uptown.

They want:

* Visibility

* Their name on a building

* Space

* Class A office

* Modern Technology

* Somewhat of a bargain.

Trinity

Edited by ricky_davis_fan_21

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 but the sale of their land will make them flush with funds

 

 

Sadly this will not be the case. McClatchy transferred their real estate holdings to their pension fund due to underfunding back in 2011. The Observer has been leasing the building from the pension fund since then.  The sale of the Observer property will benefit former employees but not the company's balance sheet.

 

http://www.mcclatchy.com/2011/01/14/2379/mcclatchy-announces-contribution.html

 

Given the current state of the industry I was surprised to see that the Observer was hoping for space in/near the CBD. I would not be surprised if every newspaper that has relocated in the past 20 years has ended up much further from the CBD (e.g. the Chicago Sun Times)

Edited by kermit

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Sadly this will not be the case. McClatchy transferred their real estate holdings to their pension fund due to underfunding back in 2011. The Observer has been leasing the building from the pension fund since then.  The sale of the Observer property will benefit former employees but not the company's balance sheet.

 

http://www.mcclatchy.com/2011/01/14/2379/mcclatchy-announces-contribution.html

 

Given the current state of the industry I was surprised to see that the Observer was hoping for space in/near the CBD. I would not be surprised if every newspaper that has relocated in the past 20 years has ended up much further from the CBD (e.g. the Chicago Sun Times)

I had read that. It's unfortunate, but I still feel it will help the company long term and open up things for them financially.

I too was surprised that they would want something high profile. I could be way off with my trinity prediction, but it definitely it'll seems to be the best fit for their criteria, as its a lower lease rate but still offers visibility.

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Given the current state of the industry I was surprised to see that the Observer was hoping for space in/near the CBD. I would not be surprised if every newspaper that has relocated in the past 20 years has ended up much further from the CBD (e.g. the Chicago Sun Times)

 

You could argue that they become high-tech companies, or that they already are.  I suspect every paper relocating out of CBD's is related to co-location with printing presses.  Now that digital formatting (both for print and internet content) that separation of space is meaningless.

What they really need is some shared work-space for contract writers to come mingle with editors on an semi-regular basis, a bunch of sales people (digital and print), and some graphic designer.  I was going to say data analytics, but McClatchey corporate probably does that centralized.

 

It's about having a centralized location to work from (close to Panthers, city hall, etc) and area that attracts tech/graphics talent, and also centralized enough that sales people can easily make site visits when requested.

 

I'm not saying that the industry isn't without significant challenges, and that cost cutting isn't necessary, and that urban office space is hard to justify to the bean-counters, but really, if you move the news/production staff out to the 'burbs, then you've already given up and are just trying to pro-long the inevitable.

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I think another possibility is for the Observer to take over the CBJ building?

Aren't they adding a couple floors to that building? It's close to uptown and I always thought it was prominent signage.

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^That's what I was thinking. Though Trinity would probably be visible from 277.

 

While newspapers are fading, local news is still happening and we need to know about it. Even if the medium changes the Observer will still be around in some form. I think it's great that they want to stay in or around uptown. In my ideal world, all of the central "institutions" would be based out of uptown (ie: I really liked it when WBTV's uptown studio on the Square).

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In my hometown of Gainesville, FL the Gainesville Sun noisily agitiated for downtown development over the years ... then moved out of downtown. :(

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