Legacy Union (former Charlotte Observer redevelopment)

[Synopsis101]

1 hour ago, ricky_davis_fan_21 said:

Don’t be excited. I’ve heard super basic stuff. SUPER BASIC. Bank branch, fast casual restaurants, Basic.


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Announced phases or the entire project?

[J-Rob]

https://www.bizjournals.com/charlotte/news/2018/12/11/deloitte-to-anchor-next-office-phase-of-legacy.html?ana=e_clt_bn_breakingnews&u=RkTM6rR%2BzSSTYedJH7m8Yg0591957a&t=1544530974&j=85469341

Wow! Deloitte to anchor LU2. That is big news considering they haven’t even been alluded to as a potential anchor. Awesome! Hopefully that means AIG and a few others still need a tower.


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[CLTProductions]

 yeah this is pretty awesome for the building. Certainly will have this thing speed along.  Finally can talk about this. Yay

Edited December 11, 2018 by Jayvee

[HopHead]

The amount of positive news for new office towers uptown just in the last week has bee crazy. Deloitte as an anchor tenant is fantastic. 

[SydneyCarton]

This is going to be beautiful!

 

 

[KJHburg]

Deloitte is moving from 82,000 sq ft in the Wells Fargo owned Duke Energy Center.  Wonder if Wells is backfilling the space aka like what BofA did in their corporate center?  Anyway this LU2 is 25% preleased but I wonder if some additional tenants are ready to sign but maybe didn't want to get squeezed into to Legacy 1?

anyway great news and a great looking building that complements LU1 but is very different.   so the fear of some of having 2 blocks of look alike towers should be alleviated now.   And there is more news to come! 

[KJHburg]

Here is the Business Journal article about the new tower with a few more details.  From a 2010 article in the Business Journal I found they originally leased 82,000 sq ft in the DEC but this new article is saying 70,000.     Anyway great to have the Deloitte name on the skyline as they do employ quite a few.   Look for another accounting consulting firm to stake out their own building.  

https://www.bizjournals.com/charlotte/news/2018/12/11/deloitte-to-anchor-next-office-phase-of-legacy.html?ana=e_clt_bn_breakingnews&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1544535424&j=85469341

[CharlotteWkndBuzz]

Imagine if Honeywell decided to build a LU3 tower...that would be a cluster (in a good way lol)...Seems with the Deloitte announcement, that Honey will be in Southend maybe.  When it rains, it pours!

[KJHburg]

Johno Harris, Johnny Harris's son,  really does not speak alot to the media so it is important to see what he is saying.   From the Charlotte O article

""“We wanted to do something that was iconic in nature,” said Johno Harris, chief operating officer of developer Lincoln Harris. It’s the start of the second phase of a 10-acre, two-block development that will ultimately transform a big chunk of uptown land next to the Carolina Panthers’ stadium.  Lincoln Harris officials said they’re in talks with potential hotel, multifamily and retail developers for the rest of the site.

“We continue to have significant conversations with all types, whether that’s hospitality, or multifamily, or retail or even office,” said Harris. “There’s a lot of momentum and we’re excited about what comes next.” ""

""Deloitte will lease the top four floors of the 650 South Tryon building, accounting for about 90,000 square feet of space. The building will total 362,000 square feet.""

Quote from Johno to the Business Journal 

"""From our viewpoint, if you think about it, the towers that have been announced (in uptown) are effectively preleased," Harris said. "There’s not a lot of huge blocks of Class A office space and as long as the market continues to grow and there’s demand, we’re in a very good position."""

Imagine how tall this building will appear from I-277 this is another tower roughly the same height at 615 South College.   I will go ahead and say it I like both the BOAT at Legacy tower and this one LU2 so please now don't run me out of town on a LYNX light rail.  LOL 

And can we add this to Under construction on the Wikipedia list of tallest buildings as site work as begun.  Thanks to the UPer that updates that site. 

 

Edited December 11, 2018 by KJHburg

[J-Rob]

Hmmm... This is interesting.  Deloitte audits Honeywell.  Could mean Deloitte has agreement for potential expansion in LU2 as Honeywell moves to Charlotte!  

[atlrvr]

2 hours ago, KJHburg said:

Deloitte is moving from 82,000 sq ft in the Wells Fargo owned Duke Energy Center.  Wonder if Wells is backfilling the space aka like what BofA did in their corporate center?  

I would say definitely.  Wells took over the 33rd and 34th floor after Barings moved to 300 S Tryon earlier this year.

1 hour ago, J-Rob said:

Hmmm... This is interesting.  Deloitte audits Honeywell.  Could mean Deloitte has agreement for potential expansion in LU2 as Honeywell moves to Charlotte!  

I would guess the opposite effect.  It's probably frowned upon in the audit world to appear to have a close relationship with the firm you are auditing.  Would suggest this points even stronger that Honeywell likely to go to South End.

Edit: I may have misread the comment.  If the implication was that Honeywell would be audited by the Charlotte office of Deloitte now and that drives additional space needs, probably, but I would think pretty marginal, even for a Fortune 100 client.

[J-Rob]

The edit comment was what I was getting at.  I would venture to guess a Fortune 100 client with ~$40B revenue might require a 20 - 25 person audit team.  Maybe more, but you are right.  The additional office space would be marginal, particularly considering a Honeywell dedicated audit team would probably work out of the Honeywell office most of the time.  Still good news for Charlotte Deloitte office.  Those fees will help pay for signage rights on a new build high-rise fronting 277.

[nicholas]

Really good news.  Hopefully this means there's still hope for the NAI tower in Elizabeth to snag a tenant during this cycle, although not having the cache of an uptown address isn't doing it any favors.

[lancer22]

6 minutes ago, nicholas said:

Really good news.  Hopefully this means there's still hope for the NAI tower in Elizabeth to snag a tenant during this cycle, although not having the cache of an uptown address isn't doing it any favors.

Although not very re-assuring, it has garnered almost 0 attention from tenants rolling through town these past few months. Not super hopeful, but could be wrong. 

[Guest]

Edited December 11, 2018 by Guest

[Dale]

4 minutes ago, ricky_davis_fan_21 said:

Small wonder you don’t hear much from the Harris’s.

[Guest]

3 minutes ago, Dale said:

Small wonder you don’t hear much from the Harris’s.

I know right?

[Matthew.Brendan]

So this is going to be a sheer blue glass box. Transformative! Daring! Perfect follow up to the pyramid.

[Dale]

Ricky, does, “We’re having conversations with ... retailers” point to anything to get excited about longer range ?

[Guest]

4 minutes ago, Dale said:

Ricky, does, “We’re having conversations with ... retailers” point to anything to get excited about longer range ?

Theres a few items in the current plans that sort of point to maybe there will be a large amount of internal retail (like overstreet mall, ugh). I just don't know if that means we get tenants like Columbus Circle in Manhattan, or Galleria at Erieview in Cleveland. 

Edited December 11, 2018 by Guest

[Dale]

Just now, ricky_davis_fan_21 said:

Theres a few items in the current plans that sort of point to maybe there will be a large amount of internal retail. I just don't know if that means we get tenants like Columbus Circle in Manhattan, or Galleria at Erieview in Cleveland.

I’m just hoping for an eventual transition from ...

WELCOME TO UPTOWN: WHERE RETAIL MEANS RESTAURANTS

[SydneyCarton]

19 minutes ago, Matthew.Brendan said:

So this is going to be a sheer blue glass box. Transformative! Daring! Perfect follow up to the pyramid.

It looks like it will be nice between the sloped roof and the angled, cantilevered facade.

It reminds me a little of McKinney & Olive in Dallas.

[CharlotteWkndBuzz]

I remember a long time ago Apple was throwing around a concept of an Apple Cafe...not sure if it ever materialized.  Essentially would be an Apple store that offered meeting/hangout space and coffee shop.  Similar to the new Capital One and Chase lounges.  An Apple store in general would thrive in Uptown (Ally or LU specifically).  I feel like developers are so wary about bringing in certain retail (basically anything other than food & bev), that it's going to take someone to grow a pair, announce the tenant publicly, and then hopefully other projects follow suit.  I know it's not that easy and retail in southend is growing, but someone needs to pop the retail cherry (in Uptown).  Steakhouse this, poke bowl that, tapa this, fushion that...all good, but need a mixture at some point.  

[navigator319]

5 hours ago, KJHburg said:

Johno Harris, Johnny Harris's son,  really does not speak alot to the media so it is important to see what he is saying.   From the Charlotte O article

""“We wanted to do something that was iconic in nature,” said Johno Harris, chief operating officer of developer Lincoln Harris. It’s the start of the second phase of a 10-acre, two-block development that will ultimately transform a big chunk of uptown land next to the Carolina Panthers’ stadium.  Lincoln Harris officials said they’re in talks with potential hotel, multifamily and retail developers for the rest of the site.

“We continue to have significant conversations with all types, whether that’s hospitality, or multifamily, or retail or even office,” said Harris. “There’s a lot of momentum and we’re excited about what comes next.” ""

""Deloitte will lease the top four floors of the 650 South Tryon building, accounting for about 90,000 square feet of space. The building will total 362,000 square feet.""

Quote from Johno to the Business Journal 

"""From our viewpoint, if you think about it, the towers that have been announced (in uptown) are effectively preleased," Harris said. "There’s not a lot of huge blocks of Class A office space and as long as the market continues to grow and there’s demand, we’re in a very good position."""

Imagine how tall this building will appear from I-277 this is another tower roughly the same height at 615 South College.   I will go ahead and say it I like both the BOAT at Legacy tower and this one LU2 so please now don't run me out of town on a LYNX light rail.  LOL 

And can we add this to Under construction on the Wikipedia list of tallest buildings as site work as begun.  Thanks to the UPer that updates that site. 

 

Harris seems to think Uptown has a lack of office space in these quotes.  I'm glad he does as it means we will get more.  I'm just curious though as to why he thinks this. 

I have been a little worried for some time Uptown has some BIG chunks of space available to fill and some if it been around a while. 

• 300 Brevard - Empty LONG time - Yes finally Lending tree may take it - Huge if they do and this is off market
• Bearings building has what looks like 7-10 empty floors when its light up at night
• Charlotte School of Law space in Grant Thorton building
• Old Ally Center when Ally leaves
• DFA in 5/3 when they move into new Southend building
• Remaining in Legacy 1
• Remaining in Legacy 2
• 300 South Tryon when Duke leaves

Seems like a lot of space to be absorbed to me, no?

 

 

[Trickbot]

Got this picture while going to the Panthers store today. Also this little mountain of dirt next to it that I thought was funny