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Legacy Union (former Charlotte Observer redevelopment)


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3 minutes ago, 49er said:

Wow, it looks like they are already working on the elevator core foundation!

whats crazy is... with this at this current point of construction we could actually have a nearly topped out building a year from today.

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@grodney thanks for your manual web cam for they may not even do one unless Johno and Johnny want to look at it from their Southpark offices . Love the progress on the super secret big bank in America anchored tower that is apparently now 632 feet tall! Good job thanks again. 

Edited by KJHburg
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3 hours ago, Dale said:

You can really expedite a project when you don't have to fuss over the design ...

"Jest take those little bitty Capitol Towers and give 'em a good yank!"

"Yes, boss."
 

 

 

People joke about this but I have heard that around 2007 LH was pitching a potential HQ relocation for a fortune 500 company to southpark. The pitch included plans for a tower that looks very similar to these plans. I dont have renderings to share but they do exist. 

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2 minutes ago, jwntim said:

People joke about this but I have heard that around 2007 LH was pitching a potential HQ relocation for a fortune 500 company to southpark. The pitch included plans for a tower that looks very similar to these plans. I dont have renderings to share but they do exist. 

 

So, I interpret this as you saying they (LH) already had the plans ready from another project and then just dusted them off (perhaps with a few tweaks) to build uptown. But, I realize you could also be saying the original client these plans were created for might have renewed interest in relocating to Charlotte. Which, if either, interpretation is correct?

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1 hour ago, jednc said:

So, I interpret this as you saying they (LH) already had the plans ready from another project and then just dusted them off (perhaps with a few tweaks) to build uptown. But, I realize you could also be saying the original client these plans were created for might have renewed interest in relocating to Charlotte. Which, if either, interpretation is correct?

Ha, I was referring to your first point. I have heard the same rumors going around this board with regard to who the anchor is (the bank)

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4 hours ago, KJHburg said:

@grodney thanks for your manual web cam for they may not even do one unless Johno and Johnny want to look at it from their Southpark offices . Love the progress on the super secret big bank in America anchored tower that is apparently now 632 feet tall! Good job thanks again. 

The WBTV Tower Cam is a decent placeholder until a webcam is available. I know it's far away and it doesn't show much now, but it'll be nice to watch from this angle.

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14 minutes ago, AirNostrumMAD said:

You guys are so adamant BoAML will anchor this. Can't wait to see if it turns out to be 

I pray that we are correct. There is just too many coincidences and intel, gonna look super stupid if wrong. There is so much, that if we are wrong, there is some serious subterfuge going on out there. 

Edited by Guest
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Anyway there is no way LH would start a huge building like this on speculation this would be 2x the size of Capitol Towers both of them together and even they did not build both at the same time. I guess we will see soon but a million square foot tower started on speculation with no tenants has never happened in Charlotte ever! 

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1 hour ago, KJHburg said:

Anyway there is no way LH would start a huge building like this on speculation this would be 2x the size of Capitol Towers both of them together and even they did not build both at the same time. I guess we will see soon but a million square foot tower started on speculation with no tenants has never happened in Charlotte ever! 

Just curious, would you be happier with;

1. A yet to be announced mystery tenent.  

Or

2. A spec building of this size.  And what that would say about the Charlotte market.

3. And the extra even more mysterious area in the site yet do be have a mystery tenent or plan.  (Not really an option but just more mystery.)

Edited by Popsickle
"Option 3"
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1, Yet to be announced mystery tenant because tenants mean jobs empty buildings don't.

With 2 new buildings wrapping up uptown plus this new one means there will be lots of available space  and there will be some tenant shuffling anyway. Houston right now for example has some great new office buildings 15-20 stories completely done and empty  because of the oil price collapse. Our uptown Charlotte office market is strong but there is plenty of space coming on line with 2 new buildings and now this 3rd building. I want all 3 to be leased up quickly because that means JOBS. Then that will allow yet another office tower to rise. Actually of recent history only 615 South College was started completely as spec as 300 South Tryon had their anchor tenant in Barings. Charlotte has been very methodical over the years never allowing lots of space to come on line at once. 

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I would find it hard to believe that LH, even in the crazy times of the mid-2000s, would build a 1M sqft tower without an anchor tenant in place. Everything that has been said aligns with it being a financial institution of some sort. The BofA/ML thing does seem like a bit of a stretch to me, especially considering the rumblings about that piece of property near 6th and 8th that they own. But at the same time there are people on this board that are better at putting these pieces together than me :)

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I would find it hard to believe that LH, even in the crazy times of the mid-2000s, would build a 1M sqft tower without an anchor tenant in place. Everything that has been said aligns with it being a financial institution of some sort. The BofA/ML thing does seem like a bit of a stretch to me, especially considering the rumblings about that piece of property near 6th and 8th that they own. But at the same time there are people on this board that are better at putting these pieces together than me [emoji4]

I wouldn't discount those rumblings either, for what it's worth.


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4 minutes ago, norm21499 said:

I can't imagine that BoAML is growing THAT much that it needs two separate sites to develop in Uptown. Is it!?

The employees shrunk by almost 1/3 since 2010 so it is hard to believe for me unless they are relocating significantly out of NYC area.  Maybe they should do that but developing so far away from existing offices (when they have ample space nearby) seems odd.

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12 minutes ago, norm21499 said:

I can't imagine that BoAML is growing THAT much that it needs two separate sites to develop in Uptown. Is it!?

Bank of America and Merrill Lynch have millions of square feet of space in Boston, New York and northern NJ all places much more expensive to operate in than CLT. If your goal is to reduce cost and headcount a stated objective of the Bank what ways could you accomplish that? Announce a relocation to another city. Read the last few paragraphs of this story about Credit Suisse and their possible relocation to the RTP. http://www.bizjournals.com/triangle/news/2017/03/21/north-carolinas-hb2-repeal-could-mean-1-000-plus.html

Then there is this 

http://nypost.com/2017/04/01/people-are-fleeing-new-york-at-an-alarming-rate/

Edited by KJHburg
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2 hours ago, KJHburg said:

Bank of America and Merrill Lynch have millions of square feet of space in Boston, New York and northern NJ all places much more expensive to operate in than CLT. If your goal is to reduce cost and headcount a stated objective of the Bank what ways could you accomplish that? Announce a relocation to another city. Read the last few paragraphs of this story about Credit Suisse and their possible relocation to the RTP. http://www.bizjournals.com/triangle/news/2017/03/21/north-carolinas-hb2-repeal-could-mean-1-000-plus.html

Then there is this 

http://nypost.com/2017/04/01/people-are-fleeing-new-york-at-an-alarming-rate/

I'm under the impression the Boston teams and ML teams arent moving down here any time soon. 

 

And as far as headcounts, is that mostly due to financial centers becoming more efficient and automated? 

 

 

 

 

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12 hours ago, KJHburg said:

Bank of America and Merrill Lynch have millions of square feet of space in Boston, New York and northern NJ all places much more expensive to operate in than CLT. If your goal is to reduce cost and headcount a stated objective of the Bank what ways could you accomplish that? Announce a relocation to another city. Read the last few paragraphs of this story about Credit Suisse and their possible relocation to the RTP. http://www.bizjournals.com/triangle/news/2017/03/21/north-carolinas-hb2-repeal-could-mean-1-000-plus.html

Then there is this 

http://nypost.com/2017/04/01/people-are-fleeing-new-york-at-an-alarming-rate/

Many people who make $350,000 and less would love to leave NY for Charlotte, and that's why "lower level people" like lawyers, accountants, etc. are getting relocated to the Sunbelt.   You can't live a great life in NYC or its burbs with less than $350k, whereas you can lead a great life in Clt on way less than that.  That being said, the top people, and revenue generators, would never want to leave NY.  If you're rich, NY is WAY, WAY, WAY, better than Charlotte in every respect.   To New Yorkers, Charlotte doesn't even seem like a real city.  It's kind of like a big version of White Plains or Stamford.

Also, a company's cost for having non-essential people (lawyers, accountants, IT, HR, marketing, etc.) in Charlotte, Dallas, Atlanta, etc. versus NY is astronomical.   

Edited by edmundblackadder1999
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20 minutes ago, edmundblackadder1999 said:

Many people who make $350,000 and less would love to leave NY for Charlotte, and that's why "lower level people" like lawyers, accountants, etc. are getting relocated to the Sunbelt.   You can't live a great life in NYC or its burbs with less than $350k, whereas you can lead a great life in Clt on way less than that.  That being said, the top people, and revenue generators, would never want to leave NY.  If you're rich, NY is WAY, WAY, WAY, better than Charlotte in every respect.   To New Yorkers, Charlotte doesn't even seem like a real city.  It's kind of like a big version of White Plains or Stamford.

Also, a company's cost for having non-essential people (lawyers, accountants, IT, HR, marketing, etc.) in Charlotte, Dallas, Atlanta, etc. versus NY is astronomical.   

I live a fantastic life in NYC well under 350k

You know what though guys. I've changed my stance. I hope it isn't BofA. I hope its some company we never even expected taking most of the tower. 

Edited by Guest
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6 minutes ago, ricky_davis_fan_21 said:

I live a fantastic life in NYC well under 350k

You know what though guys. I've changed my stance. I hope it isn't BofA. I hope its some company we never even expected taking most of the tower. 

I'm in that same line of thinking as it'd be nice to diversify our employment base with another out of region employer filling this tower.  Or one (US Bank) with a smaller presence.  Just using them as hypothetical as I know their name was thrown around and they fit the description of someone I'd be hoping for. 

Edited by SouthEndCLT811
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I guess I'm in the minority here but I'm really liking this building with the update. Before, I was somewhat indifferent because of the looks but liked it considering its style and size. Now, it is SO much better proportioned and the style is 10x better.

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