Legacy Union (former Charlotte Observer redevelopment)

[tozmervo]

1 hour ago, AirNostrumMAD said:

 

 

 

Love Legacy in the CLT skyline. Would’ve loved to see the unbuilt morehead tower across 277 from Legacy. 

 

 

 

 

There would be some crazy ritual sacrifices up in that temple front

[EllAyyDub]

9 hours ago, AirNostrumMAD said:

Love Legacy in the CLT skyline. Would’ve loved to see the unbuilt morehead tower across 277 from Legacy. 

Can I get a TL;DR for this project? First I’ve heard of it.

[15895]

40 minutes ago, EllAyyDub said:

Can I get a TL;DR for this project? First I’ve heard of it.

Condo tower victim of the 2008 recession that was on Morehead st. 

Not all, but a couple others: 

^ 12 hotel (beside catalyst) 

 

[j-man]

I really do not understand the whole "building in phases sometimes in development projects. Like if there are multiple structures on different parcels, why do some developers build one at a time when they've all been finalized. Like why can't half be built and the other land be used for construction purposes. I say that because I would hate for them to wait for LU2 to be done to start work on the other area by the parking garage, as construction there is wrapping up. 

[Guest]

46 minutes ago, j-man said:

I really do not understand the whole "building in phases sometimes in development projects. Like if there are multiple structures on different parcels, why do some developers build one at a time when they've all been finalized. Like why can't half be built and the other land be used for construction purposes. I say that because I would hate for them to wait for LU2 to be done to start work on the other area by the parking garage, as construction there is wrapping up. 

Cuz thats how the economics of it generally works.  The areas by the parking deck will start once market conditions allow it to start. Once financing is secured. Once possible Joint Venture partners are signed on. Building a $150M residential tower isn't like building a dog house in your back yard. Nothing is truly finalized.

I'm certain that there is a general vision plan in place, with spots "fleshed out" for what they'd like it to be. From there they find partners for residential, or hotel, and tenants for office. Lincoln Harris is generally a Commercial Developer. So those pieces would happen quicker. Then they tap people like Lennar, Proffitt Dixon, Sumitomo Forestry (what I have renamed Crescent), Northwood Ravin, etc, for residential, people like White Lodging, etc. I can guarantee you very little is actually final. 

Edited January 31, 2019 by Guest

[KJHburg]

Come on our Legacy BOAT tower looks better than its cousin in Philly.   See below story. 

https://www.connect.media/equity-commonwealth-selling-philly-tower-for-452m/?pid=ece4ef0e-7c87-4bfe-bfbb-bca494433d09&utm_source=mlNational&utm_campaign=mlNational-2019-01-31_16:30-No_Slowdown_in_Private_Sector_ADP_Reports_213_000_Jobs_Added_in_January&utm_medium=email&utm_term=united-states pennsylvania top-na office sale

In terms of Legacy and the whole project yes LH is mainly just office developer.  And from the site plan making the Tryon block a condo development type they can sell off the parcels ie the different buildings if they want to and like a  condominium there is common space that all must contribute to the cost of.   This is real estate basics but Condominium is a form of ownership not a style of building as is widely used.     Check out the approved the site plan to see how the parcels in the first block are divided.  You will see unit A, B, and C.   Actually the Epicenter is a condo development too with different owners of the various interconnected buildings.

http://ww.charmeck.org/Planning/Rezoning/2018/113-125/2018-119 approved site plan.pdf 

This real estate lesson is brought to you by Krispy Kreme Doughnuts (founded in Old Salem secretly now based in Charlotte) 

[Urban Cowboy]

Thought some folks would be interested in seeing LU2 site work and the base of Legacy Onion 

 

[KulBC]

I do agree, that LU will look great at night. Thanks for the LU2 update - I am definitely looking forward to that building going up, and am so happy they chose to diversify the architecture in this development. 

[videtur quam contuor]

Welcome Cowboy, keep shootin' (your photos)

[j-man]

15 hours ago, ricky_davis_fan_21 said:

Cuz thats how the economics of it generally works.  The areas by the parking deck will start once market conditions allow it to start. Once financing is secured. Once possible Joint Venture partners are signed on. Building a $150M residential tower isn't like building a dog house in your back yard. Nothing is truly finalized.

I'm certain that there is a general vision plan in place, with spots "fleshed out" for what they'd like it to be. From there they find partners for residential, or hotel, and tenants for office. Lincoln Harris is generally a Commercial Developer. So those pieces would happen quicker. Then they tap people like Lennar, Proffitt Dixon, Sumitomo Forestry (what I have renamed Crescent), Northwood Ravin, etc, for residential, people like White Lodging, etc. I can guarantee you very little is actually final. 

Ok. Thanks for that. Sometimes I forget about the partners and market. I sometimes think, If you have the money, the land, and the plan, what's the wait? lol 

[Guest]

50 minutes ago, j-man said:

Ok. Thanks for that. Sometimes I forget about the partners and market. I sometimes think, If you have the money, the land, and the plan, what's the wait? lol 

I mean, really, you just have to know its a solid investment. I'm guessing they will wait and see how current units fill up. I'm 80% certain we are going to see LU3 submitted to the city in the next few weeks. Especially if LT is back on the market. They are going to need to move fast on a building.

[j-man]

2 minutes ago, ricky_davis_fan_21 said:

I mean, really, you just have to know its a solid investment. I'm guessing they will wait and see how current units fill up. I'm 80% certain we are going to see LU3 submitted to the city in the next few weeks. Especially if LT is back on the market. They are going to need to move fast on a building.

I feel like as far as uptown goes, the commercial buildings fill up fast, but the residential units do not as much as people say they do. I know a few people that are paying rent with huge discounts or either were given major deals like 2 or 3 months free rent to sign a lease. idk.... but as far as this location is concerned I'm sure there shouldn't be too much of a problem with drawing people in. Stonewall street alone is becoming an eat/work/play center of its own as all of these projects are sprouting up. 

[Guest]

5 minutes ago, j-man said:

I feel like as far as uptown goes, the commercial buildings fill up fast, but the residential units do not as much as people say they do. I know a few people that are paying rent with huge discounts or either were given major deals like 2 or 3 months free rent to sign a lease. idk.... but as far as this location is concerned I'm sure there shouldn't be too much of a problem with drawing people in. Stonewall street alone is becoming an eat/work/play center of its own as all of these projects are sprouting up. 

You never know. Theres a lot of stuff being built, and a great deal of economic uncertainty. Nobody knows what the Donald is going to do. Its hampering our national economy quite a bit. I'd imagine Mint Street is home to two residential towers. Theres gotta be a hotel somewhere on this land.

[J-Rob]

4 minutes ago, ricky_davis_fan_21 said:

Theres gotta be a hotel somewhere on this land.

If they announce LU3 soon I would think a hotel has to follow suit not too long after.  Even with all of the new hotels in Uptown, three office towers, plus DEC should be enough to support a high-end hotel.  I would also think they want to announce a hotel and get it going before the DEC2 development site gets too far along.  What do I know though... I suppose there is a reason I do my thinking on UP rather than in the market, lol.

[SydneyCarton]

Will LU3 be another office tower?  If so, will it be around the same height as LU2

Lastly, where on the site will LU3  located?

This is great news.

[Guest]

33 minutes ago, J-Rob said:

If they announce LU3 soon I would think a hotel has to follow suit not too long after.  Even with all of the new hotels in Uptown, three office towers, plus DEC should be enough to support a high-end hotel.  I would also think they want to announce a hotel and get it going before the DEC2 development site gets too far along.  What do I know though... I suppose there is a reason I do my thinking on UP rather than in the market, lol.

I would imagine a full service hotel is absolutely on the radar for Legacy Union.  I would think it'd be the next step after a third office tower. 

[jordan704]

[Guest]

8 minutes ago, jordan704 said:

 

I hope they cover the piping with some sort of cap. The renderings definitely don't look like segmented metal pipes. 

[CarolinaDaydreamin]

3 minutes ago, ricky_davis_fan_21 said:

I hope they cover the piping with some sort of cap. The renderings definitely don't look like segmented metal pipes. 

You'd think they'd have to. If you look close enough, there appears to be a slight gap between the metal and the other material. I would think the cap would be necessary in an area of extreme winds and rain.

[Matthew.Brendan]

Re: Uptown living/residential - I’d suspect it’s because people want to own Uptown, not rent Uptown.  ¯\_(ツ)_/¯

[Crucial_Infra]

Doesn’t look bad today. Cool contrails too. 

[j-man]

The siding might not be too bad 

Edited February 1, 2019 by j-man

[J-Rob]

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[15895]

I don’t know if KJ still agrees, but the building looks fabulous and great in the skyline. 

So, has the retail component pretty much died beyond some restaurants, maybe a sundries and Kinkos?  Anything to look forward to IE Apple, Nike, Urban Outfitters? 

Either way, this plot of land is going to be dope with a concentration of very professional towers all concentrated right there. A singular developer can give some uniformity/cohesiveness between all the developments on the block. 

Assume Lincoln Harris could land US Bank and Lending Tree. Deloitte and Bank of America in addition to the surrounding towers - Wells Fargo, Ally, Duke. This is a very affluent, white collar and impressive concentration of employment. Also you have JW Marriot, Westin.... museums, stadiums, convention center. Honestly, without Lincoln Harris, even with the other developments.... it wouldn’t feel nearly as complete. The Legacy Union project really makes the entire Stonewall portion of uptown possibly the most significant and important area of uptown. 

Edited February 2, 2019 by AirNostrumMAD

[J-Rob]

Forgot this pic of some of the retail spots, I believe.


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