SouthEnd "Gold District"

[CTiger]

Yeah I really hope that this building has space that could be transformed into retail in the future.  It might be a tough sell right now, but this stretch of road is going to get more and more activated as time goes on.  Think about the Pipe and Foundry future development, LU being fully built out, Queensbridge, Tepper's entertainment district, and the continued development of apartments down Mint St towards Wilmore.  This is right smack dab in the middle of all of that.   Just because retail might not make sense now, doesn't mean it never will.  Look at Camden Southend or Ashton.  At the time they were built retail was a tough sell but now they are both in absolute prime locations.

[utcltjay]

7 hours ago, CTiger said:

Yeah I really hope that this building has space that could be transformed into retail in the future.  It might be a tough sell right now, but this stretch of road is going to get more and more activated as time goes on.  Think about the Pipe and Foundry future development, LU being fully built out, Queensbridge, Tepper's entertainment district, and the continued development of apartments down Mint St towards Wilmore.  This is right smack dab in the middle of all of that.   Just because retail might not make sense now, doesn't mean it never will.  Look at Camden Southend or Ashton.  At the time they were built retail was a tough sell but now they are both in absolute prime locations.

I wouldn't count any Tepper initiatives till those eggs hatch!  But you are aboslutely correct in every other aspect that this corner (which I live on) is going to be very dense with thousands of new residents, including those in the building itself,  that would definitely appreciate a good restaurant, bar or market within a few blocks.  Hell, I'd even settle for a 7-Eleven at this point!  I am very curous to what retail is going in the bottom of the Prospect across the street from me.  There are like 5 or 6 retail/commercial suites along the Mint st. side.  I think it's just rediculoius that the city would approve this size of developement without any alocated retail space in such a foot trafficed zone.

Edited August 3, 2022 by utcltjay

[KJHburg]

drive through the Gold district.  This up and coming neighborhood is about to get really busy with lots of new residents at the 3 or 4 new apartment complexes.  

first 2 photos are the Aspen Heights 17 story tower starting then the Prospect by Spectrum then the Grubb apartments. 

[atlrvr]

Aspen Heights project now with crane base.

 

[JRCLT]

From up high.







And then some…

[Mgelbach]

Spectrum's new apartment building under last night's sunset!

[Reverie39]

17 hours ago, JeanClt said:

 

Cool view of both old and new CLT airport towers

[lit]

I like those two little houses on Dunbar Street. It looks like the one is getting a pretty serious makeover too

[videtur quam contuor]

Thirty years ago I was returning from a wedding in Greensboro late on a Saturday evening. I thought I could make it home to Dilworth without buying gas to make my return that few minutes sooner. This was a time when gas stations (some) closed at 10-12 p. m. I exited 77 on West Morehead and headed uphill toward Tryon. The car sputtered and I knew it was not able to make it. I turned off Morehead to avoid being a traffic impediment and coasted to a stop on that block of Dunbar at a few minutes after midnight. I pulled in front of one of those remaining houses and breathed heavily. There were a few more houses there at that time, prior to the Panthers Stadium. I woke my wife and she said groggily"Are we home?". "Almost". I discovered that night that there was a Dunbar Street in Charlotte behind the House of Prayer for all People. A 20 minute walk home leaving her in the car due to her high heel shoes, fetching her using our other car, followed by Sunday morning spent buying gas, fueling the empty car, driving it home then walking to Dunbar to recover the second car taught me not to trust my instinct about fuel economy. 

The single pleasant thing about that evening was that on the walk to the house the Park Elevator Building housed a club at that time. It was a night club/performance space and after midnight the music was throbbing all over that part of the neighborhood. There was nothing and no one to be concerned about noise at that time in Charlotte. All pre-light rail, pre-South End, pre-pink tower (which took the place of the Park building. Perhaps someone here recalls Park Elevator as a night club/rave venue.

Edited October 5, 2022 by tarhoosier

[utcltjay]

7 hours ago, tarhoosier said:

Thirty years ago I was returning from a wedding in Greensboro late on a Saturday evening. I thought I could make it home to Dilworth without buying gas to make my return that few minutes sooner. This was a time when gas stations (some) closed at 10-12 p. m. I exited 77 on West Morehead and headed uphill toward Tryon. The car sputtered and I knew it was not able to make it. I turned off Morehead to avoid being a traffic impediment and coasted to a stop on that block of Dunbar at a few minutes after midnight. I pulled in front of one of those remaining houses and breathed heavily. There were a few more houses there at that time, prior to the Panthers Stadium. I woke my wife and she said groggily"Are we home?". "Almost". I discovered that night that there was a Dunbar Street in Charlotte behind the House of Prayer for all People. A 20 minute walk home leaving her in the car due to her high heel shoes, fetching her using our other car, followed by Sunday morning spent buying gas, fueling the empty car, driving it home then walking to Dunbar to recover the second car taught me not to trust my instinct about fuel economy. 

The single pleasant thing about that evening was that on the walk to the house the Park Elevator Building housed a club at that time. It was a night club/performance space and after midnight the music was throbbing all over that part of the neighborhood. There was nothing and no one to be concerned about noise at that time in Charlotte. All pre-light rail, pre-South End, pre-pink tower (which took the place of the Park building. Perhaps someone here recalls Park Elevator as a night club/rave venue.

I do remember it, also was a bit of a sex club towards the end if I remember correctly.  Shame Jim Gross burned it down.  >:) 

15 hours ago, lit said:

I like those two little houses on Dunbar Street. It looks like the one is getting a pretty serious makeover too

The odd thing is it was actually completely demolished only to be rebuilt, and I was going to ask if anyone here knew why or what it is being used for.  I can't imagine that land is going to last much longer in this state, as all of those remaining buidings are easily demolishable for larger development.

[atlrvr]

One is getting listed as a historic landmark I think (we should give the HDLC 360 day stay-of-execution rights)

[CLT Development]

1 hour ago, utcltjay said:

I do remember it, also was a bit of a sex club towards the end if I remember correctly.  Shame Jim Gross burned it down.  >:) 

The odd thing is it was actually completely demolished only to be rebuilt, and I was going to ask if anyone here knew why or what it is being used for.  I can't imagine that land is going to last much longer in this state, as all of those remaining buidings are easily demolishable for larger development.

One of the posters on this site is the one building it, we will see if he chimes in :-)

[DonkeyKong]

Crane going up tomorrow.

[BJKM]

17 hours ago, DonkeyKong said:

Crane going up tomorrow.

 

[KJHburg]

Lots of work has been done on these apartment complexes in the Gold District in the last few weeks.  and yes crane up at the Morehead apartment tower site.  Today.  Like the look of the Prospect by Spectrum 

[utcltjay]

All done. 

[DJ8hep]

I was able to capture it as well yesterday!

[RANYC]

21 hours ago, KJHburg said:

Lots of work has been done on these apartment complexes in the Gold District in the last few weeks.  and yes crane up at the Morehead apartment tower site.  Today.  Like the look of the Prospect by Spectrum 

Can someone explain to me how 1900 square foot, mid-rise, penthouse units at The Prospect can be pitched at $9,700+ per month?  Please explain?  And please can you share with me what these prospective tenants do for a living?  Also, where can I get redress since I fell out of my chair upon seeing the listing and am now bruised?  Short-term corporate-sponsored housing perhaps for the families of new hires in between cities?

https://www.apartments.com/the-prospect-charlotte-nc/fw4jmmr/

Edited October 8, 2022 by RANYC

[turbocraig]

14 minutes ago, RANYC said:

Can someone explain to me how 1900 square foot, mid-rise, penthouse units at The Prospect can be pitched at $9,700+ per month?  Please explain?  And please can you share with me what these prospective tenants do for a living?  Also, where can I get redress since I fell out of my chair upon seeing the listing and am now bruised?

Or $5235 for a 1 bed/1 bath!!  Which in actuality is a 1.5 bath.  So maybe it is justified…

[atlrvr]

I had lunch with the CIO and local Charlotte market president of a national apartment REIT a few weeks ago, and toured a few of their properties.  The answer is most of those renters are "renters by choice", meaning ownership is not the lifestyle choice they want to make regardless of income.  There are many hundreds of individuals or couples where that rent level is at or below average rent/income for the high end renter.

I believe this company's South End portfolio rent/income ratio was 21%.

At $9,700 month that's $116,400 per year rent.  That "average" income is $550k per year.  So something like a 6-7th year investment banker.  Or a 5th year banker with a partner whose at Big-4.  That's just the typical "high" finance couple.  Plenty of higher level execs in other industries, big-tech remote workers, entrepreneurs, etc.  

[turbocraig]

1 hour ago, atlrvr said:

I had lunch with the CIO and local Charlotte market president of a national apartment REIT a few weeks ago, and toured a few of their properties.  The answer is most of those renters are "renters by choice", meaning ownership is not the lifestyle choice they want to make regardless of income.  There are many hundreds of individuals or couples where that rent level is at or below average rent/income for the high end renter.

I believe this company's South End portfolio rent/income ratio was 21%.

At $9,700 month that's $116,400 per year rent.  That "average" income is $550k per year.  So something like a 6-7th year investment banker.  Or a 5th year banker with a partner who’s at Big-4.  That's just the typical "high" finance couple.  Plenty of higher level execs in other industries, big-tech remote workers, entrepreneurs, etc.  

That has to be the answer if these units are commanding these kinds of rents.  But it’s interesting to me that folks whose careers are based on ROI wouldn’t want to invest themselves in something that they’d have equity in and will ultimately make money on.   Maybe housing stock in nearby desirable neighborhoods is just too much of a barrier?

[KJHburg]

I am sure that $9700 a month unit is perfect for some NFL or NBA or even MLS player looking for a spot walking distance of the stadium and or arena but in Southend.  That of course is thin air in the Charlotte rental market but someone will rent it eventually I am sure.  

[atlrvr]

I mean sure, sports players could and do rent these types of units, but their reasons for being renters by choice are the same as investment bankers, consultants, corporate (external) lawyers, which is they don't know how long they will be at their current employer/Charlotte, that upward career mobility is more important at that point than family planning, they work/travel so regularly that ease of rental lifestyle is actually very appealing.  

While there are 100 players/coaches for sports teams, there are easily 2000 people between Duke Energy Center, Legacy Union, and Vantage that are under 35 and making (or at least including partner salary) $550k per year.  That's who these units are targeted for.  

[RANYC]

15 minutes ago, atlrvr said:

I mean sure, sports players could and do rent these types of units, but their reasons for being renters by choice are the same as investment bankers, consultants, corporate (external) lawyers, which is they don't know how long they will be at their current employer/Charlotte, that upward career mobility is more important at that point than family planning, they work/travel so regularly that ease of rental lifestyle is actually very appealing.  

While there are 100 players/coaches for sports teams, there are easily 2000 people between Duke Energy Center, Legacy Union, and Vantage that are under 35 and making (or at least including partner salary) $550k per year.  That's who these units are targeted for.  

Really?  2000 people under 35, in Charlotte, theoretically without kids, who are renters-by-choice, and willing to pay nearly $10,000 a month for a mid-rise, and making north of 550k in annual comp in a market like Charlotte?  And that's before counting a multiple of that 2000 who are under 35 and following a more traditional ROI max path of buying/owning a place?  I'm sorry I'm incredulous.  But hey, if it's true, great.

At any rate, it's just 2 units over $9700, and they're the only units at that price point that I can find.  So I imagine they can search far and wide and find a couple willing to pay that, including a corporate entity which is my hunch.  At some point, Radius Dilworth will be so much more compelling.

Edited October 8, 2022 by RANYC

[atlrvr]

No, 2000 people employed just within just 4 blocks of here that are part of the target demographic (under 35 and renter by choice) and can afford it (they personally or are 1 part of a couple that has >= $550k annual income)

I can't speak to whether The Prospect is appealing or great value, but I like their chances in 1 per 1000 like it enough.

@RANYC I was always under the impression that you were in financial services recruiting, but I might way off on that.  I feel that people are always surprised that banks, Big 4 consultants, and "big law" all pay at or > 90% of NYC wages for Charlotte staff.