300 North College - Residential tower at 6th and College in First Ward

[Guest]

11 minutes ago, mpretori said:

I can't wait to see the renderings. Hopefully it's not like that rendering in that twitter pic. I don't know how that would be profitable. 

Which twitter pic?

I should mention, that North End Station will not be developed for at least 5 years. For now they are doing minimal improvements to the current buildings to change up the Tenant Mix. I'm hearing we are going to get some more updated bars and restaurants. Hopefully they end up sprucing up the facades and reusing it in the residential tower that'll eventually come.

 

[urbanlover568]

4 hours ago, ricky_davis_fan_21 said:

Which twitter pic?

I should mention, that North End Station will not be developed for at least 5 years. For now they are doing minimal improvements to the current buildings to change up the Tenant Mix. I'm hearing we are going to get some more updated bars and restaurants. Hopefully they end up sprucing up the facades and reusing it in the residential tower that'll eventually come.

 

This one.

 

What's the north end station? 

[Deleted.]

13 minutes ago, mpretori said:

This one.

 

What's the north end station? 

What the last pages of this thread is about.

[Rufus]

Ok so let's just clarify some things: 

1. Furman is only keeping the club tenants, or whatever new tenants, for a short period of time?

2. The price paid is pretty steep, especially just to keep three one-story businesses.  Are we to assume that he is eventually planning something bigger? 

 

[Guest]

2 minutes ago, Rufus said:

Ok so let's just clarify some things: 

1. Furman is only keeping the club tenants, or whatever new tenants, for a short period of time?

2. The price paid is pretty steep, especially just to keep three one-story businesses.  Are we to assume that he is eventually planning something bigger? 

 

It will definitely be high rise residential by 2021 or 2022. You buy a lot like this, at this price, for two things, redevelopment or land banking. The purchase was done by a more than just Axiom/David Furman, there were two other real estate/development people in the partnership.

[urbanlover568]

24 minutes ago, ricky_davis_fan_21 said:

It will definitely be high rise residential by 2021 or 2022. You buy a lot like this, at this price, for two things, redevelopment or land banking. The purchase was done by a more than just Axiom/David Furman, there were two other real estate/development people in the partnership.

Yea, the owners are 1 300 NORTH COLLEGE, LLC  2 FORDFURMAN, LLC  with 5+ Grantee's. This is looking like a investment deal IMO. They might build something temporary or just the first floor or keep it as is. That rendering would make a good first floor with height being added later on. 

[Guest]

17 minutes ago, mpretori said:

Yea, the owners are 1 300 NORTH COLLEGE, LLC  2 FORDFURMAN, LLC  with 5+ Grantee's. This is looking like a investment deal IMO. They might build something temporary or just the first floor or keep it as is. That rendering would make a good first floor with height being added later on. 

They have all new tenants already lined up. And yes, its a investment deal. The info I'm providing above, is pretty concrete. I know a lot about all the parties involved in the deal, and I stand by my speculation. I think it'll go high rise in 2021.

[urbanlover568]

Just now, ricky_davis_fan_21 said:

They have all new tenants already lined up. And yes, its a investment deal. The info I'm providing above, is pretty concrete. I know a lot about all the parties involved in the deal, and I stand by my speculation. I think it'll go high rise in 2021.

Hope your right! I like the rendering though. I personally wouldn't mind it as a start, but only as a start and not the final product. 

[Guest]

2 minutes ago, mpretori said:

Hope your right! I like the rendering though. I personally wouldn't mind it as a start, but only as a start and not the final product. 

The Economics of the site will keep it from being a finished product. Nobody makes 10 million dollar investment on 4 retail/restaurant spaces with a massive alley behind it. 

[Prodev]

While I agree that its ultimate fate is likely to be a high rise, the economics actually do make sense as-is. They paid $9.35 mil for the property and are planning minor renovations, plus will have to shell out $$ to bring in new tenants, so say their all-in cost is $10.5 mil. Backing into an 8% stabilized yield, they only need an NOI of just over $25 per square foot. That's a pretty attractive return considering its location. 

[CLTProductions]

Flight is the first of the new places coming to northside station (the others are pretty awesome too). Flight is a great fit uptown, I am pretty stoked about this one

https://www.charlotteagenda.com/43339/flight-is-bringing-a-gigantic-indoor-beer-garden-to-college-street-in-uptown/

 

[InSouthPark]

1 hour ago, Jayvee said:

Flight is the first of the new places coming to northside station (the others are pretty awesome too). Flight is a great fit uptown, I am pretty stoked about this one

https://www.charlotteagenda.com/43339/flight-is-bringing-a-gigantic-indoor-beer-garden-to-college-street-in-uptown/

 

Sounds like a very Charlotte brewery-like atmosphere without the actually brewery.  If they do it right, this could be a big hit. 

[CLTProductions]

32 minutes ago, InSouthPark said:

Sounds like a very Charlotte brewery-like atmosphere without the actually brewery.  If they do it right, this could be a big hit. 

Agreed and agreed. Look at Houston Hall in NYC for an idea of what they're going for. It won't be quite so elegant and killer as that but it will have the same vibes. I'm imagining OMBs patio brought inside and I'm totally okay with that. The folks behind this get it, my expectations are very high. 

[nonillogical]

2 hours ago, Jayvee said:

Flight is the first of the new places coming to northside station (the others are pretty awesome too). Flight is a great fit uptown, I am pretty stoked about this one

https://www.charlotteagenda.com/43339/flight-is-bringing-a-gigantic-indoor-beer-garden-to-college-street-in-uptown/

 

This is a pretty awesome idea and while Duckworths is much appreciated, Uptown still needed another big craft beer bar. I especially like the idea of it being a pseudo music venue (obviously something the city needs right now). 

[InSouthPark]

14 minutes ago, nonillogical said:

This is a pretty awesome idea and while Duckworths is much appreciated, Uptown still needed another big craft beer bar. 

This concept almost sounds like the "anti-Duckworths" which I think is great. Different type of places for different types of people. While I like the beer and food (for what it is) at Duckworths but really don't like the atmosphere uptown (I prefer the Park Rd location). Too many TV's for "enjoying a beer with friends".  Even at the bar it's tv overload with folks just staring at the TV's even if nothing is on.  Its fantastic for football/march madness with beer and friends though.  I'm a brewery guy mainly because of the waaay laid back atmosphere and while that isn't likely to change much (mainly because i like to hang outside with my dog) but when I am uptown, this honestly sounds like this would be my #1 option if meeting a group of friends out (the bar at The Cellar is my spot if it is just my wife and I).