Ascent Uptown - 33 stories (3rd and Poplar)

[navigator319 632]

Came across this site this morning and under the projects section I see A LOT of Charlotte projects.  Does anyone know about any of these??

 

OFFICE: Mint and Church??  South End Corporate??  727 Morehead??

 

http://www.bbm-arch.com/

[rjp212 245]

Came across this site this morning and under the projects section I see A LOT of Charlotte projects.  Does anyone know about any of these??

 

OFFICE: Mint and Church??  South End Corporate??  727 Morehead??

 

http://www.bbm-arch.com/

 

They've been discussed in Southend Midrise before, I believe.    They were proposed projects that never got anywhere.

[ah59396 3209]

Yep. I fell into that BBM trap about a year ago. Those were all renders from the good days back in 07.

[navigator319 632]

gotcha.  They should mark them as canceled or something.

 

I just walked by Packard Place and Picassos sign is off the building and inside is stripped empty.  What I found interesting is they have the parking lot that was in front of it closed off with the iron mobile fence things and signs saying no parking.  Not sure why that would be.

[ah59396 3209]

Good. Picassos was the worst bar in the world. It made Dellingers look like the Ritz Carlton.

[ricky_davis_fan_21 9766]

gotcha. They should mark them as canceled or something.

I just walked by Packard Place and Picassos sign is off the building and inside is stripped empty. What I found interesting is they have the parking lot that was in front of it closed off with the iron mobile fence things and signs saying no parking. Not sure why that would be.

I wonder if these are two separate projects. I really think grey star will wrap Packard, I wonder if this is the beginning of grey star. Don't quote me on it though. Nothing more than a wild guess.

[Prodev 337]

I dont think it will. The Packard Place parcel was already subdivided and only included the surface lot behind fronting 3rd and not the parking adjacent to the building, but included an access easement from 3rd to the lower level of parking. The permitting details also have the total project size as 0.6 acres.

 

I'm okay with it not wrapping packard. I think it's a great hotel site and that would fit perfect between third and Packard Place.

Edited October 25, 2014 by Prodev

[Jayvee 2679]

Good. Picassos was the worst bar in the world. It made Dellingers look like the Ritz Carlton.

They had incredible pepperoni rolls though

[ah59396 3209]

They had incredible pepperoni rolls though

Sober or drunk? It matters.

[navigator319 632]

Well they still have one up in university you can get one from.

[Jayvee 2679]

Sober or drunk? It matters.

.....drunk   touche. I've only been there twice, both after tailgating for the panthers. I'm glad to see it gone though.

 

Hopefully something moves in there that can properly utilize the space. With its proximity to the condos, soon-to-be Greystar, Catalyst, Woodfield-Graham, Element and kinda the Mint it is surrounded by residential. Add the park, BB&T and latta arcade this is a PRIME spot, so hopefully someone does something meaningful with it.

Edited October 26, 2014 by Jayvee

[atlrvr 1485]

This project was previously announced and now has a name. "The Bearden".

 

Project: The Bearden

Use: Apartments with ground floor retail

Size: 33 stories

Height: 345' (estimated)

Location: 224 W 3rd St (corner of 3rd and Poplar, behind the Packard Place building)

Developer: Greystar

Architect: R2L Architecture

Status: Entering building permits phase by Nov 5th 2014 (updated Oct 2014)

Commencement/Completion: 2Q 2015(?) / 1Q 2017 (?)

Renderings: None

[ricky_davis_fan_21 9766]

This project was previously announced and now has a name. "The Bearden".

 

Project: The Bearden

Use: Apartments with ground floor retail

Size: 32 stories

Location: 224 W 3rd St (corner of 3rd and Poplar, behind the Packard Place building)

Developer: Greystar

Architect: R2L Architecture

Status: Entering building permits phase by Nov 5th 2014 (updated Oct 2014)

Commencement/Completion: 2Q 2015(?) / 1Q 2017 (?)

Renderings: None

I LOVE the name. (excuse the substanceless post)

[Jayvee 2679]

Agreed in that I love the name, I just cant believe the market can sustain this massive of another apartment project. That is a massive building and I absolutely love it. Could you imagine this, 300 S Tryon and Tryon Place all coming online in 2017....wow (also pardon my substanceless post)

 

As a side note.....a 32 story apartment building, about how tall would that be??? 400 ft? About as tall as the Avenue?

Edited October 28, 2014 by Jayvee

[ricky_davis_fan_21 9766]

Agreed in that I love the name, I just cant believe the market can sustain this massive of another apartment project. That is a massive building and I absolutely love it. Could you imagine this, 300 S Tryon and Tryon Place all coming online in 2017....wow (also pardon my substanceless post)

Romare Bearden will actually feel like our own Bryant Park :-). Where I had lunch today :-)

[Niner National 577]

Agreed in that I love the name, I just cant believe the market can sustain this massive of another apartment project. That is a massive building and I absolutely love it. Could you imagine this, 300 S Tryon and Tryon Place all coming online in 2017....wow (also pardon my substanceless post)

 

As a side note.....a 32 story apartment building, about how tall would that be??? 400 ft? About as tall as the Avenue?

As long as companies keep expanding here and filling new office towers downtown, absorption shouldn't be a huge issue. I'd be more concerned if we were moving forward with this without signs that we'll see 2-3 new office towers under construction as well.

[Jayvee 2679]

As long as companies keep expanding here and filling new office towers downtown, absorption shouldn't be a huge issue. I'd be more concerned if we were moving forward with this without signs that we'll see 2-3 new office towers under construction as well.

Excellent point, I guess if you're adding 2 massive office projects as well, the market should have no problem absorbing it all. Add to that, from what I have heard, the Element is filling up insanely fast, so I guess we can't have enough apartments.

[AirNostrumMAD 1796]

So how likely is this project?

Edit: with a name of "Bearden" it better be darn good and unique and pay extra attention to detail on he ground level. Bearden is supposed to be an iconic word, not a run of the mill apartment building

Edited October 29, 2014 by AirNostrumMAD

[ricky_davis_fan_21 9766]

So how likely is this project?

Edit: with a name of "Bearden" it better be darn good and unique and pay extra attention to detail on he ground level. Bearden is supposed to be an iconic word, not a run of the mill apartment building

Honestly, I always am very hopeful for EVERYTHING TO HAPPEN. They don't always...

With that said… This is an extremely desirable location, and uptown isn't as over saturated as SouthEnd is becoming, and there 100k+ people that work downtown that could fill these apartments. I give it a 85% chance.

Edited October 29, 2014 by ricky_davis_fan_21

[atlrvr 1485]

I'll agree that 85% is reasonable liklihood that this happens, just given the developer's access to capital.  Probably better access to capital than Novare (of Skyhouse fame).

[ricky_davis_fan_21 9766]

I'll agree that 85% is reasonable liklihood that this happens, just given the developer's access to capital.  Probably better access to capital than Novare (of Skyhouse fame).

I was going to say… I feel like The Bearden has a way better shot than the full buildout of Grubb, but I didn't want to have people going nuts.

[AirNostrumMAD 1796]

I'm ready for renderings of this & the dual hotel. I assume a CBJ article will likely pop up soon

[ricky_davis_fan_21 9766]

I'm ready for renderings of this & the dual hotel. I assume a CBJ article will likely pop up soon

Also the new spring hill suites. Their Manhattan location by my office is actually pretty cool looking.

[dubone 961]

Does anyone have access to the attachments that are unclickable for the public:

https://aca.accela.com/charlotte/Cap/CapDetail.aspx?Module=LandDevelopment&TabName=LandDevelopment&capID1=14LDU&capID2=00000&capID3=00042

 

Also, based on parcels, it is so far only on the 1/3-acre parcel 07301505.

 

Do we know of them for sure trying to buy up other parcels or will they simply build such a small plot?

 

I wondered too if they'd maybe lease parking at the Autopark on the block rather than stack new parking.  I drove through the Avenue deck yesterday and there are a very high number of unused spaces and dusty, barely used cars.   It seems near time that parking requirements start coming down, especially for apartments.  For condos, there is an expectation for buyers of 1 space per bedroom or unit, even if they never plan to use it.  But apartments don't need to have that type of inefficiency if the spaces won't likely be used.   Especially if they simply rent out surplus spaces by the hour/day.  

[atlrvr 1485]

^ I think the math works something like this.

 

$15,000 cost to build space x 6% cap rate (for valuation) = $900 annually / 12 months = $75/month. 

 

So, the question a developer asks himself is, "Does having a parking space add $75 or more to the amount I can charge in rent each month?"

 

I have no idea, but given that Preferred Parking actually has for lease spaces in the Avenue deck at $200/month, and even the church's surface lot along Trade/5th/Poplar gets $120/month, I would say the conclusion is building parking is > 100% return on investment, and so they will build as much as they can.