navigator319

Ascent Uptown - 33 stories (3rd and Poplar)

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tozmervo    2460

Element Uptown, the latest high-rise apartment project to deliver, is just over 35% leased, according to Childress Klein

 

Element has been open since August, so that strikes me as a pretty low number. I don't know about the start-up life cycle for an apartment building like this, though, so maybe it just takes longer than typical to fill up? Or is that a red flag for premium priced apartments? 

Edited by tozmervo

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Jayvee    2149

Element has been open since August, so that strikes me as a pretty low number. I don't know about the start-up life cycle for an apartment building like this, though, so maybe it just takes longer than typical to fill up? Or is that a red flag for premium priced apartments?

This could be bull crap to gloss over a problem, but this is from the mint apt article

"Earlier this year, Childress Klein completed Element Uptown, a 22-story, 352-unit high-rise project overlooking Romare Bearden Park that opened in August. The project is over 35% leased and is exceeding the firm's expectations, Klein says."

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DMann    281

This could be bull crap to gloss over a problem, but this is from the mint apt article

"Earlier this year, Childress Klein completed Element Uptown, a 22-story, 352-unit high-rise project overlooking Romare Bearden Park that opened in August. The project is over 35% leased and is exceeding the firm's expectations, Klein says."

The first 11 stories were put on the market in the summer, the top 11 stories were to have the CO this month.

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Prodev    311

Element delivered behind schedule so they lost a lot of their pre-leasing when they couldn't hit the dates. They started move-ins in late August, so they've leased at a pace of about 30/month, which is impressive especially given that they missed summer and are into the slow season. 20 per month would be a good rate IMO. 

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atlrvr    1002

^^^  Agreed.  Was going to post this.  20/month is pretty good rate for a large apartment building.  They would target 15-18 months to fully lease up, so they are on pace to do it in 11-12 months.  I suspect the top floor rates are going to be going up.

 

GIven that this is Childress Klein, who is also proposing the Mint Museum tower and have the air-rights under contract, I think the evidence is they are very impressed with the leasing momentum at Element.

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dubone    622

GIven that this is Childress Klein, who is also proposing the Mint Museum tower and have the air-rights under contract, I think the evidence is they are very impressed with the leasing momentum at Element.

 

This is the only evidence that matters.   They know all their internal numbers, so if they are realizing the depth of the market and will build a tower that could compete with their existing one, then there is clearly a market.  

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navigator319    332

Small update, but the last two days there has been a small army of surveyors and utility folks on the site.  The parking lot looks like a creative art project with all the spray paint markings put down.

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dubone    622

That is my favorite kind of art, I can't wait to see this under construction! 

 

 

I'm not sure if this was already posted when it first came available, but it's the first time I have gotten to go through the attachment on Accela:

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

 

It's a shame how much ground floor space has to be dedicated to cars, but I never realized that automobiles actually went into the Packard Building basement itself before now. Seen slightly here on Streetview.  

 

 

Obviously the ground floor retail is still sizable and facing the park, which is great, and setup mainly for a restaurant, which is seemingly inevitable.

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pgsinger    50

That is my favorite kind of art, I can't wait to see this under construction! 

 

 

I'm not sure if this was already posted when it first came available, but it's the first time I have gotten to go through the attachment on Accela:

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

 

It's a shame how much ground floor space has to be dedicated to cars, but I never realized that automobiles actually went into the Packard Building basement itself before now. Seen slightly here on Streetview.  

 

 

Obviously the ground floor retail is still sizable and facing the park, which is great, and setup mainly for a restaurant, which is seemingly inevitable.

 

Those are just loading bays, not parking areas under the building.

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AirNostrumMAD    902

Of note, the Bearden is now listed at 33 stories. They anticipate groundbreaking in January or February. And take about 24-26 months to complete.

It'll be interesting to see if they break ground this month

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atlrvr    1002

It'll be interesting to see if they break ground this month

 

 

Based on building permit commentary, the fact they've closed on the land, etc, I suspect yes, or at least the next 6 weeks.

 

I agree with the comment from the Mint Museum apt tower thread.  There are going to be 3 very tall buildings going up in close proximity around the park....very exciting, and is going to drastically alter the skyline from the western view points.

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Jayvee    2149

Based on building permit commentary, the fact they've closed on the land, etc, I suspect yes, or at least the next 6 weeks.

Race to the top between this and the Mint Museum Apartments

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go_vertical    504

Since there is no foundation work necessary for the Mint tower they probably have a, what, four to five month head start? If that tower starts shortly after the Bearden then there really isn't much of a race to speak of.

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Since there is no foundation work necessary for the Mint tower they probably have a, what, four to five month head start? If that tower starts shortly after the Bearden then there really isn't much of a race to speak of.

There will be two subterranean parking levels for the Bearden, so its going to lag significantly behind The Mint.

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Jayvee    2149

Since there is no foundation work necessary for the Mint tower they probably have a, what, four to five month head start? If that tower starts shortly after the Bearden then there really isn't much of a race to speak of.

I know, excitement for these two projects is blinding my logic and filling it with ignorance.

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AirNostrumMAD    902

Based on building permit commentary, the fact they've closed on the land, etc, I suspect yes, or at least the next 6 weeks.

I agree with the comment from the Mint Museum apt tower thread. There are going to be 3 very tall buildings going up in close proximity around the park....very exciting, and is going to drastically alter the skyline from the western view points.

Greystar said construction would begin in early Feb.

Wonder what the hold up is

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Jayvee    2149

Greystar said construction would begin in early Feb.

Wonder what the hold up is

The only tasks left outstanding is this "Additional Task - Need payment for SW Mitigation" and construction phase, so I am not sure. Kind of worrisome.

Edited by Jayvee

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atlrvr    1002

The structural permits for the above ground portion were reviewed as recently as yesterday, and some sub-work approved as recently as this Tuesday.....I'm not worried.

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Jayvee    2149

The structural permits for the above ground portion were reviewed as recently as yesterday, and some sub-work approved as recently as this Tuesday.....I'm not worried.

Sweet :) I am really excited for this project. Will REALLY fill in that area.

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HopHead    1104

People need to chill... If I had a dollar for every time someone said it will start on such and such day but didn't I would be rich. 

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