Brooklyn Village Redevelopment in 2nd Ward

[SydneyCarton]

On 12/28/2021 at 10:37 AM, slipperypete said:

Glad I can come to this thread for updates on NYC development and lots of pictures of historic and new NYC residential buildings! 

That was simply in connection with a point that someone else raised.  In any event, hopefully, this site will start construction in 2022.

Edited December 29, 2021 by SydneyCarton

[Spartan]

MODERATORS NOTE: Please end the discussion about NYC development. Thanks!

[SydneyCarton]

Deleted

Edited January 12, 2022 by SydneyCarton

[KJHburg]

I only mention this as this is about Peebles the lead developer of Brooklyn Village where nothing has happened for the last few years.  now the winds of the markets are changing.

But maybe Boston will get a new tower.

https://www.bisnow.com/boston/news/mixed-use/peebles-team-wins-bid-to-build-21-story-mixed-use-project-in-boston-112287

[SydneyCarton]

Boston is absolutely booming.  That tower looks gorgeous too.

Peebles is for real.   Although NYS pulled the RFP for the state-owned Javits site in order to revise it, Peebles still intends to build his 1,633' tower when the revised RFP is reissued according to this article from this week.

In NY, he'd be working with one of the city's most prominent developers, Steve Witkoff, who does not fool around.  Maybe, he'll partner with a local developer here too.  I hope that he builds BV.

https://commercialobserver.com/2022/03/don-peebles-affirmation-tower/

 

 

 

Edited March 22, 2022 by SydneyCarton

[RANYC]

I'd like to start judging developers by a new metric: the ratio of (completed projects ready for occupancy) /(published renderings).

[Conformity]

On 12/24/2021 at 10:35 AM, go_vertical said:

I absolutely agree that they should do something like this if an extention is requested but sadly I don't think the city council has the guts.  At least they should use that as an opportunity to strengthen the requirements for the project but I'm sure they'll just rubber stamp whatever is asked for with little to no discussion. 

The BK Partners relationship is with Mecklenburg County, not the City of Charlotte.  No extension has been requested.  After winning the RFP, it took until 2018 to negotiate the Agreement with the County.  Despite having a signed agreement, BK Partners was still "owed" a few follow on documents related to a deal Spectrum decided not to do on the same property many years back.  Residue from the Spectrum deal affected BK Partners path to clean title.  Getting that cleaned up involved appearing before City Council and working some things out with other government agencies.  That work was all completed near Christmas 2019 (all as reflected on the "Timeline" on the Brooklyn Village website).  The BK Partners clock only started ticking then.  As an aside, City Council has voted to rename Stonewall "Brooklyn Village Avenue".

[Conformity]

Quote

Posted December 24, 2021

So basically, there's still nothing to suggest that Peebles, perhaps in conjunction with a local partner, can't build BV.  I think that it all depends on a strong local developer working with him.

Couldn't agree more.  Recall also that role awarded was "master developer".  Many others developers will be involved in Brooklyn Village, along with BK Partners, inherently ensuring variety.  

[J-Rob]

On 3/22/2022 at 10:40 AM, RANYC said:

I'd like to start judging developers by a new metric: the ratio of (completed projects ready for occupancy) /(published renderings).

Be careful what you ask for. Lincoln Harris would win this metric since they don't release renderings until after a project is started, lol.

[CarolinaDaydreamin]

14 hours ago, J-Rob said:

Be careful what you ask for. Lincoln Harris would win this metric since they don't release renderings until after a project is started, lol.

And unlike Peebles they actually build in this lifetime.

[KJHburg]

I would surely hope SOMETHING would be announced at this upcoming Bisnow real estate conference in Charlotte with these speakers.  anyone going?

KEYNOTE: THE PEEBLES' PROJECT UPDATE
What is planned for the 17-acre mixed-use Brooklyn Village development in Uptown Charlotte's Second Ward   June 30 

Don Peebles Founder, Chairman & CEO The Peebles Corporation

Donahue Peebles III Development Executive The Peebles Corporation

[RANYC]

41 minutes ago, KJHburg said:

I would surely hope SOMETHING would be announced at this upcoming Bisnow real estate conference in Charlotte with these speakers.  anyone going?

KEYNOTE: THE PEEBLES' PROJECT UPDATE
What is planned for the 17-acre mixed-use Brooklyn Village development in Uptown Charlotte's Second Ward   June 30 

Don Peebles Founder, Chairman & CEO The Peebles Corporation

Donahue Peebles III Development Executive The Peebles Corporation

Can anyone in commercial real estate answer whether developer appearances at real estate conferences and other PR efforts help the project to seem more real, the developer more capable of getting it done, and ultimately to secure financing for the project - both equity and debt?

[KJHburg]

5 minutes ago, RANYC said:

Can anyone in commercial real estate answer whether developer appearances at real estate conferences and other PR efforts help the project to seem more real, the developer more capable of getting it done, and ultimately to secure financing for the project - both equity and debt?

If they announce something like for this project.  I am just glad they are coming to town to look at their land LOL 

[RANYC]

1 hour ago, KJHburg said:

If they announce something like for this project.  I am just glad they are coming to town to look at their land LOL 

Oh, have they actually followed through on officially acquiring the land yet?  If so, that would be a significant step forward.  It's been taking years for them to even purchase the land.

[atlrvr]

I'll be at the conference.  Will post if any details.  I don't think the presence on the conference is a strong indication either way of anything imminent (rather that it's just not 100% dead).  

There are a lot more active developers speaking than Peebles.

(i.e. execs from Riverside, Portman, Spectrum and MRP are all on panels)

[CLT Development]

4 minutes ago, atlrvr said:

I'll be at the conference.  Will post if any details.  I don't think the presence on the conference is a strong indication either way of anything imminent (rather that it's just not 100% dead).  

There are a lot more active developers speaking than Peebles.

(i.e. execs from Riverside, Portman, Spectrum and MRP are all on panels)

I am hosting the conference :-), so I will be there. And they have to contractually break ground by Q1 2023 and I hear something is imminent. 

[Reverie39]

Freakin' finally

[CLT2014]

CMS is working on the 2023 bond referendum and is proposing a $175 million multi-story new Second Ward Medical & Technology High School. The site is the gap between the current Metro School structure and the Second Ward Gymnasium. The high school would be in partnership with Atrium Health and CPCC to prepare the next generation of health care workers and dead center between the Brooklyn Village South and Brooklyn Village North sites. 

Edited May 26, 2022 by CLT2014

[JusMe]

This is going to be well over a billion dollar project at about 3 mil. sq ft consisting of 12 buildings.

Fast forward to 17:53

 

 

[KJHburg]

well I heard from Mr Peebles and his son today at this Bisnow real estate conference. 

Basically the most newsworthy is that they are the verge of selling some of the land to "subdevelopers" i.e. those who will actually build it.  Peebles seems to be the master developer and has lots of other projects going around the country.  But the good news is that they will start selling to developers that  will build something.  Peeples Sr. said he wants higher density than he first thought.  His partner Conformity was there as well.  He wanted to emphasized they have only had the land under their ownership since Jan. 2020 after going through the many bureaucratic hoops with the city and county.  (though a developer near me seem to dispute that LOL)  (But then someone else made a good point with so much infrastructure work being down on Stonewall/BV Ave and McDowell is probably good he waited or is starting now).  But some of these land deals in the first phase seem to be happening within months.   First phase is 6 buildings.    His son wanted lower density at first in BV but his father wanted to go bigger and taller and denser.  the total site is almost 17 acres and the park will be about 2 acres.  

He gave a lot of background on his company and his background which is a great story.   How Charlotte based Conformity  and Peebles got together?  Through a mutual acquaintance from the Mass.  DOT whom they both knew.    Anyway good news some traction is coming to this project with these land sales but who knows when they will start? 

He mentioned this project in LA which I have not heard of (had read about his tall building proposed in NYC) but not Angels Landing.

 

https://www.angelslandingdtla.com/

tall building in NYC

https://www.architecturaldigest.com/story/affirmation-tower-adjaye-peebles

Edited June 30, 2022 by KJHburg

[Blue_Devil]

24 minutes ago, KJHburg said:

well I heard from Mr Peebles and his son today at this Bisnow real estate conference. 

Basically the most newsworthy is that they are the verge of selling some of the land to "subdevelopers" i.e. those who will actually build it.  Peebles seems to be the master developer and has lots of other projects going around the country.  But the good news is that they will start selling to developers that  will build something.  Peeples Sr. said he wants higher density than he first thought.  His partner Conformity was there as well.  He wanted to emphasized they have only had the land under their ownership since Jan. 2020 after going through the many bureaucratic hoops with the city and county.  (though a developer near me seem to dispute that LOL)  (But then someone else made a good point with so much infrastructure work being down on Stonewall/BV Ave and McDowell is probably good he waited or is starting now).  But some of these land deals in the first phase seem to be happening within months.   First phase is 6 buildings.    His son wanted lower density at first in BV but his father wanted to go bigger and taller and denser.  the total site is almost 17 acres and the park will be about 2 acres.  

He gave a lot of background on his company and his background which is a great story.   How Charlotte based Conformity  and Peebles got together?  Through a mutual acquaintance from the Mass.  DOT whom they both knew.    Anyway good news some traction is coming to this project with these land sales but who knows when they will start? 

He mentioned this project in LA which I have not heard of (had read about his tall building proposed in NYC) but not Angels Landing.

 

https://www.angelslandingdtla.com/

tall building in NYC

https://www.architecturaldigest.com/story/affirmation-tower-adjaye-peebles

What were your impressions after the conversation. Will we actually see stuff come out of the ground in 2022 or 2023? Will the first phase be on Stonewall? 

[KJHburg]

Not sure where or what parcels would be first developed but sounds like land sales in the next few months and those developers probably multifamily will start thereafter.  I think we are talking the parcels along Stonewall BV Ave first but not sure.  

[CharlotteWkndBuzz]

Hopefully start with Walton Plaza building that has been deserted for awhile now. The empty office building next to Savoy apartments. That area has a lot of potential and can be special if executed right. Especially with Wake med school right across the river. 

[videtur quam contuor]

Did I tell this before? In the year 19xx former graduate asked me about his transcript and I told him they were stored at Walton Building for some time before conversion to fiche or digital/compact records. "Bill Walton Building" he said? A short pause and a momentary thought about how long it would take to set him straight and then I said "Yes"  

[atlrvr]

1 hour ago, CharlotteWkndBuzz said:

Especially with Wake med school right across the river. 

Alyson Craig (Interim Planning Director for Charlotte) was there and said every time she reads about turning 277 into a "moat" online, she gets a good smile.

Edit: nm, see this was already mentioned in the Cap 277 thread.