1 Brevard - 28 Story Tower at 4th & Brevard in 2nd Ward

[CLTProductions]

8 minutes ago, Ryan20 said:

Have they pulled the plug on this yet? I don't see any for sale on the Mcdevitt site anymore.

They're still available to buy on my townhome....I've been told things "are going well" but I don't know if I believe that. There are 32 of 174 listed on the site, but I don't know how many have actually been sold. I hope this project doesn't scare off other condo developers, townhome projects in South End are getting snatched up before construction on them even starts....it's not the market, this was just the WAY wrong project.

[Ryan20]

59 minutes ago, Jayvee said:

They're still available to buy on my townhome....I've been told things "are going well" but I don't know if I believe that. There are 32 of 174 listed on the site, but I don't know how many have actually been sold. I hope this project doesn't scare off other condo developers, townhome projects in South End are getting snatched up before construction on them even starts....it's not the market, this was just the WAY wrong project.

I'm one of those southend townhome buyers ; ).... got sick of waiting for a new condo and I knew this one would never get off the ground, 

[Guest]

Looks like the investment I made in a 31 floor Coffin 6 months ago paid off. Bye Felicia. Maybe people will finally learn that $650 a sq foot doesn't work in CLT. Thats more than what I paid for my Condo in Brooklyn.

 

They are citing that there isn't the demand for a condo of this size and scale. They couldn't be more wrong. There just isn't a large enough pool of people who are willing to buy a condo that costs that much. If they want Condo sales, they should stick to the Avenue, Trademark, Courtside, Catalyst type of units.

 

 

[zaxcom]

Did I miss something, is the project dead?

[ES Charlotte]

I'm of the mindset that we're better off with zero large scale condo projects this cycle. Land and construction costs are too high for developers to cash in. Charlotte seems to be in that weird phase where condos don't make financial sense at the cost to build per sq ft.

Wait out this phase, give the market the time needs to reach the price point that would be considered viable. Then we have a condo boom come next cycle or even potentially in the mid phase of a downturn due to such high demand.

The only thing I can see working this cycle is a small high-end dev with high prices per sq ft in a killer location. 40 condos or less. There's a market for it. Think The Madison meets The Trust type of concept.

[hambone931]

8 minutes ago, zaxcom said:

Did I miss something, is the project dead?

http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article66397972.html

[Guest]

13 minutes ago, ES Charlotte said:

I'm of the mindset that we're better off with zero large scale condo projects this cycle. Land and construction costs are too high for developers to cash in. Charlotte seems to be in that weird phase where condos don't make financial sense at the cost to build per sq ft.

Wait out this phase, give the market the time needs to reach the price point that would be considered viable. Then we have a condo boom come next cycle or even potentially in the mid phase of a downturn due to such high demand.

The only thing I can see working this cycle is a small high-end dev with high prices per sq ft in a killer location. 40 condos or less. There's a market for it. Think The Madison meets The Trust type of concept.

Supposedly the Developer is deeply invested in the market still, and is planning a different project for the same location. If I were them I'd go luxury hotel and residences. Maybe only 50 total units to sell. 

[ES Charlotte]

17 minutes ago, ricky_davis_fan_21 said:

Supposedly the Developer is deeply invested in the market still, and is planning a different project for the same location. If I were them I'd go luxury hotel and residences. Maybe only 50 total units to sell. 

Hopefully they make a better decision on the consulting firm for the next project. Luxury hotel and residences would be right on point.

[Spartan]

44 minutes ago, zaxcom said:

Did I miss something, is the project dead?

"Dead" implies that it was alive at one point. I don't think this project ever had a chance.

[SgtCampsalot]

So naive question here: the kinds of bubbles I read the most about are high rise condo bubbles. Can these kinds of things be done sustainably?

[Guest]

16 minutes ago, ES Charlotte said:

Hopefully they make a better decision on the consulting firm for the next project. Luxury hotel and residences would be right on point.

We should start Urban Planet Consulting Inc.

[Miesian Corners]

It's a terrible location for a "luxury condo". 

[dcharlotte]

1 hour ago, ricky_davis_fan_21 said:

Supposedly the Developer is deeply invested in the market still, and is planning a different project for the same location. If I were them I'd go luxury hotel and residences. Maybe only 50 total units to sell. 

Those units would be a tough sell and dependent upon having a TON of money to put down upfront - you don't see that type of housing in Charlotte too often for a reason.

Perfect place for Novare, Furman or an office building. Luxury views of a bus station while having half of your sunset view blocked by buildings does not appeal to anyone. 

[KJHburg]

Houston has the solution: this new 24 story tower of micro units in Houston's downtown would work here. 1 Brevard in my opinion did not have a chance as it was too big too expensive and I question that location.  However this project in Houston would work great here with affordable furnished micro units for sale

http://www.bizjournals.com/houston/morning_call/2016/03/sneak-peek-how-houstons-first-micro-condos-will.html?ana=e_hstn_rdup&s=newsletter&ed=2016-03-16&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1458150374&j=71460532

[Ryan20]

bittersweet end to a project that I wish I could have bet against from day 1. Part of me is glad the project failed because the developer and sales team were way too aggressive/arrogant in their pricing given the location and details of the building. The other part is disappointed because we could use a new large scale flagship condo building. What ever happens I hope the next plan is at least smart enough to design a pool that is isn't shaded. RIP weird Asian lady hanging out by the pool in your best club attire. 

[Guest]

Just now, Ryan20 said:

bittersweet end to a project that I wish I could have bet against from day 1. Part of me is glad the project failed because the developer and sales team were way too aggressive/arrogant in their pricing given the location and details of the building. The other part is disappointed because we could use a new large scale flagship condo building. What ever happens I hope the next plan is at least smart enough to design a pool that is isn't shaded. RIP weird Asian lady hanging out by the pool in your best club attire. 

UP is full of optimists. It was really and truly very telling, that nobody gave this project a chance. Makes me think who the hell the consulted with.

[Silicon Dogwoods]

1 minute ago, ricky_davis_fan_21 said:

UP is full of optimists. It was really and truly very telling, that nobody gave this project a chance. Makes me think who the hell the consulted with.

The landowner?  

[ES Charlotte]

1 hour ago, ricky_davis_fan_21 said:

UP is full of optimists. It was really and truly very telling, that nobody gave this project a chance. Makes me think who the hell the consulted with.

Some folks who have a couple other not so finished projects 

 

2 hours ago, KJHburg said:

Houston has the solution: this new 24 story tower of micro units in Houston's downtown would work here. 1 Brevard in my opinion did not have a chance as it was too big too expensive and I question that location.  However this project in Houston would work great here with affordable furnished micro units for sale

http://www.bizjournals.com/houston/morning_call/2016/03/sneak-peek-how-houstons-first-micro-condos-will.html?ana=e_hstn_rdup&s=newsletter&ed=2016-03-16&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1458150374&j=71460532

I should have mentioned that I think micro condos would do very well right now and wouldn't need a prime location.

[kermit]

There would be an insatiable demand for micro condos here, from both owner occupants and investors. 

[UPNoDa]

^That Houston BizJournal's video showing the condo interior looks "exactly" like what they have setup over at IKEA. Modern day Murphy beds in the wall as well as fold away kitchen tables. Also, maybe I'm wrong, but aren't most of the uptown condos averaging out at about 500-700 sq ft anyway? 

[urbanlover568]

Where one building fails, there will be one to replace it. That's my motto. Housing demand in uptown has never been higher, so not really worried about it. Also, with oil bottoming out and rising again, lax driving habits will change.