Jump to content

Providence Road Development


BuzzCity

Recommended Posts

39 minutes ago, DonkeyKong said:

Maybe Allstate needs more space in the long term than the Railyard could offer? Seems like the market will be fluid until Covid is under control. 

https://www.bloomberg.com/news/articles/2021-10-08/allstate-to-sell-chicago-hq-as-insurer-embraces-remote-work

Allstate transitioned to a remote-first environment. 

 

  • Thanks 1
Link to comment
Share on other sites


1 hour ago, DonkeyKong said:

Maybe Allstate needs more space in the long term than the Railyard could offer? Seems like the market will be fluid until Covid is under control. 

Insurance companies nationwide are shedding lots of space and send many of their employees home.  State Farm in Atlanta gave up 300K of newly built space and subleased it.  Nationwide Insurance sold their building in Raleigh and sent everyone home.  Insurance companies are cheap I know I worked for one in my past! 

  • Thanks 2
  • Haha 1
Link to comment
Share on other sites

1 hour ago, KJHburg said:

Insurance companies nationwide are shedding lots of space and send many of their employees home.  State Farm in Atlanta gave up 300K of newly built space and subleased it.  Nationwide Insurance sold their building in Raleigh and sent everyone home.  Insurance companies are cheap I know I worked for one in my past! 

I agree.   Thought it was interesting that they vacated this space, sold their hq property in Chicago , and riverside came to town with a proposed southend development all in a short period of time.  I’m not plugged into the development circles in clt, but just an observation from the outside.

  • Like 2
Link to comment
Share on other sites

5 minutes ago, DonkeyKong said:

I agree.   Thought it was interesting that they vacated this space, sold their hq property in Chicago , and riverside came to town with a proposed southend development all in a short period of time.  I’m not plugged into the development circles in clt, but just an observation from the outside.

I have not thought of that but that is true I heard Allstate sold their HQ.   Carvana leased that State Farm space in Atlanta.  State Employees Credit Union bought the Nationwide building in Raleigh for their own use.  

  • Like 2
Link to comment
Share on other sites

15 hours ago, KJHburg said:

Insurance companies nationwide are shedding lots of space and send many of their employees home.  State Farm in Atlanta gave up 300K of newly built space and subleased it.  Nationwide Insurance sold their building in Raleigh and sent everyone home.  Insurance companies are cheap I know I worked for one in my past! 

That's definitely true.  Once exception is Chubb, which just signed for 240k sf at over $100/sf at 550 Madison.   I expected a hedge fund to take that space -- not an insurer.

Link to comment
Share on other sites

1 hour ago, SydneyCarton said:

That's definitely true.  Once exception is Chubb, which just signed for 240k sf at over $100/sf at 550 Madison.   I expected a hedge fund to take that space -- not an insurer.

Evan Greenberg is CEO of Chubb since their "merger" with ACE. He's the son of Hank, former CEO of AIG in their "glory days" (which included bid rigging and other accusations of malfeasance), before they were bailed out by taxpayers. Chubb pre-merger would never have taken that space.

I've worked for the same insurance company for 35 years. Our corporate guidelines don't allow local budget-minded SVPs to lease anything less than Class A space. Currently, our Uptown space built out for ~50 houses 1...me. In the future, I expect all of our leases to reduce office space by 50% (which we've already done in the Bay Area). 

FWIW, our reasons for embracing work from home are 1. Employee retention (we are still losing employees who don't want to come in the required 1 day a week on average, post Omicron) 2. Top executives who also prefer working from home.  Thus far, we've realized little savings (aside from the Bay Area lease). 

 

  • Like 2
  • Thanks 2
Link to comment
Share on other sites

9 hours ago, JBS said:

Evan Greenberg is CEO of Chubb since their "merger" with ACE. He's the son of Hank, former CEO of AIG in their "glory days" (which included bid rigging and other accusations of malfeasance), before they were bailed out by taxpayers. Chubb pre-merger would never have taken that space.

I've worked for the same insurance company for 35 years. Our corporate guidelines don't allow local budget-minded SVPs to lease anything less than Class A space. Currently, our Uptown space built out for ~50 houses 1...me. In the future, I expect all of our leases to reduce office space by 50% (which we've already done in the Bay Area). 

FWIW, our reasons for embracing work from home are 1. Employee retention (we are still losing employees who don't want to come in the required 1 day a week on average, post Omicron) 2. Top executives who also prefer working from home.  Thus far, we've realized little savings (aside from the Bay Area lease). 

 

After looking at Allstate’s hq online I’d want to work remote too.

  • Like 1
  • Haha 3
Link to comment
Share on other sites

  • 2 months later...
  • 2 months later...
  • 7 months later...
34 minutes ago, InSouthPark said:

He has never fully developed and finished anything, what makes anyone think he would or could pull this off? I will be retired before a Wegmans is ever opened on his property.  It will get rezoned in 2024, some apartments from the other developers on the other sites and then the 100k supermarket site will be a big nothing for a decade. 
 

If he was the only developer I would be with you!  But Northwood Ravin owner of Ballantyne and multiple apartment towers and complexes around town is involved.  Ironically the other location people think and speculate about a Wegmans coming is to Ballantyne again owned by Northwood Ravin.   When Wegmans announced they were moving into the Raleigh market they announced multiple locations in rapid succession.  4 stores opened in the region 5th to be started soon.  

  • Like 1
Link to comment
Share on other sites

from what I see in the tax records Levine through an LLC owns the apartments to be redeveloped and the shopping center.  So he is looking to Northwood to co-develop with him it seems.  the more I think about this and Northwood's involvement leads me to believe it could be Wegmans.  They have the site in Ballantyne for a large grocery store on N Community House Road and maybe this site was put up as another option for a store in the market too.  (When they come here they will have multiple locations)   The Inlivian project is across the street and guess who owns some vacant land  approx.  5 acres next to that.  Yes Levine does.    The apartment site is over 65 acres and the shopping center site is another 8 acres.  This is a rezoning to watch for sure.  

  • Like 1
Link to comment
Share on other sites

15 minutes ago, KJHburg said:

from what I see in the tax records Levine through an LLC owns the apartments to be redeveloped and the shopping center.  So he is looking to Northwood to co-develop with him it seems.  the more I think about this and Northwood's involvement leads me to believe it could be Wegmans.  They have the site in Ballantyne for a large grocery store on N Community House Road and maybe this site was put up as another option for a store in the market too.  (When they come here they will have multiple locations)   The Inlivian project is across the street and guess who owns some vacant land  approx.  5 acres next to that.  Yes Levine does.    The apartment site is over 65 acres and the shopping center site is another 8 acres.  This is a rezoning to watch for sure.  

All together I believe it's 115 acres. Just for reference, Waverly is 90. This is going to be a MAJOR development if all three partners complete their piece.

As far as whether it's Wegmans. it makes sense to me. The location is on a major road between Charlotte and 485, and right in the middle of some pretty wealthy areas. A destination like Wegmans would kill there, and I'm not sure what other grocery store brand could take 100k square feet.

  • Like 3
Link to comment
Share on other sites

20 hours ago, Madison Parkitect said:

As far as whether it's Wegmans. it makes sense to me. The location is on a major road between Charlotte and 485, and right in the middle of some pretty wealthy areas. A destination like Wegmans would kill there, and I'm not sure what other grocery store brand could take 100k square feet.

Joe Bruno tweeted that a source told him that it was pitched to Wegmans 4-5yrs ago.  Sounds like the person isn't on the team anymore because there would likely be a NDA.  

But even "if", big "if", it was Wegmans to this location...wouldn't Ballantyne be a logical first store?  No long rezoning needed.  No rental leases to let run out.  No demo.  No massive infrastructure. And a much more accessible site being right off 485.  

If there were to ever happen I would guess Community House location in 3-5yrs and Providence in 5-10yrs.  

  • Like 1
Link to comment
Share on other sites

1 hour ago, InSouthPark said:

Joe Bruno tweeted that a source told him that it was pitched to Wegmans 4-5yrs ago.  Sounds like the person isn't on the team anymore because there would likely be a NDA.  

But even "if", big "if", it was Wegmans to this location...wouldn't Ballantyne be a logical first store?  No long rezoning needed.  No rental leases to let run out.  No demo.  No massive infrastructure. And a much more accessible site being right off 485.  

If there were to ever happen I would guess Community House location in 3-5yrs and Providence in 5-10yrs.  

I think if it's in Ballantyne you lose some of the Charlotte crowd, purely because of distance. But if you put it here you're getting Charlotte and Ballantyne.

If you drew a circle of whatever distance a typical market catchment area is, centered on either Ballantyne or this location, I'd bet the circle on Providence would have way more people.

  • Like 2
Link to comment
Share on other sites

56 minutes ago, Madison Parkitect said:

I think if it's in Ballantyne you lose some of the Charlotte crowd, purely because of distance. But if you put it here you're getting Charlotte and Ballantyne.

If you drew a circle of whatever distance a typical market catchment area is, centered on either Ballantyne or this location, I'd bet the circle on Providence would have way more people.

Residents, probably yeah more on Providence.  But the ones I have visited, most recently Charlottesville, is that its located in a convenient location off I64, not near the most people.  Ballantyne could get all the people working in Ballantyne, the residents of Ballantyne/Weddington, and everyone that drives by on 485.  Wegmans will be a "destination" for the first one and I think Ballantyne would fit in better in that respect.  Remember half of Union County is NY/NJ/PA transplants too.

Do I think Providence will be a hit? For sure.  That is a grocery store almost desert.  Arboretum HT which might be my least favorite HT, dumpy Food Lion, and Fresh Market.  Publix in a few years.  

But anyways, with grocery story prices what they are, I do almost all my shopping at Lidl anymore anyways. LOL.  But I do like the beer selections in Wegmans!  

 

  • Like 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.