The Ellis – 33 Floor Apartment Tower – Lennar does what Levine couldn't.

[11 HouseBZ]

Or put a big mural on it.  Can't have enough art around here. 

[Richhamleigh, DC]

On 5/21/2018 at 10:47 PM, cltcane said:

I really hope someone rethinks the color.  This is one instance where I would rather have good ol’ Charlotte beige.  33 floors of mustard yellow EFIS is basically my worst nightmare.

The Tower portion is only proposed, for "Future..."?

[KJHburg]

^^^ No this is one project the midrise and highrise all will be built as one project at the same time.  The only future project is corner where a hotel is going in.  Was that a Canopy by Hilton?  I can't remember 

[Scribe]

19 minutes ago, KJHburg said:

The only future project is corner where a hotel is going in.  Was that a Canopy by Hilton?  I can't remember

The land was sold to the hotel developer already, but I do not think there was an announcement on the flag for the hotel.

[CLTProductions]

30 minutes ago, Scribe said:

The land was sold to the hotel developer already, but I do not think there was an announcement on the flag for the hotel.

Not sure if it’s officially announced but it will be a Homewood Suites

[Tyrone Wiggum]

3 hours ago, Jayvee said:

Not sure if it’s officially announced but it will be a Homewood Suites

I have it on good authority that they're moving the Knights inn from Brookshire into this spot.  But, they're going to keep the same decor and color schemes.  Should be a win win.

[Hushpuppy321]

Hopefully we should have some initial construction activities at this site within the next 60 days or less.  The Lennar Pepsi site project looks like it'll start lease up by early next year.  Seems to be good timing of these two projects.

[Guest]

Hopefully we should have some initial construction activities at this site within the next 60 days or less.  The Lennar Pepsi site project looks like it'll start lease up by early next year.  Seems to be good timing of these two projects.

This is the one I could see not happening. We will see tho


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[DMann]

more info?

[atlrvr]

I mean, different trades we're approved in pemitting just last week...

[Guest]

more info?

No info, just my pessimism


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[DMann]

I would never pick you as a pessimist!

[Dale]

33 minutes ago, ricky_davis_fan_21 said:

No info, just my pessimism


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Uh-oh, does this mean the thread title will have to be changed and Daniel Levine apologized too ?

[deleted]

Based on Lennar's size and track record in other markets, I'd be surprised if this doesn't happen.  I'm more worried about NWR and their Polk project (though I think it will happen also).

[Guest]

Based on Lennar's size and track record in other markets, I'd be surprised if this doesn't happen.  I'm more worried about NWR and their Polk project (though I think it will happen also).

My general pessimism toward this project is 1. It’s huge size, similar concept as Stonewall Station but even taller and 2. The fact Lennar already downsized a similar project significantly in Minneapolis.


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[deleted]

58 minutes ago, ricky_davis_fan_21 said:

My general pessimism toward this project is 1. It’s huge size, similar concept as Stonewall Station but even taller and 2. The fact Lennar already downsized a similar project significantly in Minneapolis.


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Good point on Minneapolis (forgot about that).  I was thinking about San Diego.

[KJHburg]

Lennar is extremely well capitalized and they are the largest homebuilder in the country after buying CalAtlantic.  I think they hold onto their properties as well.  So I believe this one will happen others who knows.   The vacancy rate is 20% uptown is which is ridiculous high.  

[atlrvr]

Sorry, that 20% rate being quoted is a pet peeve, as it includes several buildings that recently opened and wouldn't be expected to be anywhere close to even 50% yet.

 

[KJHburg]

well it would be interesting to see then how much  the Museum tower,  the Ascent and the Skyhouses are leased.  They have been around for awhile.  There is definitely a softening uptown due to massive numbers of apartments delivered and at the highest prices in the metro area.  

Skyhouse is offering 2 months free rent on certain units   http://skyhouseuptown.com/

Ascent is offering "new" prices and 1 month free   https://www.liveascentuptown.com/

I am sure they will lease up eventually but more units are to be delivered soon with 550 Stonewall and the others ones on Stonewall.  

[deleted]

1 hour ago, KJHburg said:

well it would be interesting to see then how much  the Museum tower,  the Ascent and the Skyhouses are leased.  They have been around for awhile.  There is definitely a softening uptown due to massive numbers of apartments delivered and at the highest prices in the metro area.  

Skyhouse is offering 2 months free rent on certain units   http://skyhouseuptown.com/

Ascent is offering "new" prices and 1 month free   https://www.liveascentuptown.com/

I am sure they will lease up eventually but more units are to be delivered soon with 550 Stonewall and the others ones on Stonewall.  

I have no idea on vacancy rates (or anything else really).  I do wonder who will possibly rent all the new apartments uptown, in Southend and NoDa (including those not yet built)?  But then Gateway Centric (40% leased) sells for a huge amount and I assume everything is fine.  I know in my business (insurance) the stupidest things are done right before a correction when the market hardens.

[Twin Citian]

6 hours ago, ricky_davis_fan_21 said:

My general pessimism toward this project is 1. It’s huge size, similar concept as Stonewall Station but even taller and 2. The fact Lennar already downsized a similar project significantly in Minneapolis.


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The downsizing of the MPLS project might have to due with the fact that Lennar just completed a  20-story high-rise next to the downsized proposal.  There is also a 26-story apartment currently being built across the street from the proposed project, another 26-story project just broke ground and a 42-story project is about to break ground; both are within a short walking distance.  Also, their downsized proposal  now consisting of 5 and 12-story buildings will fully utilize the lot.  Their original proposal was 30ish story building with a massive parking ramp that would have only utilized 1/3 of the lot.

Edited July 15, 2018 by Twin Citian

[Guest]

The downsizing of the MPLS project might have to due with the fact that Lennar just completed a  20-story high-rise next to the downsized proposal.  There is also a 26-story apartment currently being built across the street from the proposed project, another 26-story project just broke ground and a 42-story project is about to break ground; both are within a short walking distance.  Also, their downsized proposal  which now consists of a 5 and 12-story building, will fully utilize the lot.  Their original proposal was 30ish story building with a massive parking ramp that would have only utilized 1/3 of the lot.

thanks for the insight!


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[AuLukey]

I feel like the apartment market may be softening Uptown; but, if we’re lucky, the jobs TP, Legacy, Duke, and FNB bring should bring plenty of prospective residential tenants along with them. 10 Tryon success or failure could also have a bearing on this project. Until the office sector softens, I think our residential market should be just fine to continue growing. Trust me, I’ve played a LOT of Simcity, so I’m basically an expert

[nicholas]

1 hour ago, AuLukey said:

I’ve played a LOT of Simcity, so I’m basically an expert

Same here, so that basically makes two experts on UP now.

[elrodvt]

2 hours ago, AuLukey said:

I feel like the apartment market may be softening Uptown; but, if we’re lucky, the jobs TP, Legacy, Duke, and FNB bring should bring plenty of prospective residential tenants along with them. 10 Tryon success or failure could also have a bearing on this project. Until the office sector softens, I think our residential market should be just fine to continue growing. Trust me, I’ve played a LOT of Simcity, so I’m basically an expert

Maybe we could get the planning dept to play a game against you. ;-)