Savona Mill, Lakewood Trolley, Greenway

[RANYC]

14 minutes ago, atlrvr said:

I usually come down squarely on the side of property owners, and at the end of the day I probably do in this case as well, but a couple of thoughts in Blue Blaze defense.

1) they taking that risk to open (with previous owner to Portman) created value there for mill owner

2) the building itself is pretty cheap quality, and maybe not worth full "market" rent for the area

3) I can only assume Blue Blaze spent a fair amount of capital for brewery systems, much of what could be lost, as I assume relocating that equipment is very expensive

All that said, Blue Blaze should have known the risks when signing what I assume was a 5 year lease. 

Lastly, and this is pure speculation, but wouldn't surprise me if Portman would prefer to have no tenant so they can demo/redevelop that part of the site.

 

 

Yes, the opportunity cost of blue blaze there is probably significant to Portman.

[KJHburg]

15 hours ago, SouthEndCLT811 said:

Wow, another example of landlords aggressively raising rent 

https://twitter.com/CltLedger/status/1584877821532721154?s=20&t=Y-FbfcZsKQKmv1nZDZOIbw

 

Not being cynical but could they be raising the rent on Blue Blaze to allow Sycamore to come into there as they are a tenant and have a relationship with them from Southend?  I hope Blue Blaze finds another location close by. 

[CLTdev18]

I saw this comment on a reddit post about BlueBlaze so take it with a grain of salt, but it makes sense

Quote

Well, as an ex Blue Blaze employee, got to say that this isn’t a surprise at all. I was there when they came and talked to the owner about the developments and changes, and they wanted to work with him to make it work. Instead of talking to him, he avoided the meeting and never returned their calls. So yeah, after trying to avoid the situation, and come up with a solution for over half a year, I’d evict them as well. Great coworkers, decent beer, poor management.

 

[KJHburg]

Since this is right by Savona Mill and near the current site of Blue Blaze I will put this here.

""Texas developer Kairoi Residential is gearing up for its next Charlotte project, a multifamily community on the city's west side.

Kairoi, based in San Antonio, filed a petition with the city of Charlotte on Jan. 2 to rezone 6 acres at 650 State St. from industrial to mixed-use development. Tyler Sibley, Kairoi principal of development, said the project will be about 500,000 square feet with 450 luxury apartments and will include a sky pool and amenity package. No ground-floor retail is planned at this time. Renderings were not yet available.

"We're going to have some unique private open space that kind of backs into everything that's happening at the greenway, and we're really excited about how everything else happening in the neighborhood will mesh together," he said.""

https://www.bizjournals.com/charlotte/news/2023/01/06/kairoi-residential-apartment-community-luxury.html?

this is right across State St from Lower Tuck and that has retail. 

 

[kermit]

Made a trip over this way and took some photos.

As a side note, I have heard the Lakewood Trolley project is fully dead (Portman has no interest and Pappastanos is now a minority partner) but you can see one of the melting Milan cars that was purchased still on site (there were two of them).

Also excited to see Stewart Creek Greenway get going.

I did not get a picture but when the city removed the brush from around the creek the topography of the neighborhood really became visible. It is a huge improvement and makes Lower-Tuck and Seviersville feel like part of the same neighborhood for the first time. IMO this area is on the cusp of becoming one of Charlotte's most appealing (and instagramable) neighborhoods.

 

Edited February 18, 2023 by kermit

[SgtCampsalot]

Even as a Charlotte native, it's always been hard for me to understand the geography of this part of this neighborhood. I'll have to come peak at it now that this work is being done!

[KJHburg]

Apartments foundations poured and stair towers going up and full on renovation of the old mill for office and retail.   It is hard to get to as so many streets are closed around it. 

https://savonamill.com/#

[KJHburg]

Lots of changes since my last visit evidently in April.  Apartments being framed and the old Savona Mill looks great.  They must have pressure washed it or something because the brick look great.  Today.   Hard to get close to this site but it is coming along nicely.  

https://savonamill.com/#

[videtur quam contuor]

I worked at Bruns Avenue School in the 1970's and those streets such as Coxe, Katonah, Mahopac, and State* had some of the worst conditions. Rental homes without heat, children smell of kerosene, pervasive dirt, scabies, grandmothers without teeth. I had a 12 year old student who had given birth to a child. Like India it was. More than I could deal with. But a real education for this person and, I hope, a few of the young people who certainly could use it. At the end of a dead end street, bottom of a hill, by the railroad track. What. A. Change.

*I recall the names easily as they made such an impression on me.  Most of the staff was inspired despite the considerations. 

[videtur quam contuor]

For a better understanding we also had students from Smallwood which is bordered by Beatties Ford, 277, Stewart Creek and Rozzells Ferry Road; a more stable area. White students were bused from Huntingtowne Farms.

[KJHburg]

Wow this looks awesome photos from the Biz Journal article about construction wrapping up there.  Portman has another winner in this project.

Savona Mill in FreeMoreWest seeks retail, office users after $70M project - Charlotte Business Journal (bizjournals.com)

 

""A $70 million overhaul of the historic Savona Mill in Charlotte's West End has reached the finish line.

Redevelopment of the 108-year-old textile mill began in February 2022 and is slated to deliver within the week. The project, led by Atlanta-based developer Portman Holdings, encompasses about 180,000 square feet of office space, 20,000 square feet of ground-floor retail, several outdoor and open-air patio spaces, a rooftop deck and an outdoor plaza that leads to a small amphitheater for live music and public community events.

John Ball, Foundry Commercial market leader, said although no tenants have signed leases yet, interest is high.""

 The first, Savona Residences Phase 1, is a 321-unit community that is under construction now. It is expected to deliver in late 2024. The second phase will include up to 329 units. A start date on that portion of the project was not immediately available""

[RANYC]

On 11/9/2023 at 7:30 PM, KJHburg said:

Wow this looks awesome photos from the Biz Journal article about construction wrapping up there.  Portman has another winner in this project.

Savona Mill in FreeMoreWest seeks retail, office users after $70M project - Charlotte Business Journal (bizjournals.com)

 

""A $70 million overhaul of the historic Savona Mill in Charlotte's West End has reached the finish line.

Redevelopment of the 108-year-old textile mill began in February 2022 and is slated to deliver within the week. The project, led by Atlanta-based developer Portman Holdings, encompasses about 180,000 square feet of office space, 20,000 square feet of ground-floor retail, several outdoor and open-air patio spaces, a rooftop deck and an outdoor plaza that leads to a small amphitheater for live music and public community events.

John Ball, Foundry Commercial market leader, said although no tenants have signed leases yet, interest is high.""

 The first, Savona Residences Phase 1, is a 321-unit community that is under construction now. It is expected to deliver in late 2024. The second phase will include up to 329 units. A start date on that portion of the project was not immediately available""

Can they advise us on the Carolina theater restoration?🫤

[KJHburg]

My self guided walking tour and boy does this look great!  Love the Mill restoration and new apartments look good too.

Edited February 3 by KJHburg

[DJ8hep]

7 hours ago, KJHburg said:

My self guided walking tour and boy does this look great!  Love the Mill restoration and new apartments look good too.

Awesome photos! I need to go and check this project out!

[stw52]

Blue Blaze announced its closure yesterday.