Economic Development - Expansions and Relocations

[lancer22]

7 hours ago, j-man said:

Do yall really believe they would have interest or even want to include a new headquarter building along with a development that caters to BofA that much or even be associated with LU since it is mostly already planned out? This is the perfect opportunity to extend some development on the north side of uptown which could spark more buzz and eventually have a more balanced skyline lol. I think the land next to the new apartment tower Market 42 would be ideal. I'm claiming a new top 5 tallest tower. 

As much as we don't like to admit it, the only thing North Tryon really has going for it is the Tryon address. All of the momentum in Uptown is moving south (Stonewall, Romare-Bearden, ballpark, LU, Ally Center, proximity to South End etc). 

Also, I think people give way too much credence to going into a development that contains another bank. To me what is important is if you are going into the same BUILDING. A new tower at LU would be similar distance wise between LU, LU2, Ally, DEC etc.

 

 

5 hours ago, southernnorthcarolina said:

 

I'll bet you're right.  The merger could be great news for the owners of BB&T Center, or it could be a disaster.

Good points about BB&T Center:  terrific location as the hub of Overstreet Mall; ample parking with excellent vehicular access and egress via tunnels under College Street.

Defects:  1970s aesthetic;  poor ground floor presence; three huge, difficult to lease floors which extend over the parking deck -- 60,000 SF each.

The three big floors were built for Southern Bell (later BellSouth), the dominant tenant until they built their own building.  Though it was not widely known, BofA took most of the space BellSouth vacated, including at least two of the big floors (maybe all three -- not sure), for its "back office" space.  I'm guessing that BofA will move out, into Legacy or elsewhere, but BB&T Center might offer them a deep discount on the big floors, in recognition of the fact that there aren't many potential tenants who need that kind of space.

Methinks disaster

 

[Matthew.Brendan]

North Tryon is definitely a longer timeframe build out but it’s already creeping inward from the edges.... Camp NorthEnd, Optimist Hall, even NoDa is pushing slowly toward N.Tryon with the new apartments down Craighead/Philemon. 

[atlrvr]

8 hours ago, KJHburg said:

 

There are already big companies looking at Legacy 3 hint think bees...

 

The Charlotte Hornets are anchoring LU3?

[KJHburg]

39 minutes ago, atlrvr said:

The Charlotte Hornets are anchoring LU3?

possibly the HONEYbees 

[Norm2]

I was thinking, The SunTrust/BB&T merger was kept tight lipped because they didn't want the news leaking out on this website LOL!

[KJHburg]

2 minutes ago, norm21499 said:

I was thinking, The SunTrust/BB&T merger was kept tight lipped because they didn't want the news leaking out on this website LOL!

Bank mergers are done in secret with fake names meeting at odd locations outside of normal offices and both of these banks know how to keep it under wraps.  The Winston Salem mayor knew it at 6.30 am according to the W-S Journal. 

[J-Rob]

possibly the HONEYbees 

What about Spectrum? I thought the general consensus was that HW would go there.


Sent from my iPhone using Tapatalk

[KJHburg]

1 minute ago, J-Rob said:

 

What about Spectrum? I thought the general consensus was that HW would go there.


Sent from my iPhone using Tapatalk

 

I would say everyone is pitching Honeywell from LH, Spectrum, Portman and others we don't even know about.  Since Lendingtree is back out there now who knows but I seem to think they will land in SouthEnd somewhere.  Spectrum is the current landlord for Honeywell but every developer worth his or her salt is pitching Honeywell.  

[Bruco72]

2 hours ago, KJHburg said:

Bank mergers are done in secret with fake names meeting at odd locations outside of normal offices and both of these banks know how to keep it under wraps.  The Winston Salem mayor knew it at 6.30 am according to the W-S Journal. 

Yep. Looking at the advisors on the deal, there were certainly several meetings in NYC. Easy for bank execs to fly to NYC without raising any suspicion. 

Goldman Sachs books some conference rooms under made up names. That’s how this stuff happens. 

[Guest]

15 hours ago, J-Rob said:

 

What about Spectrum? I thought the general consensus was that HW would go there.


Sent from my iPhone using Tapatalk

 

The general consensus is, nobody knows, seemed like the best fit, but every company imaginable have brought exciting proposals across their table.  So we are all playing the waiting game.

[Scribe]

21 hours ago, Dale said:

What’s a cycle ?

Development happens in cycles tied to economic cycles.. (maybe I should have said "I think the tower for new BB&T will happen next development cycle"?)

I like this explanation here: https://www.therealestatecrowdfundingreview.com/the-real-estate-cycle-part-1-financial-cycle

[kermit]

and the pushback against incentives begins:

 

(I am in no way suggesting that Charlotte or Raleigh is back in the hunt -- my money is on New Jersey getting a portion of the Long Island City jobs)

Edited February 8, 2019 by kermit

[navigator319]

My understanding of this is not do with incentives but rather opposition for the development parcels in Long Island City and the impact of the physical development.

[KJHburg]

I said this a long time ago Amazon would be better splitting this into many pieces and look for each city's strengths like Fintech here in Charlotte. 

I do think this is very funny and @QCxpat mentioned this possibility to me a few days ago that they might pull out of NYC.    Remains to be see if they pull out altogether but maybe they should break the NYC piece up into more pieces.  

Here is an article about their reconsideration of NYC 

https://www.bizjournals.com/washington/news/2019/02/08/amazon-reconsidering-its-new-york-city-hq2-site.html?ana=e_ae_set1&s=article_du&ed=2019-02-08&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549659356&j=86562291

Edited February 8, 2019 by KJHburg

[KJHburg]

Speaking of Amazon here is their new mega warehouse by the airport at I-85 and I-485.  It will employ 1500 plus. Today and it is multilevel warehouse. 

[KJHburg]

Not sure where to put this but I want to assure you Charlotte region is still attracting lots of twentysomethings to town.

Was in a long line for a free hat last night met a young couple in their 20s just moved here in Jan. form Seattle.   He was a data analytics guy at the London Stock Exchange in Ft Mill (they bought a firm there a couple years back)  They live in SouthEnd.  She said they loved the  trees, the sunshine and the very affordable living here compared to Seattle.  She said there you don't get to tour available apartments you basically choose one from a plan and hope you can beat the other people to it.  (and she thinks our weather is great)

2nd person:  I overheard by accident a job interview with a young guy in his 20s interviewing with a major new employer in the city  and he was asked how he got here to Charlotte.  He said grew up in Massachusetts and wanted to move south checked out Florida but his wife or girlfriend got a teaching job here so here they went.   He said he wanted a change from Northeast.  

KJ's Listening tour.....

The point is as long as we are attractive to people from all over the country we will continue to grow, new companies will continue to come here and our city will grow.   Nothing is guaranteed ask several cities in upper Midwest and Northeast.  

Edited February 16, 2019 by KJHburg

[Brendv7]

56 minutes ago, KJHburg said:

Not sure where to put this but I want to assure you Charlotte region is still attracting lots of twentysomethings to town.

Was in a long line for a free hat last night met a young couple in their 20s just moved here in Jan. form Seattle.   He was a data analytics guy at the London Stock Exchange in Ft Mill (they bought a firm there a couple years back)  They live in SouthEnd.  She said they loved the  trees, the sunshine and the very affordable living here compared to Seattle.  She said there you don't get to tour available apartments you basically choose one from a plan and hope you can beat the other people to it.  (and she thinks our weather is great)

2nd person:  I overheard by accident a job interview with a young guy in his 20s interviewing with a major new employer in the city  and he was asked how he got here to Charlotte.  He said grew up in Massachusetts and wanted to move south checked out Florida but his wife or girlfriend got a teaching job here so here they went.   He said he wanted a change from Northeast.  

KJ's Listening tour.....

The point is as long as we are attractive to people from all over the country we will continue to grow, new companies will continue to come here and our city will grow.   Nothing is guaranteed ask several cities in upper Midwest and Northeast.  

Related, and also didn’t know where to post after it happened, but I was at UNC Chapel Hill a couple weeks ago interviewing candidates from one of their grad schools for positions in Charlotte, and it is standard for us to explore what is behind their interest in a move to Charlotte as opposed to staying in the triangle area. I was surprised how many of these millennial students said something along the lines of wanting to live somewhere that felt bigger and more like a real city and all that goes with it.  For all we hear about the growth of the triangle, I think it is still more of a sprawling type of growth and they lack the NFL, NBA, big city skyline and uptown, and so on. It made me reconsider some of my thoughts on how I prioritize projects or developments that bring that intangible wow factor that can put a city over the top in someone’s mind compared to a peer. 

[KJHburg]

Just saw this on Twitter today a study from Brookings where millennials are moving to and where boomers age 55 are moving to domestically.  

Hint check out the map mid page and look for a dark BLUE dot and you will find the Queen City.  We best our peers every Florida city, Nashvegas and Atlanta.   In fact we are the leading city in attracting that age group in the southeast!  

Then look at Boomers over 55 this usually very wealthy and educated people are moving south and again Charlotte with its Trilogy in Lincoln County, Sun City in Lancaster county, Cresswind in Meck county and Imagery in Gaston county and all over are attracting this group. Every major northeast and Midwest metro areas are losing this group.  

https://www.brookings.edu/research/how-migration-of-millennials-and-seniors-has-shifted-since-the-great-recession/amp/?__twitter_impression=true

[Cadi40]

https://mobile.twitter.com/WBTVCamMan/status/1098315191136256001

Bestco expansion coming to Mooresville, 141 Jobs and a 47 Million dollar investment. 

[j-man]

https://www.wsoctv.com/news/local/avidxchange-considered-3-us-cities-before-choosing-to-expand-in-charlotte/925859574

[DeleteMe]

On 2/16/2019 at 6:34 PM, KJHburg said:

Just saw this on Twitter today a study from Brookings where millennials are moving to and where boomers age 55 are moving to domestically.  

Hint check out the map mid page and look for a dark BLUE dot and you will find the Queen City.  We best our peers every Florida city, Nashvegas and Atlanta.   In fact we are the leading city in attracting that age group in the southeast!  

Then look at Boomers over 55 this usually very wealthy and educated people are moving south and again Charlotte with its Trilogy in Lincoln County, Sun City in Lancaster county, Cresswind in Meck county and Imagery in Gaston county and all over are attracting this group. Every major northeast and Midwest metro areas are losing this group.  

https://www.brookings.edu/research/how-migration-of-millennials-and-seniors-has-shifted-since-the-great-recession/amp/?__twitter_impression=true

Interesting.  Apparently people between 35 and 54 are immobile?  Gen X, a valley a humility between two mountains of conceit.

Edited February 28, 2019 by MACyr

[videtur quam contuor]

"A vale of humility between two mountains of conceit."

Supposedly said by Vance about North Carolina. The two mountains of conceit are Virginia and South Carolina. This is also attributed to Alexander Hamilton, but probably predates both Hamilton and Vance.

From the wikipedia page of Zebulon Vance, Civil War Governor of N. C.

[KJHburg]

I have often said this but it gets no news because there are no big announcements.  Wells Fargo continue to grown here in Charlotte here is an article from their local market lead about growth here:

""We’ve got 80-plus businesses in the company. Every one of them has some sort of toehold in Charlotte. Those businesses — from an employment standpoint, from a need standpoint — they grow as their market grows, or if it goes down. Mortgage is a perfect example. When the refinance world was going on ... and purchase money was going crazy and rates were extremely low, you had to build up capacity. Well, now rates have gone up a little bit, the refinance market is kind of slowing, the actual volume is down, so we move that back down in that same process.   Other businesses are growing, but that employment is shifting. I’ll just give you an example. There was a (Worker Adjustment and Retraining Notification filing) for 117 jobs in mortgage six months ago in Fort Mill. Between that time and now, we’ve added 700 jobs in Charlotte. None of them were in mortgage. It’s kind of like what I’d call a scale and balance. "

 

""Do you foresee adding more office space for Wells Fargo employees? The best answer to that would be we’re open to options. As an example, you saw us two years ago go to the Brigham Building out in Ballantyne. That was created, obviously, by what everyone else in Charlotte is realizing — that traffic impacts people’s decisions on how they want to work. Our customer information center is located on Harris Boulevard. We have another building on Harris Boulevard — actually, we have two other buildings that are up there. They are very important to our operations structures. We have the multiple buildings we have here (in uptown). So each time we’re looking at things like where do we find these seats, it comes down to the cost structure. Is it cheaper to go into an existing building, retrofit? Is it cheaper to go into a building that’s already been retrofitted? Is it cheaper to build from the ground up? ""

Subscriber article https://www.bizjournals.com/charlotte/news/2019/02/28/wells-fargo-executive-on-how-bank-is-continuing-to.html?iana=hpmvp_clt_news_headline

[KJHburg]

Buried in this article about Lowes moving their corporate jets from Statesville to CLT airport is this.  

""A spokeswoman for the company said a large number of Lowe’s senior leaders reside in Charlotte or closer to the Charlotte airport than to Statesville, and that most of the company's corporate activities such as board meetings and annual shareholder meetings take place in Charlotte.""
https://www.bizjournals.com/charlotte/news/2019/02/28/lowes-to-build-hangar-at-clt-relocating-aviation.html?iana=hpmvp_clt_news_headline

the new CEO lives in Quail Hollow which is in deep in south Charlotte.  I think there might be some execs working out of a Lowes tech center office in the future which should be located somewhere uptown or close by.  Keep a watch on this.  Lowes is going through a lot of changes right now.  And there are already rumors out there about a Charlotte office. 

[Guest]

12 minutes ago, KJHburg said:

Buried in this article about Lowes moving their corporate jets from Statesville to CLT airport is this.  

""A spokeswoman for the company said a large number of Lowe’s senior leaders reside in Charlotte or closer to the Charlotte airport than to Statesville, and that most of the company's corporate activities such as board meetings and annual shareholder meetings take place in Charlotte.""
https://www.bizjournals.com/charlotte/news/2019/02/28/lowes-to-build-hangar-at-clt-relocating-aviation.html?iana=hpmvp_clt_news_headline

the new CEO lives in Quail Hollow which is in deep in south Charlotte.  I think there might be some execs working out of a Lowes tech center office in the future which should be located somewhere uptown or close by.  Keep a watch on this.  Lowes is going through a lot of changes right now.  And there are already rumors out there about a Charlotte office. 

You should have put this in the Southend thread cuz I think its just a matter of time ;-)