Queensbridge Collective (Uptown Cabaret Midnight diner site) - 3 towers

[KJHburg]

36 minutes ago, HopHead said:

I have no insider knowledge, but this development just reeks off some large HQ relocation (or existing). 600' plus tall office tower with a hotel next to it for its employees/customers just seems like another type of development that was similar to BofA (Office and Ritz Carlton) and Ally (Office and JW Marriott). 

remember their initial comments about purchasing this land for development we are following our national clients to Charlotte.  Bank of America is one of their anchor tenants in Chicago but they have others and given Chicago's status a huge business center they know of others.  I have heard several companies from coast to coast they could be looking for a new HQ location.  

[RANYC]

15 minutes ago, KJHburg said:

remember their initial comments about purchasing this land for development we are following our national clients to Charlotte.  Bank of America is one of their anchor tenants in Chicago but they have others and given Chicago's status a huge business center they know of others.  I have heard several companies from coast to coast they could be looking for a new HQ location.  

But an HQ relocation to fill a block of Class A, premier office space this large wouldn't happen without a sizable state incentives package, right?  And I'd guess the state would be pretty quiet about such a package and associated company plans until i's crossed and t's dotted.  Also, a developer brought in on the deal to build and deliver space for the prospect would most likely stay pretty mum about development plans until the company, state, and others were ready to disclose, no?

This smells to me like new space for an existing Charlotte company; but of course, wildly speculating here.  Just feels like Riverside being a bit too splashy and promotional in order for this to be a massive corporate expansion or major HQ relocation, which would assumedly involve major state incentives.

I hope I'm wrong, but I speculate this project and these renderings to be more eminent than imminent.

Edited February 8 by RANYC

[KJHburg]

1 minute ago, RANYC said:

But an HQ relocation to fill a block of Class A, premier office space this large wouldn't happen without a sizable state incentives package, yes?  And I'd guess the state would be pretty quiet about such a package and company plans, and a developer with assurance that they'd be chosen to build and deliver space for the prospect would most likely stay pretty mum about development plans until the company, state, and others were ready to disclose, no?

This smells to me like new space for an existing Charlotte company, but of course, wildly speculating here.  Just feels like Riverside being a bit too splashy and promotional in order for this to be a massive corporate expansion or major HQ relocation, which would assumedly involve major state incentives.

to start this building and get funding if it is 800K sq ft they would need a 200K sq ft lease or so.  Some of the money guys can answer this better than I can.  Often relocating companies want space that is ready or space with pretty sure completion date.  Honeywell wanted their own building but immediately leased space in 300 South tryon.   NC is the one of the tightest ships with information about economic development projects.  They just don't leak.   Centene no one knew about until they swooped in and announced 3000 jobs.  Dittos for Honeywell.   Dittos for Allstate.   Plus state incentives are based on job creation and certain investment requirements  but dont require the company to own or build their own spaces.  They can lease and just create jobs.     I just think large Banks in America are prime clients and this less than 2 blocks from one of their large towers.    There continues to be a flight to quality newer builders to entice workers to come back to the office and as a recruitment tool. 

[CLT Development]

2 hours ago, Blue_Devil said:

So no tenant yet. This begs the question though, does the Riverside team heave a bidding war for the space if there are multiple large entities trying to get the project? 

Just a reminder that Ally Charlotte Center and Legacy Union both said they didn't have tenants and absolutely had tenants. 

[turbocraig]

6 minutes ago, KJHburg said:

to start this building and get funding if it is 800K sq ft they would need a 200K sq ft lease or so.  Some of the money guys can answer this better than I can.  Often relocating companies want space that is ready or space with pretty sure completion date.  Honeywell wanted their own building but immediately leased space in 300 South tryon.   NC is the one of the tightest ships with information about economic development projects.  They just don't leak.   Centene no one knew about until they swooped in and announced 3000 jobs.  Dittos for Honeywell.   Dittos for Allstate.   Plus state incentives are based on job creation and certain investment requirements  but dont require the company to own or build their own spaces.  They can lease and just create jobs.     I just think large Banks in America are prime clients and this less than 2 blocks from one of their large towers.    There continues to be a flight to quality newer builders to entice workers to come back to the office and as a recruitment tool. 

Ok, KJ... you keep dropping BA hints in a lot of your posts here.  And I can't not see that you went out of your way to write "Banks in America", with its very specific capitalization.  I don't think that's random.  How much space does BA need here?  They supposedly pushed just about everyone out of the Corp Center and then took LU1.  Why the need for so much space if it is them?  

[Blue_Devil]

8 minutes ago, turbocraig said:

Ok, KJ... you keep dropping BA hints in a lot of your posts here.  And I can't not see that you went out of your way to write "Banks in America", with its very specific capitalization.  I don't think that's random.  How much space does BA need here?  They supposedly pushed just about everyone out of the Corp Center and then took LU1.  Why the need for so much space if it is them?  

 

8 minutes ago, turbocraig said:

Ok, KJ... you keep dropping BA hints in a lot of your posts here.  And I can't not see that you went out of your way to write "Banks in America", with its very specific capitalization.  I don't think that's random.  How much space does BA need here?  They supposedly pushed just about everyone out of the Corp Center and then took LU1.  Why the need for so much space if it is them?  

If I had to guess, they are bleeding Tech Workers with RTO back to their awful corporate centers outside of Uptown, and want to work on retaining and hiring new talent. Pitch: Awesome new office space, in the hear of the trendiest neighborhood in Charlotte, with access to light rail, and living spaces and high end retail/restaurant onsite 

[CLT Development]

20 minutes ago, turbocraig said:

Ok, KJ... you keep dropping BA hints in a lot of your posts here.  And I can't not see that you went out of your way to write "Banks in America", with its very specific capitalization.  I don't think that's random.  How much space does BA need here?  They supposedly pushed just about everyone out of the Corp Center and then took LU1.  Why the need for so much space if it is them?  

Pretty sure they have leases coming up in three buildings, 525 North Tryon, Gateway Center and Wake Forest University Charlotte Center, prob around 20 floors of space. And they pulled out of Bank of America Plaza, not the Corp Center. 

Edited February 9 by The Real Clayton

[turbocraig]

2 minutes ago, The Real Clayton said:

Pretty sure they have leases coming up in three buildings, 525 North Tryon, Gateway Center and Wake Forest University Charlotte Center, prob around 20 floors of space. And they pulled out of Bank of America Plaza, not the Corp Center. 

Sorry, what I meant was they pushed just about everyone (else) out of the Corp Center in order to reclaim that space. 

[KJHburg]

22 minutes ago, The Real Clayton said:

Pretty sure they have leases coming up in three buildings, 525 North Tryon, Gateway Center and Wake Forest University Charlotte Center, prob around 20 floors of space. And they pulled out of Bank of America Plaza, not the Corp Center. 

this 

32 minutes ago, Blue_Devil said:

 

If I had to guess, they are bleeding Tech Workers with RTO back to their awful corporate centers outside of Uptown, and want to work on retaining and hiring new talent. Pitch: Awesome new office space, in the hear of the trendiest neighborhood in Charlotte, with access to light rail, and living spaces and high end retail/restaurant onsite 

and this.    I mean it is not a stretch that Bank of America anchors one of Riverside's buildings in Chicago and they mentioned their national clients.     Actually I hope I am wrong it is an out of town HQ relo from one of these states across the fruited plain from California to New England but I will gladly love for BofA to kick this tower off too.  

[DMann]

If the building over the site of the Midnight Diner is an apartment building, most of the units will have terrible views.

[CharlotteWkndBuzz]

1 hour ago, RANYC said:

But an HQ relocation to fill a block of Class A, premier office space this large wouldn't happen without a sizable state incentives package, right?  

If I’m not mistaken, and I might be mistaken lol, but “Truist” moved their HQ here without any incentives from the state. 

[RANYC]

9 minutes ago, CharlotteWkndBuzz said:

If I’m not mistaken, and I might be mistaken lol, but “Truist” moved their HQ here without any incentives from the state. 

That's true, although the acquirer in the transaction between BBT and SunTrust was BBT, which was already HQ'd here in NC, and so BBT was able to make the decision on the new HQ location.  I'm guessing the state was unlikely to incentivize a relo from one city to another 60 miles to the south, although there's an argument to make that Truist wasn't a remake of BBT, but something new altogether that was planting roots in NC.  Also, I suppose if the new entity's Headcount meant more jobs in the state, perhaps a case could have been made for incentives.  But you're right, no incentives were part of the combined entity Truist's formation and HQ establishment in the state.

Edited February 9 by RANYC

[joenc]

Earlier this year JPMorgan Chase said they are going to spend $12 billion on tech, I'm no expert but Bank of America reshuffled its tech executives and they like to compete with each other.

I hear conditions at Wells Fargo are pretty poor, they'll need to up their game

[JeanClt]

If the building over the site of the Midnight Diner is an apartment building, most of the units will have terrible views.

Hmm South End is not a terrible view… also midtown to the East. Also the towers are shifted east versus the office tower being on Tryon on the western side. I’m sure that’s on purpose.

[norm21499]

I wonder if if the officer tower will have any type of lighting scheme at night. the 150 Riverside building in Chicago is lacking in that area. Then again Chicago isn't known for having a colorful skyline at night.

[eastsider]

This is the type of project that should have been built at the Legacy Union site.

[go_vertical]

1 hour ago, DMann said:

If the building over the site of the Midnight Diner is an apartment building, most of the units will have terrible views.

Think of it like this, had the apartments been where Cabaret is now their views wouldn't last very long.  It's only a matter of time before both Cigar Club and Biz Journals.com lots get some height. With the apartments facing south their neighbors are some brand new townhomes and a relatively new five story residential building, both of which aren't going anywhere any time soon. 

[j-man]

This actually fits SouthEnd well. Modern, but the warm color of the building (not sure of what material it is) really makes it feel like its a nice fit for SouthEnd. I'm glad centercity is becoming more dense, because a city with nearly one million people should have a strong dense core. We have been seeing it become that for a while but we are really witnessing it now. 

Edited February 9 by j-man

[CarolinaDaydreamin]

After today's news of Eli Lilly's new plant in Cabarrus, I would maybe throw it into the ring of potential HQ relocations who could be going to this site. I would find it unlikely that Indy would let them go, but they are bringing a huge (nearly $1B) facility to the old Philip Morris site.

Edited February 9 by CarolinaDaydreamin

[JeanClt]

Think of it like this, had the apartments been where Cabaret is now their views wouldn't last very long.  It's only a matter of time before both Cigar Club and Biz Journals.com lots get some height. With the apartments facing south their neighbors are some brand new townhomes and a relatively new five story residential building, both of which aren't going anywhere any time soon. 

They can instead have a view of this magnificent architecture and design. : )

[CLT Development]

2 hours ago, CharlotteWkndBuzz said:

If I’m not mistaken, and I might be mistaken lol, but “Truist” moved their HQ here without any incentives from the state. 

for now

[cltbwimob]

1 hour ago, The Real Clayton said:

for now

You think they will come back to the table a few years post merger and ask for incentives for an hq they already have established?

[JorgiPorgi]

I wonder, As the complete renderings aren’t released yet, could this building possibly go taller than the rumored 600 + ft? 

[kermit]

11 hours ago, CharlotteWkndBuzz said:

If I’m not mistaken, and I might be mistaken lol, but “Truist” moved their HQ here without any incentives from the state. 

It was also an unusual situation because BBT’s last couple of CEOs have been flamboyantly libertarian and outspoken about being against corporate welfare. They were not going to be involved in a merger that planned on incentives. Having said that, Kelly King just retired,  not sure who he was replaced by, but whoever it is may have a very different attitude about corporate subsidies. While the new guy might request some incentives for expansion, they cant reasonably request them retroactively for the HQ move.

Edited February 9 by kermit

[RANYC]

7 hours ago, cltbwimob said:

You think they will come back to the table a few years post merger and ask for incentives for an hq they already have established?

On another thread, there's been some mention of a 30+ story office building for Truist at the Spirit Square makeover to house their tech innovation center.  Perhaps they get incentives for that project?  Lowe's got a package of incentives for its tech innovation center in South End, and they're already headquartered locally.