Queensbridge Collective - 1 tower, maybe 2

[SydneyCarton]

Wow! That’s fantastic news!!


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[carolinaboy]

2 hours ago, JeanClt said:

Permits filed!
 

Can you tell if what was filed for is consistent with the latest renderings?

[Prodev]

It'll be just the multifamily tower and parking that gets built initially from what I've been told. 

[Hushpuppy321]

Yes Sir Indeed!  That way the office building can be started a couple years later if needed to allow for demand to grow.  Hoping to see dirt turning by June here.

[15895]

On 2/24/2023 at 8:20 PM, KJHburg said:

was down at the US Bank branch opening some accounts today and was chatting it up with the ladies there.  One mentioned some corporate real estate people were in town recently and they said they did not like telling people the US Bank corporate staff operations here were in the Truist Tower.  I said I heard you were moving out of that tower.  Got a smile and we are expanding here LOL.   Meant to put this in the Bank Town thread but my subconscious told me to put it here for some reason.  

By the way their CD rates are much much higher than the Stagecoach bank, or the Fractional bank or the Bofa bank by the way.  Only good for the Charlotte MSA area to as they are building deposits.  

Guess it isn’t US Bank if the office portion is being delayed potentially up to years. 

[CLT2014]

I wouldn't hate if this turned into a second residential tower due to a soft office market. We don't need a gazillion spots any more for people to sit at a desk from 8am to 5pm just 3 days per week.

[DJ8hep]

Permits filed!

Woohoo!!!

[SydneyCarton]

If they are only building one tower for now, does anyone know if it’s the bigger one on the north side of the site closer to 277, or is it the shorter one on the south end of the site?

I was under the impression that the latter was the residential tower.




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[southslider]

On 2/24/2023 at 8:20 PM, KJHburg said:

...they did not like telling people the US Bank corporate staff operations here were in the Truist Tower.  I said I heard you were moving out of that tower.  Got a smile and we are expanding here...

If there's one good thing to come out of that completely hideous sign on our skyline, it's completing the gap in our skyline between Uptown and South End.

[Madison Parkitect]

On 3/4/2023 at 10:38 PM, SydneyCarton said:

If they are only building one tower for now, does anyone know if it’s the bigger one on the north side of the site closer to 277, or is it the shorter one on the south end of the site?

I was under the impression that the latter was the residential tower.




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The residential building will be the one with all the balconies 

[KJHburg]

Here is what the Biz Journal said this afternoon about Queensbridge:

""Anthony Scacco, Riverside chief operating officer, told Charlotte Business Journal today that the firm received permits for Queensbridge Collective last week. Mecklenburg County records show permits were filed for the foundation and footing, superstructure, core and shell for the residential and office portions, as well as the parking structure.

Scacco declined to give a definitive timeline for construction to begin.

"I have a general sense as to when construction will start but need to firm up our Brownfields timeline before communicating anything formally," he said.""

Riverside receives permits for $750M project near uptown, South End - Charlotte Business Journal (bizjournals.com)

The Charlotte Ledger said something a little different:

"""Records show developer Riverside Investment & Development of Chicago received building permits in the last two weeks on the residential tower and parking structure. County records say the residential tower is estimated at $71M in construction costs, with the contractor listed as Clark Construction Group of Bethesda, Md.  Anthony Scacco of Riverside told The Ledger by email on Friday that the company is “very close to having news on [a] groundbreaking date” and that it is “waiting for Brownfields to advance a little further before determining,” which is likely a reference to environmental assessments. Asked when Uptown Cabaret might have to vacate the property, Scacco replied: “All determined by intended construction start.”""

anyway it is getting real for this huge skyline defining project.  

Edited March 6, 2023 by KJHburg

[15895]

So there’s not enough demand for the office tower or there is no tenant who would anchor the building and at an undetermined date, they will build 1 of the 3 buildings to start with and continue marketing the office tower in hopes they can try to find tenants. 
 

Is the 3rd residential property permanently canceled or could it come back eventually? 

[KJHburg]

All the apartment units are in 1 building instead of 2 that was decided a while back.  This is not saying the office tower is delayed or is not starting along with the rest of it.  There are tenants in the market now that could anchor it. 

This is the current configuration a 2 tower project.

Queensbridge Collective Luxury Mixed-Use Development in Charlotte

originally it was proposed when first announced as 3 towers

Edited March 7, 2023 by KJHburg

[NCMike1990]

Why does the thread title still say 3 towers? It should be updated to avoid confusion.

[turbocraig]

So is US Bank still going here?  Isn’t that what’s been hinted at here for about a year?

[JRCLT]

Could it be US Bank not leasing the critical amount of space to induce enough confidence or construction loan expectations.

[Hushpuppy321]

14 hours ago, AirNostrumMAD said:

So there’s not enough demand for the office tower or there is no tenant who would anchor the building and at an undetermined date, they will build 1 of the 3 buildings to start with and continue marketing the office tower in hopes they can try to find tenants. 
 

Is the 3rd residential property permanently canceled or could it come back eventually? 

Only Two (2) Buildings will be built here - The Residential Building was revised (months earlier) to be Taller which also revises the needed Foundation/Footing.  Since it seems that they’ve received permits for everything (Parking Podium +), Construction can begin on Both the Office & Residential.  It’ll be up to Riverside (Developer) if they’ll proceed vertically beyond the Podium for the Office Portion of the project or leave it Unfinished until they have a Tenant/Economic conditions, etc. while they build out the High-Rise Residential Building and Parking Deck Retail spaces.

For Example - Both The Regions Tower(Stonewall/Brooklyn Village) and Dual Hotel Project (Epicenter) Projects were built years later atop of existing Parking Podiums.

Honestly - My Guess would be for this Project (Unless they have an unnamed Major Tenant) that construction will begin for the entirety of the Footprint of this project.  All realignments, utilities, foundations, podium, etc. will be constructed but the Vertical portion of the Office Tower will not move forward until such time as they land a Tenant or Market Conditions allow.  The above noted work will take 24 months or longer at which point Conditions could be better by then for the Office and that could start to go vertical as well, hence why they’re Marketing the Office.  
 

Either way they’ll be heavy construction on this site for the next 2 or 3 years.  Will be built all at once or will be staggered.  Current conditions, labor strains, interest rates, Market Slowdown’s point to a Staggered Construction Timeline which is very prudent for the developer.

[CLT Development]

On 3/7/2023 at 9:54 AM, Hushpuppy321 said:

Only Two (2) Buildings will be built here - The Residential Building was revised (months earlier) to be Taller which also revises the needed Foundation/Footing.  Since it seems that they’ve received permits for everything (Parking Podium +), Construction can begin on Both the Office & Residential.  It’ll be up to Riverside (Developer) if they’ll proceed vertically beyond the Podium for the Office Portion of the project or leave it Unfinished until they have a Tenant/Economic conditions, etc. while they build out the High-Rise Residential Building and Parking Deck Retail spaces.

For Example - Both The Regions Tower(Stonewall/Brooklyn Village) and Dual Hotel Project (Epicenter) Projects were built years later atop of existing Parking Podiums.

Honestly - My Guess would be for this Project (Unless they have an unnamed Major Tenant) that construction will begin for the entirety of the Footprint of this project.  All realignments, utilities, foundations, podium, etc. will be constructed but the Vertical portion of the Office Tower will not move forward until such time as they land a Tenant or Market Conditions allow.  The above noted work will take 24 months or longer at which point Conditions could be better by then for the Office and that could start to go vertical as well, hence why they’re Marketing the Office.  
 

Either way they’ll be heavy construction on this site for the next 2 or 3 years.  Will be built all at once or will be staggered.  Current conditions, labor strains, interest rates, Market Slowdown’s point to a Staggered Construction Timeline which is very prudent for the developer.

A lot of assumptions seem to be being made. I've heard there's a 500,000 sq foot tenant and both buildings will start, but this was before we seemed to be on the verge of a banking crisis. That said the aforementioned bank will absolutely need space to consolidate into with Trust cancelling its tech hub building at 7th and Tryon and filling Truist Tower with their own employees.

 

[JRCLT]

Banking is built on trust…as long as the trust is kept. It should be fine, but whenever there’s a spark of crisis, people seemingly lose their minds and common sense. Along with ignorance, the world burns. Hopefully nothing else comes of these bank collapses.

500,000?! … I was thinking along the lines 200,000-250,000 maybe 300,000.

[queensguy06]

I just can’t imagine the office portion gets built anytime soon with a looming years long  recession. Add in the current office climate of remote work, things could get dire in the office market in Charlotte for several years.

Uptown Vacancies on the Rise

“Nearly 2.5 million square feet of buildings are deserted and almost 5 million square feet are at risk of going vacant.”  And I don’t see any company making major/large moves in securing new office space, meaning even if Queensbridge had interest from an anchor tenant at one point, I’d imagine that well dried up pretty quick. 

With each cycle Charlotte has seen major projects get announced right before a downturn either to never materialize or be drastically reduced in scope - that was my fear when a nearly $1 billion, 3 tower development was announced. Which was altered to two buildings not long after. Now I think we’re down to one. 

Four First Union - cancelled 2001, Trump Towers - cancelled 2008, Queensbridge ?

Edited March 25, 2023 by queensguy06

[KJHburg]

I disagree.  Houston which has had 20% vacancy for the last 5-10  years gets a new high rise just about every  year downtown.  Why with such high vacancies?  it is a flight to quality as now post Covid tenants consider office space an amenity to get workers back in buildings.   The move to new buildings was present before Covid too just accelerated now. That is why there has been a shuffling uptown.  The new buildings are just full of amenities like this one will be.  It was always 1 office tower the residential towers went from 2 to 1.  Riverside is an office developer.  https://riversideid.com/  The rumored tenant needs space to continue to attract talent in a crowded competitive financial industry.  And banks think long term.  And other banks don't like their competitors in the same building as is the case with US Bank.  

[go_vertical]

Drove by here today and noticed there is a fenced off area towards the back of the lot (along Morehead Square not far from Carson) and even though it had that green mesh that obscured what was behind it I could tell there was a decent amount of conduit piping stacked up.  I imagine this is getting prepped for utility relocation.  I could have just not noticed this, but I don't think it was there a week ago. 

[KJHburg]

By end of May you will see a lot of action here.    That does indeed sound like the starting of the utility work.  

[Matthew.Brendan]

https://www.newsweek.com/crash-worse-2008-crisis-predicted-commercial-real-estate-1792758

Ho Hum. Life goes on.

[SydneyCarton]

https://www.newsweek.com/crash-worse-2008-crisis-predicted-commercial-real-estate-1792758
Ho Hum. Life goes on.

That seems to be for older buildings. In NY, there’s a very strong demand for new construction. They call it the “flight to quality.” I suspect that the same is true in Charlotte, especially since the QC, like NY, has financial tenants that have deep pockets.

I think that buildings in office parks are in peril, but they can be razed and turned into housing.




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