• Announcements

    • Neo

      WARNING!   07/26/16

      By reading or participating in the Coffee House forum, you are acknowledging that some topics may be highly controversial in nature. While we make every attempt to ensure that no one and no groups are offended as a result of discussions contained within, we unfortunately can make no guarantees. Participate in threads contained within this forum at your own risk.

Archived

This topic is now archived and is closed to further replies.

atlrvr

Potential New Office Towers Inside 277 Loop

Recommended Posts

Well it looks like the new BofA tower isn't happening any time soon.

The Mint had been in discussions with a developer to locate a new uptown museum in an office tower proposed for Seventh and North Tryon streets on land owned by Bank of America. Without an anchor tenant, Kline said, that project has gone on the back burner.

Share this post


Link to post
Share on other sites


Well it looks like the new BofA tower isn't happening any time soon.

<{POST_SNAPBACK}>

where's the qoute from atlrvr??? Just curious. I was really counting on this one. Heck, the tower even made the front page of the Charlotte Observer. I thought it was for sure a definate.

Share this post


Link to post
Share on other sites

No word.....I assume on-hold indefinetly. My assumption, was that BofA had a major tenant close to signing (not themselves), who then backed out....it seems the most logical answer to the way the deal fell apart.

Share this post


Link to post
Share on other sites

Well.....not necessarily. The plan has been modified to possibly include the Mint in the Wachovia complex proposed on S. Tryon. BofA would also likely buy the Mint Museum/UNCC Uptown building (the former Montaldo's building I believe) for $10M from the city. It is likely that the Craft Museum would then have to move out, but possibly a deal can be struck where they lease from BofA.

None the less, I agree.....it is negative news, as I was looking forward to seeing a lot more people being added to N. Tryon, as well as an extension of the skyline. It appears that BofA will develop this block for someone besides themselves, as they have a different site for their next namesake tower.

Share this post


Link to post
Share on other sites

What is that site for their next namesake tower?

<{POST_SNAPBACK}>

I think it is on top of the parking lot across College street from BofA Corporate center and directly across from the OCC.

Share this post


Link to post
Share on other sites

Let's just say that Reid's might have to relocate for a few years......BUT, that is stictly LONG term planning. What I've been told by a semi-reliable source (sometimes he's right, sometimes he's wrong) is that BofA is not planning to build a new tower for themselves to occupy until they are ready to fill a new LARGE tower (at least the size of Hearst, maybe larger).....it will be at least 5 years before construction would began.

Share this post


Link to post
Share on other sites

Atlvr, what do you see happening with the surface lot on Tryon across from Rock Bottom now? I always thought their next signature tower would go there.

Does this mean we'll never see 2 Corp Center? I was always hoping they'd dust off those plans.

Also...wouldn't the old Montaldo's building look good as retail again? I could see that address being VERY desirable to a wide range of large retailers...

Share this post


Link to post
Share on other sites

I still think that surface lot across from Rock Bottom becomes a mixed use tower in the future, but they will have to have an anchor tenant signed, so it's a wait and see.....I don't see that site going all residential.

(Again, the source on BofA's long term plan is decently in the know .....but the info isn't straight from the horses mouth....meaning BofA)

2 Corp. is done and will never happen. As I mentioned earlier, I think this is a hotel and probably condo/hotel site with a large amount of retail. This is probably at least 5 years from happening, but a few things could speed it up. Charlotte gets the NASCAR HOF.....The Adam's Mark does in fact get sold (this looks likely).....Ghazi doesn't do a hotel with EpiCentre.....and US Airways continues to operate a hub here......

If all that occurs and the hotel market continues to recover, I say maybe 2 years from now someone would be interested in that site.

Share this post


Link to post
Share on other sites

I was just curious to find out from all you UP posters who "you think" might build a new shiny skraper within the 277 loop (or more simply stated what company do you think will move a HQ building to Charlottes' CBD???). I have spoken with many of you guys out there personally about this and have even posted my own thoughts on it in several other threads. I am just interested in what all of you skraper fans foresee happening in your UP crystal ball. This is a topic for pure specualation and fun. But if any of you have any material facts, or some buzz about what is going on at the corporate level it sure would be appreciated.

I guess for starters I will throw out there what I have said on other threads. I am hoping the guys at Goodrich flee from Tyvola and build uptown. (again doubtful, but a guy can dream, right??? :P )

A2

Share this post


Link to post
Share on other sites

It'd be kool if Duke would build something of some height

<{POST_SNAPBACK}>

It'd be great if any Charlotte area fortune 500 companies (other than BOA or Wachovia) maintained a significant presence downtown... Lowe's, Duke (with a building taller and more asthetically pleasing than their current digs, Nucor, SPX, Goodrich, etc.).

In the past their have been rumors that a major international financial institution, such as Deutsch Bank, was interested in space downtown. I remember an article, I think in the Business Journal, regarding the possibility that Deutsch Bank may anchor a new mid-rise building above the parking deck at the Westin.

Share this post


Link to post
Share on other sites

It'd be kool if Duke would build something of some height

<{POST_SNAPBACK}>

I agree. From what I know they occupy almost the entire "old Wachovia" bldg now. "Atlrvr" had once mentioned, along with "Meisian Corners" that Duke might do some cool lighting on the bldg at night. Right now they just shoot the "white lights" up at night and it illuminates the uninspiring structure white. It would be really neat if they did something that had multiple colors though. It would give a Miami feel to our skyline. What's the word on that Miesian Corners??? Could that still happen???

A2

B)

Share this post


Link to post
Share on other sites

We'll see what SunTrust decides. Will it be Durham (my money's on that) or Charlotte?

If Duke can't build something new, I wish they'd at least put their logo on the top of the old Wachovia Center.

Share this post


Link to post
Share on other sites

I agree. From what I know they occupy almost the entire "old Wachovia" bldg now. "Atlrvr" had once mentioned, along with "Meisian Corners" that Duke might do some cool lighting on the bldg at night. Right now they just shoot the "white lights" up at night and it illuminates the uninspiring structure white. It would be really neat if they did something that had multiple colors though. It would give a Miami feel to our skyline. What's the word on that Miesian Corners??? Could that still happen???

A2

B)

<{POST_SNAPBACK}>

I guess I'm one post behind you there A2.

When the building was sold a couple of years ago, the new owner mentioned that a new lighting scheme was to be introduced on the tower. The building would have the abiltiy to change color. The Bank of America Tower in Miami was mentioned as the model of how it would work. Alas, nothing's happened.

Share this post


Link to post
Share on other sites

I guess I'm one post behind you there A2. 

When the building was sold a couple of years ago, the new owner mentioned that a new lighting scheme was to be introduced on the tower.  The building would have the abiltiy to change color.  The Bank of America Tower in Miami was mentioned as the model of how it would work.  Alas, nothing's happened.

<{POST_SNAPBACK}>

do you think that it was a result of the conservative uptown leaders on signage and lighting that prevented it???

:(

Share this post


Link to post
Share on other sites

In response to Nucor in another thread....Nucor has placed PNG's building under contract and will begin upfitting it once PNG moves to Piedmont Town Center around the end of this year......so Nucor does not look like they will be moving uptown.

I believe the Westin building will get built by the end of the decade just because it has attractive lease-rates, good visibility, and a parking ratio as good as a suburban office campus.

Share this post


Link to post
Share on other sites

This is a good topic. Charlotte's CBD is a mixed bag. On the one hand it is a very nice area, with attractive buildings and an increasing residential population. On the other hand, if BofA, Wachovia and Duke Energy weren't uptown, there wouldn't be much of any office space there. Uptown Charlotte has only 37% of Charlotte's office space, according to Southeast Real Estate Business, and very little of Charlotte's retail space. Thus Charlotte's CBD is a very nice-looking area, but it's not economically healthy compared to some other places, with such a small percentage of Charlotte's commercial activity there. Even downtown Greenville, SC, where I'm from, has a much higher (50% or higher) percentage of the MSA's office space downtown and a decent percentage of retail space (not great, but good for a Southern city).

Basically, why don't Charlotte planners encourage Charlotte companies to locate in the CBD, and/or why don't Charlotte businesses locate there? Cost? Commuting distance from distant suburbs? Other reasons?

Share this post


Link to post
Share on other sites

This is a good topic.  Charlotte's CBD is a mixed bag.  On the one hand it is a very nice area, with attractive buildings and an increasing residential population.  On the other hand, if BofA, Wachovia and Duke Energy weren't uptown, there wouldn't be much of any office space there.  Uptown Charlotte has only 37% of Charlotte's office space, according to Southeast Real Estate Business, and very little of Charlotte's retail space.  Thus Charlotte's CBD is a very nice-looking area, but it's not economically healthy compared to some other places, with such a small percentage of Charlotte's commercial activity there.  Even downtown Greenville, SC, where I'm from, has a much higher (50% or higher) percentage of the MSA's office space downtown and a decent percentage of retail space (not great, but good for a Southern city). 

Basically, why don't Charlotte planners encourage Charlotte companies to locate in the CBD, and/or why don't Charlotte businesses locate there?  Cost?  Commuting distance from distant suburbs?  Other reasons?

<{POST_SNAPBACK}>

I'm guessing right now one of the big reasons would be cost of land in uptown relative to the 'burbs. Also there is office space aplenty available in the suburban market, with some skyhigh vacancy rates in certain submarkets. Unless a company wanted to make a noisy splash by putting up a nice new attention-getting building Uptown, it would certainly seem more economical to lease space or buy cheap land and build in the suburbs.

One method that many cities seem to use to "direct traffic" is large tax breaks for companies to encourage them to move to the CBD. However this would probably be way to controversial for Charlotte - plus the city/country would probably have to ante up the same deal for the existing CBD big boys wach, bofa and duke.

Share this post


Link to post
Share on other sites

Most companies don't go for a few basic reasons......parking (very little is typically included in a lease), perceived ease of getting in and out of downtown, higher lease rates, and most companies employees live far from downtown.

One advantage that I see with the mass of downtown residential towers, is that should be a sign to companies that many employees would be willing to live downtown......espcecially the so called "creative companies", but also the banks, and other blue-chip type companies.

The flip side is that downtown doesn't offer that much to many companies that don't rely of business support companies (law firms, accountants, printers, etc....) Companies such as Lowe's prefer to be self-contained because they can easily monitor their employees, and have little need with outside interaction except with vendors who would prefer to be in the suburbs (to lease flex/warehouse space).

Share this post


Link to post
Share on other sites

In response to Nucor in another thread....Nucor has placed PNG's building under contract and will begin upfitting it once PNG moves to Piedmont Town Center around the end of this year......so Nucor does not look like they will be moving uptown.

I believe the Westin building will get built by the end of the decade just because it has attractive lease-rates, good visibility, and a parking ratio as good as a suburban office campus.

<{POST_SNAPBACK}>

Thanks again for your insight atlrvr. It is ALWAYS appreciated.

A2

B)

(So I guess PNG and Nucor are doing a swap of sorts??? ;) Makes sense.)

Share this post


Link to post
Share on other sites

People keep saying Duke should build a new tower but I don't think that will ever happen. The Feds, let alone their stock holders, would be pissed if they build a nice, new skyscraper, then had to raise their rates the next year.

I think Charlotte needs to get a little more diversified. Having all of the banks here is great, but you shouldn't put all of your eggs in one basket. What would happen if, Heaven forbid, the banking industry had a meltdown? We'd lose 1/2 of our jobs.

If we could get a company along the lines of: Wal-Mart, General Electric, one of the oil companies (ExxonMobil, ConocoPhillips, BP Amoco, etc.), or a major computer company (IBM, Hewlett Packard, Dell, etc.), we'd be set.

Share this post


Link to post
Share on other sites

People keep saying Duke should build a new tower but I don't think that will ever happen.  The Feds, let alone their stock holders, would be pissed if they build a nice, new skyscraper, then had to raise their rates the next year.

I think Charlotte needs to get a little more diversified.  Having all of the banks here is great, but you shouldn't put all of your eggs in one basket. What would happen if, Heaven forbid, the banking industry had a meltdown?  We'd lose 1/2 of our jobs.

If we could get a company along the lines of: Wal-Mart, General Electric, one of the oil companies (ExxonMobil, ConocoPhillips, BP Amoco, etc.), or a major computer company (IBM, Hewlett Packard, Dell, etc.), we'd be set.

<{POST_SNAPBACK}>

I agree R21. I am hoping the guys at the Chamber are pulling their weight to make some things like this happen. It would be nice to break out of the "bank mold" (especially w/in 277.)

A2

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.