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Noisette Project


Infinite1

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Now they want to jumpstart the development? Hilarious considering this was Noisette's original plan.

what most people fail to realize (maybe John Knott failed to convey) is that a lot of money is required, and they don't have that money as cash in hand. Originally Noisette was hoping to bond off the infrastructure improvements and pay it back though a TIF (tax increment financing). The city balked at that AFTER they had already sold the land to Noisette. Then the CMMC shipyard, which Noisette hoped to derive revenue from was bout by CMMC as per their right of first refusal in their existing lease with the RDA. They never saw that one coming either. So alot of their originally sought after revenue streams have been cut off. In the post that started this thread, they were looking to sell off parcels to generate some $$, but without adequate infrastructure, these parcels are not attractive.

But this project will happen oone way or another. There has been too much energy generated in the surrounding areas. Alot of adjacent areas are starting to turn over. The question is will it be the eco-friendly urban development that John Knott dreamed or some hybrid community that someone else picks up and finishes.

I'm not saying Noisette has done everything right, but alot of things certainly haven't gone their way that could have made a difference.

BTW, McConnell has nothing to do with the Noisette project. All he cares for is Hunley Museum. Since Noisette is giving N Charleston (back) the land for the Museum, they sought the right to build vertical over the museum, but McConnell stepped in to nix that.

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  • 1 month later...
  • 3 weeks later...
The Noisette Co. is asking the city to finance up to $60 million in bonds to help engineer new drainage lines, roads and a lake. Under the deal, the bonds would be repaid by future property taxes collected on the base. City Council will consider the measure when they meet this upcoming Tuesday. If it does pass, the bond agreement would re-establish the partnership between the city and Noisette that began seven years ago but has soured over the company's private borrowing, the quality of its riverfront park, and the lack of new construction.
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North Charleston City Council voted 7-2 Thursday to finance up to $165 million in bonds aimed at helping the Noisette Co. pay for new streets, drainage and lakes. Under the deal that passed the city's Finance Committee on Tuesday, the bonds would be repaid with future property taxes collected on the base. The first issuance of bonds, which likely would be around $25 million, could be as early as 2009. Those bonds would be used to pay off Noisette's construction loans.

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  • 8 months later...

I can't believe there isn't more discussion on this project, one of the most exciting in the state if not the entire Southeast!

Here is a cool article from the Noisette website titled, "North Charleston--South Carolina's Most Sustainable City?" I believe it is, and the article gives many examples:

http://www.noisettesc.com/press_news_article.html?id=87

I guess I'll have to keep remembering to visit the Noisette website for updates since no one seems that interested (the last post before mine today was in December!) Let's have more updates and discussion by locals on this topic--where's your civic pride? :shades:

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Thanks for the update. I'm also surprised that there is not more interest in this locally. Of course, I'm continually surprised at the lack of interest of the urban projects in the Charleston area as well, here on UP. By that I mean, I know there are a lot of lurkers out there who just haven't signed up yet :)

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Did you see the recent recognition of the Noisette Project in the top ten neighborhoods in Cottage Living Magazine.

See

http://www.cottageliving.com/cottage/trave...1808929,00.html

This is great recognition for what the City leadership did to begin turning around the southern end of the City.

Welcome to UP, hallmock! I hope you are an interested local who can update these Charleston topics for us. Please feel free to do so if time allows!

That was a feather in N. Chas.'s cap indeed. There are so many exciting projects going on there, beyond Noisette even. This would be a great time to live near Park Circle/downtown North Charleston, if I were just starting out. What an opportunity to be a part of a transformation that is on the verge of booming so (and already is)!

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  • 9 months later...

The Navy Yard at Noisette has been hit with a $23.8 million foreclosure lawsuit that could result in a public sale of about two-thirds of Noisette's holdings on the former Charleston Naval Base and threaten the company's ambitious redevelopment plan.

Nuts, that really sucks...I guess they got in over their heads w/ this....has anything actually even been done besides the park, and some refurbishing of some of the base buildings.

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This is terrible news! It's hard to be optimistic, but with the economy the way it is, not too shocking. Knott should've had much more capital for his ambitious and stellar plans in 2001, and most of them could've been funded before the economic downturn happened.

This doesn't bode well for the whole Noisette project, even the parts not in the lawsuit. sigh . .

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Why didn't N Charleston find a developer who had the available funding to do this back when they first announced it...it seems Noisette Co has always had financial troubles...it's been going on for quite a while...had a company that had proper financing been used, you could have this whole project nearing completion in the next few years....the leadership of N Charleston is no where close to as compatent as that of the city of Charleston.

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  • 4 months later...

John Knott and Noisette actually brought this idea to N. Charleston to kick this whole thing off and there has been a comedy of errors on many fronts that I believe will ultimately doom this project (at least as it is currently conceived). However, talking to Mayor Summey, he seems relatively confident that they can find another developer to pick up this project. But the biggest problem facing this project right now is the rail line that is about to dissect the site.

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  • 7 months later...

Noisette's lenders, who began foreclosing on 240 acres of the former Navy base land a year ago, have proposed splitting the land into more than half a dozen parcels. The request jeopardizes Noisette's long-standing plan for an innovative mix of thousands of homes, offices and shops.

Now, the development's top lender, Pennsylvania-based Capmark Finance Inc., is in salvage mode, trying to figure out how to group together segments of the land to raise enough money to pay off a portion of the $23.8 million that Noisette owes.

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  • 2 weeks later...

Ive been living in North Charleston about a month and a half now, and there seems to be a lot of good things going on down here. Its a change from being around the Greenvill area my whole life but it has its own uniqueness about it and the people down here have a lot of pride for their city which is great. Everything is so much denser down here which has a lot to do with Geography (swamps, wetlands). I would like to ride out to the Noisette project area and see what is going on if anything.

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