Tyvola Charlotte Coliseum Site

[dubone 1652]

http://www.charlotte.com/mld/charlotte/news/13077874.htm

~$18m is a nice opening bid for the Tyvola Colliseum land.

Comstock, the company that is currently the highest bidder, does buy into the idea of a neourban residential component. Crescent only wanted to build office.

I just hope the final bid is at least $24m, what was originally expected from Crescent before the city rezoned to reduce office density.

[dubone 1652]

http://www.charlotte.com/mld/charlotte/news/13272415.htm

The Tyvola Colliseum site is now bid up to $19m. I'm glad it is now back to a number closer to what was originally anticipated by the city, rather than the low bid that Crescent ended up giving.

It will be interesting to see whether that bid stands, or whether it will be bid up further today.

[cinco 2]

http://www.charlotte.com/mld/charlotte/news/13272415.htm

The Tyvola Colliseum site is now bid up to $19m. I'm glad it is now back to a number closer to what was originally anticipated by the city, rather than the low bid that Crescent ended up giving.

It will be interesting to see whether that bid stands, or whether it will be bid up further today.

on NPR this morning they said the city was expecting a 4th bid by 10:00am today. so we shall soon see.

the weather is so gloomy today, i just don't think i'd be in the mood to spend more than 19 million.

[dubone 1652]

Not only are the high bids good for paying off part of the arena costs, but it also means that they will likely have a more dense use.

Hopefully the new bid will be at least $20m, which would actually be higher than anticipated by the city when they were working out the arena financing.

[atlrvr 5322]

By the way, the city has more than paid off the arena cost, and has an excess of $985k.....this assuming they only get $19M, and does not include the out-parcel right at the corner of Trade and Caldwell.....the money is being put back into the pool that can be used for tourism or capital expenses, so it could in theory be used for Arts.

[dubone 1652]

http://charlotte.bizjournals.com/charlotte.../28/daily5.html

$20m bid was place by Comstock! It could even go higher if Pope wants it badly enough. This is great news! It really seemed like it would be millions short of expectations when Crescent lowered their bid after the rezoning. Now getting so much for the land is a very pleasant surprise.

Not only that, but the city will start getting tax revenue off a $300m project.

[monsoon 1]

I was under the impression when they originally cooked up the plan to pay for the Arena by selling off city assets, they were hoping to get $25-$27M for the Charlotte Coliseum.

[dubone 1652]

I was under the impression when they originally cooked up the plan to pay for the Arena by selling off city assets, they were hoping to get $25-$27M for the Charlotte Coliseum.

Woah, you are right. The original Crescent bid was $24m before the rezoning. I was remembering it wrong as $19m.

I've changed my tune, now. $20m is disappointing in that light, although I think the lower proceeds were weighed against the increased economic multiplier effect by having mixed use on the site.

http://www.bizjournals.com/charlotte/stori.../22/story3.html

[atlrvr 5322]

Well....as I've said, the city needed just over $18M to balance the books, so anything in excess of that is "gravy". I really hope Comstock wins this, because from people who have seen their site and development plans, it is a better product, and would likely be built in a shorter time frame than Pope, therefore increasing the tax base sooner.

[dubone 1652]

http://www.charlotte.com/mld/charlotte/news/13280498.htm

This time, the Observer actually included references to the original $24m bid.

It is good to see that the Maya Lin holly sculptures will remain intact.

I hope the best developer wins, which might be Comstock, but I hope the upset bids continue at least until $24m.

[monsoon 1]

I believe in total they have to sell off $50M in city property to make up the $100M they city has to come up with repay BofA, Duke and Wachovia.

[Miesian Corners 1868]

It is good to see that the Maya Lin holly sculptures will remain intact.

Too bad you can only tell what they are when flying over them. Ms Lin (designer of the Vietnam Veterans Memorial in Washington) laughed all the way to the bank on that one. The 1987 contract under which the city paid $340,000 (to her) gives her the right to reclaim and move the sculpture (called Topo) if the city or new owners decide to dispose of it.

If Charlotte leaders hadn't caved to the likes of art afficianados John Boy and Billy in 1986, the originally proposed 22-foot, $400,000 bronze sculpture by Joel Shapiro could have actually been moved uptown to the new arena. Mr. Shapiro

[cinco 2]

Too bad you can only tell what they are when flying over them. Ms Lin (designer of the Vietnam Veterans Memorial in Washington) laughed all the way to the bank on that one. The 1987 contract under which the city paid $340,000 (to her) gives her the right to reclaim and move the sculpture (called Topo) if the city or new owners decide to dispose of it.

If Charlotte leaders hadn't caved to the likes of art afficianados John Boy and Billy in 1986, the originally proposed 22-foot, $400,000 bronze sculpture by Joel Shapiro could have actually been moved uptown to the new arena. Mr. Shapiro

[dubone 1652]

The Lin shrubs are staying right where they are. The developers have agreed to keep them as is, and no one wants to spend the money to move them.

[dubone 1652]

http://www.charlotte.com/mld/charlotte/13388811.htm

The current high bidder is Comstock, and they are hoping that the city will vote on the bid tonight.

[dubone 1652]

It looks like we have another upset bid of $21.1 by Pope.

http://www.charlotte.com/mld/charlotte/new...ws/13389743.htm

That is rather exciting, as each of these bids are adding to the fund that can be spent on tourism, such as the Arts Master Plan.

I hope they keep going, though, to at least the $24m point that Crescent was originally going to offer before rezoning.

[MZT 0]

I'm sure various city departments are ready to line up and cry how they've been poorhoused for so long... can't the city share the bounty....

[dubone 1652]

The bidding is now up to $22.2m, and Comstock is again the highest bidder. Hopefully the bidding war will continue and this will exceed the $24m originally offered by Crescent before the land was rezoned.

Now that we are at least close, I think it might be most important for the best developer to win the property. I think it was mentioned earlier that Comstock had a better overall plan, and would build more of the project sooner.

[dubone 1652]

Well, we now have another new bid of $23.4m by Pope. We are now so close to the original bid by Crescent that it is now okay that the city rezoned the land to get a better project. Hopefully, they will keep going.

[DigitalSky 9]

http://charlotte.bizjournals.com/charlotte...tml?jst=b_ln_hl Pope & Land is closer to getting it.

[dubone 1652]

http://www.charlotte.com/mld/charlotte/news/13691981.htm

$23.3m isn't so bad. It is a shame though, that Comstock couldn't do one more and get us to $24m. I hope that Pope does a good job with this project. They really could help convert that area demographically.

[dubone 1652]

http://charlotte.bizjournals.com/charlotte...27/daily34.html

Pope has closed on the land. The city just the $23.3m.

It looks like it'll start next January.

Comstock planned twice the residential units. I wonder if Pope is seeking a higher price point.

[RiverwoodCLT 660]

Doug Smith's today big things is CITY PARK at the old Charlotte Coliseum Site. In short this is their plan.

City Park

 Office: 590,000 Sq. ft.

 Retail: 235,000 Sq. ft.

 Multi-family Condos: 1,370

 Single-family: 175 houses

 Townhomes: 190 units

 Stacked flats brownstones: 313 units

 Residential towers: 450 units

[monsoon 1]

See here.