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Charter Square (Site One)


avery

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I don't think so. The work underway now is only for the underground parking deck attached to the Marriott deck under F-St. Of course, Charter Square will also get a portion of the deck for their tenants. The construction site (cranes, etc) should look very similar to the deck on the other side next to the Marriott.

I don't think Charter Square has gone through the site plan review & approval yet. They still need council approval, bldg permits, and financing to go to construction. At the DT home tour over at Palladium Plaza, I did see a Charter Square condo info card... no details, just a number to call to for more info. They may have to wait a while to get 50% pre-sales for the condos (assuming they need that) in the current marketplace.

I almost got excited, but in the back of my mind that's what I figured.

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The deck should be completed in early 2009, and the larger tower is on schedule to begin construction after the deck. The crane that is there now will also be used for the larger (North) tower. Someone asked earlier how high it will go. To build the deck it will go up to 200', but it will rise to 400' for the tower. It will be exciting to watch. A second crane will come in a few weeks from now to build the South tower. I cannot think what other cranes will be in the skyline when this project gets started. Any ideas?

The aforementioned elevator box is to service the hotel deck. The elevators from the Charter site will be embedded in the project.

No word yet on when sales will start.

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  • 5 weeks later...

New Hagel article on Charter Square. Highlights:

  • TMC is keeping the condos on the north (20-story) tower
  • 550-space parking deck to be done in March 09
  • city agreement says developers must begin on the north tower by June 09
  • TMC is negotiating with tenant for 1/3 of office space (could be enough for financing)
  • no city-imposed deadline for second (south 14-story) tower (but min 155 residential units), so TMC is looking at other options than just condos: condo/hotel, etc.

I also heard that the city is trying to convince TMC to do 2-stories of retail in the first tower. We'll see. Without more condos, I'm not so sure that's viable.

As I just posted in the RBC thread, the Mullen law firm signing the lease there boosts the case for office projects now that RBC is almost full. The downtown vacancy rate for office space was 5% in June and will go a bit lower after this. That leaves L-Bldg & Charter as the only other big office projects in the pipeline (not counting Edison).

For all you skyscraper enthusiasts, it's certainly possible that TMC will enlarge the south tower if they add hotels or more office space to the plans. Supposedly the city has required them to have at least 155 residential units, so any additional uses will only add to the building's height. It could take a while though, so the NW corner of Lenoir and Wilmington will remain blank for several years unfortunately.

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I also heard that the city is trying to convince TMC to do 2-stories of retail in the first tower. We'll see. Without more condos, I'm not so sure that's viable.

That one is kinda rare for this town. Are we talking about retail slots that are 2-story each (like Big Easy?), or a row of retail on top of another. The latter I cannot really see working in Raleigh quite yet.

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*warning* - tower crane leaning, work halted

apparently a call was made to 911 reporting the tower crane was leaning. i did see it for myself and noticed a definite lean to the southeast. work was shut down for the day. wonder if they plan to repair it or just muscle through it.

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with the recent rash of crane accidents around the country as of late, I would imagine they will make sure its fixed before they attempt to use it again. Besides, I would be surprised if city inspectors let them use it that way anyhow.

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Cranes do naturally lean, but that one is leaning a lot more than normal. We've had several tower cranes of the same model as that one, and none of them were as lopsided. When it's unloaded, the boom tilts to compensate; the tower should not be tilting nearly that much.

They need to replace it before it collapses.

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  • 2 weeks later...
  • 5 weeks later...
  • 2 months later...

Looks like the Developer has got the financing needed from BoA to continue on with the project, at least the parking deck. Also, Reynolds has had a stroke of luck and got some "potential loan terms" from Regions Bank, which is a step in the right direction. With either project, I don't see the city docking the developers for setbacks at this point when the deadlines hit. They know the credit market is tight and frankly, each of these projects is potential economic activity from construction jobs, which would help keep our local economy going.

http://www.newsobserver.com/business/story/1311374.html

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Looks like the Developer has got the financing needed from BoA to continue on with the project, at least the parking deck. Also, Reynolds has had a stroke of luck and got some "potential loan terms" from Regions Bank, which is a step in the right direction. With either project, I don't see the city docking the developers for setbacks at this point when the deadlines hit. They know the credit market is tight and frankly, each of these projects is potential economic activity from construction jobs, which would help keep our local economy going.

http://www.newsobserver.com/business/story/1311374.html

"Read my lips; no new taxes." :rolleyes:

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  • 3 weeks later...

I work right beside the Charter Square site in the Bank of America building and as of last week the first beams of the 1st official story of the 1st tower (The taller Tower) are being constructed so from all indications it seems as that at least at this point the first tower is going to be built as planned finishing sometime early 2010 I'm thinking. Unsure about the second tower.

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I work right beside the Charter Square site in the Bank of America building and as of last week the first beams of the 1st official story of the 1st tower (The taller Tower) are being constructed so from all indications it seems as that at least at this point the first tower is going to be built as planned finishing sometime early 2010 I'm thinking. Unsure about the second tower.

That's great news. I didn't think that they were even supposed to finish the parking deck by now.

The credit market that we're experiencing now is truly unprecedented. Any project that secures financing and moves forward in this environment is a pretty impressive feat.

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I work right beside the Charter Square site in the Bank of America building and as of last week the first beams of the 1st official story of the 1st tower (The taller Tower) are being constructed so from all indications it seems as that at least at this point the first tower is going to be built as planned finishing sometime early 2010 I'm thinking. Unsure about the second tower.

With no office tenants announced and the parking deck incomplete, I am not so sure....I walked by last night and looked and it was all still below the FS grade.

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  • 3 weeks later...

From Wilmington Street, is above grade but it is hard to tell from F Street since there are no good views from that side.

I hope the Wilmington St. side gets some love, a la PE II, and not just as much parking as possible like the southern most deck on the east side of Wilmington across from the Lincoln Theater.

It is also intersestin that the pit was completely empty below "tower two" as of late December with the north half of the deck closed to being topped.

I think the Marriott deck was built all at once, one story at a time, but I could be wrong. It would seem better to build the whole deck before starting the tower, but maybe they're doing this to meet the needs/demand for a potential office tenant in the north tower? The one tower at a time approach will probably delay any work on sites 2 and 3 for a while, though there hasn't been much news about them for a while.

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It is also intersestin that the pit was completely empty below "tower two" as of late December with the north half of the deck closed to being topped.

I think the Marriott deck was built all at once, one story at a time, but I could be wrong. It would seem better to build the whole deck before starting the tower, but maybe they're doing this to meet the needs/demand for a potential office tenant in the north tower? The one tower at a time approach will probably delay any work on sites 2 and 3 for a while, though there hasn't been much news about them for a while.

Check out my post from this summer, and it may provide some clues.

New Hagel article on Charter Square. Highlights:

  • TMC is keeping the condos on the north (20-story) tower
  • 550-space parking deck to be done in March 09
  • city agreement says developers must begin on the north tower by June 09
  • TMC is negotiating with tenant for 1/3 of office space (could be enough for financing)
  • no city-imposed deadline for second (south 14-story) tower (but min 155 residential units), so TMC is looking at other options than just condos: condo/hotel, etc.

I also heard that the city is trying to convince TMC to do 2-stories of retail in the first tower. We'll see. Without more condos, I'm not so sure that's viable.

As I just posted in the RBC thread, the Mullen law firm signing the lease there boosts the case for office projects now that RBC is almost full. The downtown vacancy rate for office space was 5% in June and will go a bit lower after this. That leaves L-Bldg & Charter as the only other big office projects in the pipeline (not counting Edison).

For all you skyscraper enthusiasts, it's certainly possible that TMC will enlarge the south tower if they add hotels or more office space to the plans. Supposedly the city has required them to have at least 155 residential units, so any additional uses will only add to the building's height. It could take a while though, so the NW corner of Lenoir and Wilmington will remain blank for several years unfortunately.

So, only the north tower is basically set at this point with the retail, office and condos above, totaling 20 stories... *IF* they can get tenants and financing.

The project has city-imposed 155+ residential unit requirement, but nothing else... so they could convert the south tower to rentals, add on a hotel above, more retail, more office, ask the city to alter the contract, or just leave it as is (condos over retail). So my guess is that they don't want to construct the parking beneath the south tower until they know what's going to be above it.

BTW, I don't think that Charter ever got site plan approval for the tower (not the deck), though i could be wrong about that.

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