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New BofA Tower

atlrvr

By atlrvr
in Charlotte

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atlrvr Metropolitan Area

atlrvr

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As I've been alluding to for the past few weeks, the Charlotte Business Journal announced today that the Mint Museum will anchor a brand new BofA tower on N. Tryon St. The block will be bound by Tryon, College, 7th, and 8th streets. The Hall House will likely be renovated, though demolishing and rebuilding it is still an option. The office tower apparantly will have condos as well, I would assume on the upper floors and the height as stated in the CBJ could be up to 40 stories.

Interstingly, the Tax Increment Financing revenue created by this project would be $24M, while the proposed Wachovia tower would generate $21M. This indicates that it would be a larger tower than the proposed Wachovia tower.

The paper reports that the Betchler Museum will be included (according to Councilman Lassiter) though I've heard that Betchler wants to remove his museum from this project.......Lassiter has been the most instant politican that the two museums be combined.

Further details would be available as soon as early March.

This article does two things in my opinion. One, it beats Doug Smith to get the word out. Two, it creates public support for both museums to be included and hopefully this support would convince Betchler to be in the project.....this was likely Lassiter's motivation for commenting heavily to this article. My opinion is that Betchler will see this ploy and get pissed.....but who knows, if there is enough public support he may suck it up and share a block with the Mint.

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UptownJ Whistle-Stop

UptownJ

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Nice...

The spot you mentioned above.... is it the parking lot off of Tryon by fox'n hound and in front of rock bottom?

Its also good to see BoA still building here and there seems to be a growing need for office development. I hope this project gets off the ground and completed. This is good news... and Betchler didn't want to go in this building he can always put his art in the new wachovia building.

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dubone Megalopolis

dubone

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This is awesome news for the charlotte in so many ways. I'm glad it is expected to be between so tall, as it will definitely help further extend the tall skyline north to odell, so it isn't such a lone-straggler out there :).

I'm also excited because it will improve the skyline view from first ward, since i live there :).

I really hope they keep the old hall house. from the outside, it just needs new windows to look better. i'm sure the inside is pretty bad after all these years, but it can't be that expensive to restore. charlotte needs to keep its few remaining older brick mid-rises.

i know they won't, but it would be awesome if they build it with some of the environmental technology they are using in 1 bryant park. that building is the most environmentally friendly skyscraper in the world (other than a redwood :)).

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49er Hamlet

49er

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wow this is great news. I cant believe how many tower announcements are out there at once right now. BofA has owned that block for awhile and its always been speculated that they would do a big tower there. that parking lot is a real mood killer when youre walking down tryon.

doug smith doesnt always get the jump on the biz journal b/c he has a good working relationship with big companies and developers. when someone wants to make a formal public announcement, they usually go to him. usually he will wait for a green light from the developer in question. the journal is sneaky, just like we are!

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NCtarheel Unincorporated Area

NCtarheel

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So now charlotte's list of proposed developments includes: a new Wachovia Tower, the Epicenter Developement, B of A Tower, Trademark, Novare's residential, Courtside, The Park and possibly a 200 m. dollar development by the guys from Florida. WOW. That is amazing to see that NC is finally developing a large city. If even 75% of these developments (including the smaller ones like Renwick or Court 6 that I didnt' mention) get built it would be amazing. 15 years from now uptown will be an amazing place to live-- varied options for living, great restaurants, great sports venues, nice retail, great parks, 2/3 universities, pretty easy access to all other great neighborhoods in the city...but best of all it will be walkable since uptown only covers about 1.5 square miles... :thumbsup:

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UptownJ Whistle-Stop

UptownJ

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The Bank of America is really a big part of Charlotte's growth in so many ways. They really have developed the skyline into something special.

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They sure have... I mean try to imagine our sky line with them... We'd still be a great city but we would be even close to where we are today and where we are going towards the future. I am glad that BoA is sticking with it. Maybe they can out do everyone and go even taller than their HQ (won't happen though)

The BoA tower in Alt is something like 80 stories right? That size would be nice :D

Now that BoA is at it again... its time for Wachovia to deliver.... and it needs to do something on the large scale because everything they build just doesn't compare to BoA. I mean when you look at the skyline... you can really tell the BoA side from the Wachovia side.

Does anyone know a completion date?

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atlrvr Metropolitan Area

atlrvr

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It's the Farvan International Gallery and holds the Adam 1 or 2 precint police office......it's a pretty ugly 2 story brick building painted blue....certainly nothing historic about it.......this is the lot across 7th from Fox and Hound, and across Tryon from Rock Bottom (Transamerica). The block is about 60% surface parking......the only sizeable surface parking between 9th and "The Green"

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UptownGrrl Whistle-Stop

UptownGrrl

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Someone mentioned tearing down a building with a gallery...are you referring to the Light Factory???  That would be an absolute shame.  Why are we even discussing tearing down these cultural gems when there are so many vacant lots nearby?

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I think its that 'Farvan' (sp?) gallery, and also the police substation that's there. Isn't the new police substation going in either at the arena or in epicenter? I think I heard it was going in the redeveloped 'old convention center site' but that was the old Spectrum plan. Don't know if Ghazi is carrying that forward - or if I just made it all up.

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Norm2 Burg

Norm2

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This is great news that Bank of America is sticking with Charlotte and is going to build another new tower. yes I do agree that Wachovia needs to setp it up a notch. Wachovia will always be behind BofA in development.....but oh well. I have high standards for this new tower though, considering the successful design of th Hearst Tower. I am sure that it will be a good 3 or 4 years before this thing is even close to being finished, same with the Wachovia tower and Epicenter.

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Nostyle Whistle-Stop

Nostyle

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When saying that Wachovia needs to 'step it up a notch', just remember that BofA is a much larger bank. Sure, they're close in the rankings, but in terms of actual profits, BofA has a substantial and commanding lead. These two banks are not on the exact same level.

And it's not like Wachovia is a slouch in Charlotte. They do have a number of buildings on their side of Uptown.

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skysdalimit Whistle-Stop

skysdalimit

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When saying that Wachovia needs to 'step it up a notch', just remember that BofA is a much larger bank.  Sure, they're close in the rankings, but in terms of actual profits, BofA has a substantial and commanding lead.  These two banks are not on the exact same level.

And it's not like Wachovia is a slouch in Charlotte.  They do have a number of buildings on their side of Uptown.

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This is true, however Wachovia DOES have more employees in Charlotte, so therefore they require much more space. And then they built their lovely suburban office park in University City and moved some jobs out that ways. I think they should shut that place down and sell to someone and then build their 80+ story office tower - that would be superb.

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BryanH Unincorporated Area

BryanH

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this was reported in the business section of today's charlotte observer:

Museums could be built into new tower

BofA, Trammell Crow study mixed-use project on North Tryon Street

RICK ROTHACKER

Staff Writer

A Bank of America Corp. property at North Tryon Street and 7th Street in uptown is being eyed for a mixed-use tower that could include a new Mint Museum and the Bechtler art collection.

Bank of America and long-time development partner Trammell Crow Co. are part of the project, a source said Friday. Officials with the museum and the Bechtler art collection said they are looking at the site, but would not confirm any details.

The project would help fulfill an Arts & Science Council proposal calling for a new uptown Mint museum and five other projects. But the arts proposal has faced strong skepticism from city and county leaders who have been asked to help foot the bill.

The current list of projects would cost $117 million for the city and $30 million for Mecklenburg County.

City Council member John Lassiter, who heads the economic development committee, said a developer and a major tenant are driving the North Tryon project.

"You have a pending proposal with all the people working on final drawings with some preliminary financing," he said. "It's a real deal with a real timetable. You could see construction next year if all of the pieces come together."

He acknowledged the difficulty of getting City Council to help with financing in a trying budget year. But he wants members to request further study of the project at a meeting Feb. 28.

"There is a window where a cultural facility can be integrated into the project," he said. "I'd hate to lose that."

At a city council retreat last week, Mayor Pat McCrory and Charlotte City Council members, however, repeatedly questioned the arts proposal. "We're going to have to scale this back, and we're not going to make the whole arts community happy," said Democrat James Mitchell at the retreat.

There have been rumblings in the real estate community for weeks that Bank of America was interested in putting up another tower in uptown. In an interview with the Observer last month, corporate real estate executive John Saclarides said the bank is always evaluating office space needs, but wouldn't comment on specific plans.

"Every piece we own would be in play, along with the entire center city," he said.

Bank spokeswoman Eloise Hale would not comment further on Friday. A representative of Trammell Crow could not be reached.

The property bounded by North Tryon, Seventh, Eighth and College Streets is owned by Bank of America and the Charlotte Housing Authority, according to property records. The site includes parking, a public housing high-rise and the Farvan International Gallery, according to property records. The proposed tower, which could include office space and condominiums, could reach 40 stories, one source said.

Phil Kline, president and CEO of the Mint Museums, confirmed the museum is looking at the property, but said no contracts have been signed. He said last month that the museum was working with a developer to lock up an uptown site.

Robert Lilien, head of the Bechtler Arts Foundation, said the foundation was in discussions with the Mint Museum and a developer he wouldn't name on making a Bechtler Art Museum part of any mixed-use development on North Tryon Street.

Retired businessman Andreas Bechtler has offered his modern art collection valued at $20 million to the city if the city will build a museum to house it.

Lilien said a Bechtler Museum could share an entrance, security area, storage and other such spaces with a Mint Museum in the same complex and would need 15,000 to 17,000 square feet of space for exhibitions. He said the Bechtler Museum also needed to have its own architectural look.

...so they have a tenant lined up? hmm, wonder who it could be?

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