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SkyHouse Charlotte, Publix and Hotel/Condo Tower in 4th Ward

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That's right, although it is hard to even call it a development as the land owners have not announced a project, and some are even thinking they don't know what they want to put there. But yes.

I can't believe the Day's Inn is still in business, too. But they always have a full car lot.

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I don't travel much, now. But a few years ago when I did, and was in an unfamiliar city, Day's Inn and Super 8 were the two I would look for. They're nationally known, budget rate brands - without sliding all the way down the scale to "trucker motels". I usually had no problem getting a room for $50-$65.

So I suspect the Day's Inn will do brisk business, as long as it's there.

Edited by MZT

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When I stayed half a week in Chicago, I stayed in a hotel much like that Days Inn; less than $100 a night, just a couple blocks from the base of the John Hancock. Sometimes those little hotels can fill a special niche in the city. Other than the sleazebag motel next to Uptown Cabaret, it's the only low-cost hotel I can think of Uptown, which means it's doing a service to somebody.

Having said that, I'd prefer a condo tower :)

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I spoke earlier this week with a minority owner from the former ownership group. This minority owner mentioned that a bank (not BoA or Wachovia) is looking at this parcel as a place to enhance their presence on Tryon Street by building a "modest" office tower.

Edited by hinsp0

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Interesting......it could be that this is another site being considered by RBC or it could be where First Charter is looking to establish it's executive offices after they sell they University City complex.

Or.....it could be where SunTrust establishes their western NC headquarters. I believe CCB was about to outgrow their 3rd St. HQ before SunTrust bought them.

Those are the most likely candidates in my opinion.

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I believe CCB was about to outgrow their 3rd St. HQ before SunTrust bought them.

This is true, and they've said they would like an uptown presence. I don't know anything more than that, but (unlike First Charter) it's a bank that does the kind of corporate business that could justify the relative expense of uptown offices.

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I think I've read a few times that First Charter is open to purchase offers, so I don't see them making a big investment uptown. BB&T has a building. Suntrust makes more sense.

Edited by MZT

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Could this be BofA's answer to the Wachovia development? Besides the Ritz Carlton building of coarse.

no.

A2

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Ya'll have named one of the banks that is considering developing this parcel with a modest tower. My source provided very preliminary information... so I don't want to say too much about the potential development. I also don't mean to be cryptic about this or to start unsubstantiated rumors.

The potential development was described to me as a 20-something story tower that would house the headquarters of a small (in the grand scheme of things), regional bank. The bank would not occupy the majority of the building, but rather would lease much of the space to other tennants. So, the potential tower would largely be a spec piece and the speculative nature of this potential development makes it far from a done deal. However, a 50%-plus spec tower does make sense with respect to uptown Charlotte's low office-space vacancy rate. My source divulged no information regarding a timetable for this project.

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Sounds like the First Charter theory....this would be their corporate HQ, with back office jobs located in some suburban building.

It also sounds like I predicted right what would go there, assuming there is a mini condo tower along Church.

Well, I'd say they have a pretty good idea of what they want to build already, just signing a few contracts before they announce.

That kind of land price would justify 250 condos and 250k sq. ft. of office with some retail, assuming there is a mix as speculation indicates. Of course, they could go for more to try and maximize the land.

I think reponsible development would be 400,000 sq. ft. of offices facing Tryon

and 180 condos along Church.

To take the speculation 1 step further, I see the uses in two towers, over a combined above/below ground deck. The condo tower being 17 stories and the office tower 24 stories.

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I'd be reluctant to call 1st Charter a regional... it's more of a large community bank.

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They just expanded into Georgia didn't they? I agree with what you're saying, but I would argue, every bank (besides BofA and Wachoiva and Wells Fargo) is really just a regional bank.

I'm sticking with the First Charter theory for now :)

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^^^I also with throw in that I expect First Charter to be the bank seeking this space. Just seems to fit.

A2

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First Charter was the first one that came up in my head too. They have been pretty open about wanting to be more recognizable on Tryon. They're also a bank with growth aspirations, right now I believe they are only in NC with plans to expand in SC shortly.

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^^^I also with throw in that I expect First Charter to be the bank seeking this space. Just seems to fit.

A2

Do you really think FC is big enough for a move like this? I wouldn't think they'd of achieved that status yet. To me they're still just a small bank out of Concord.

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According to what hinsp0 said and what First Charter has announced, it seems about right. They would only be taking a very small portion of this building. It would be primarily for executives and other senior level members. I doubt they would take more than 2-full floors, if that. I'm sure what they would want is to have a branch on Tryon, since they have no presence at all uptown. If they want to get serious about making larger commercial loans, this would be a step in the right direction.

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Put it another way - if a small bank like FC feels the need for a Tryon presence, then SunTrust can't be far behind.

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According to what hinsp0 said and what First Charter has announced, it seems about right. They would only be taking a very small portion of this building. It would be primarily for executives and other senior level members. I doubt they would take more than 2-full floors, if that. I'm sure what they would want is to have a branch on Tryon, since they have no presence at all uptown. If they want to get serious about making larger commercial loans, this would be a step in the right direction.

they do have a branch on tryon... it's on the first floor of the building next to the new ruth chris' steakhouse. i like FC and do a little biddness with them. i do agree FC is the bank in question on the renaissance site, though.

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I think this is a logical step for a bank that has a fairly large presence in NC (58 branches and about 140 ATMs) and may be looking to expand into other neighboring regions (i.e. SC). Charlotte is the second largest banking center in the U.S., we all know, and for a smaller bank looking to make a splash in the pond what better way to do it than by building your own highrise downtown. The banking business is as much about ego as it is money.

And altrvr, I hope you are right on your speculations - two buildings in the height range you mentioned would be a great addition to the city and that side of Tryon.

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First Charter is having some financial problems right now. The company delayed its annual report because of complications with its most recent acquisition. It would be an odd moment for them to announce a big move.

Also, I'd be interested if anyone can name a bank of comparable size with a downtown office tower in a U.S. city.

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