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Speculative Office tower PLEASE!

rockhilljames

By rockhilljames
in Charlotte

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monsoon Gigalopolis

monsoon

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You've clearly never done any sort of real estate deal. Not surprised, I guess. Unfortunately it takes more than just a sound business plan in the real world......

Still hard to imagine? A "sound business plan" isn't worth the paper it's written on until those huge loose ends are tied.

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RiverwoodCLT Burg

RiverwoodCLT

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I sold some property down east NC. People came to me and said that rumors where Wal-Mart was coming to that site. I had no contact with Wal-Mart and the property was sold to an inveatment group. They told me that they were going to hold the proprrety a few years. The truth is that there are not enought roof tops for any large development that the present time.

So be careful of rumors, that may be just that.

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atlrvr Metropolitan Area

atlrvr

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I didn't necessarily see where this wouldn't be a BofA anchored building. I know it's in this thread, but I wouldn't precule that possibility. With 10 floors of parking, 10 floors of a Ritz, and 30 stories of office space, with a large chunk taken by BofA seems like a possibility.

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rockhilljames Burg

rockhilljames

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I'm afraid I agree.....

...unless it's a mixed-use development. We really haven't had any of those in the Charlotte market, but it's not uncommon to have a hotel/condo/office tower in other cities. I could see something like that pushing 50+.

******** Whoa atlrvr...that was close...looks like we were thinking of that-which-shall-not-be-named *****************888

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atlrvr Metropolitan Area

atlrvr

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Just to continue down the road of speculation, what if BofA would take space in a Ritz Carlton office/hotel tower, and would move out of BofA Plaza when its complete. I believe there are several firms in BofA Plaza that would love to be able to expand.

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rockhilljames Burg

rockhilljames

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That's not too greedy. BofA just filled up Odell and has nowhere else to go. With a vacancy rate of 4.7% I'm guessing there aren't too many large blocks left.

Even if BofA builds another tower, they are typically at least 50% of the tenant mix. That still wouldn't bring a ton of empty space to the market.

I think we'll see another Gateway building annonced soon.

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bork Whistle-Stop

bork

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That's not too greedy. BofA just filled up Odell and has nowhere else to go. With a vacancy rate of 4.7% I'm guessing there aren't too many large blocks left.

Even if BofA builds another tower, they are typically at least 50% of the tenant mix. That still wouldn't bring a ton of empty space to the market.

I think we'll see another Gateway building annonced soon.

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atlrvr Metropolitan Area

atlrvr

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Thanks keer....I enjoy have two instead of one super tall.....a really tall tower there would have blocked BofA from south Charlotte.

As far as other specs....it seems that both the Westin and 300 S. Tryon will be built with at least some office space that is speculative. I just hope BofA doesn't kill that enthusiasim.

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Rufus Hamlet

Rufus

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sorry to be so slow on this discussion, but other than the Ritz tower and hotel complex are there other towers being alluded to here? atlvr are you saying that the Westin Office tower will be built along with 300 S. Tryon? Is there another tower that you are alluding to in your last post? i am confused....argh. 10 years ago this wouldn't have happened but now these tower proposals are like second nature.

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atlrvr Metropolitan Area

atlrvr

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NVQ says he has heard that the Westin Phase II building will be residential and office space and will be proceeding soon. I had seen their office marketing step up, and recently repost this tower on a contractor bidding site, which indicates it is still alive.

I know one of the more recent plans of 300 S. Tryon included about 300,000 sq. ft. of office space, and several other forumers and sources have confirmed this rumor. This was last spring, so I don't know if the scope has changed, but if the baseball deal is approved, I believe that this tower will be announced shortly thereafter.

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