3rd Ward Midrise Projects

[dubone]

I just hope Duke can take up enough space in these new buildings and abandon the old concrete structure. They MUST be able to figure out a deal where that would save them money. Surely they could sell that 5 acres for enough to cover equivalent space in other nicer buildings.

With all the buildings that get torn down in Charlotte, I would hope we can expect to tear down our eyesores.

On Novare's project, I am OVER the old Duke building. If they are truly building a large office building in its place, and they attempt to provide decent architecture, then I'm okay. We really are getting a tremendous number of projects on that 5 acre block.

[New Name]

Nothing special really, but here's a view of the site from the top floor penthouse at Courtyard Marriott last weekend. (that's my bobcat's shirt reflecting back in the window...oops)

[rockhilljames]

Nice Bobcats shirt you're wearing there!

[Larryfla]

Is the new Wachovia building being built where Pound and Moore used to be.? My dad used to work there and I thought it was such a great old building. It seems that the parking lot next to the old structure visable in the picture was where it was?

[Neo]

A few shots from the site:

[TONYCLT]

Ovature will provide a great view of the city.

[PwC Keith]

Anyone have a guess or inside knowledge what the average cost per square foot Overture and Twelve will hit the market at? I'm hoping it will be somewhere in the $300-325/sq ft. like the Avenue was initially priced, but with the cost of materials increasing and other high priced projects being announced I doubt that will be the case. Obviously this would be speculation, but I'm curious what everyone thinks. Thanks.

[dman379]

I'm hoping for the same, but I don't think those prices are likely given the cost of the remaining units at the Avenue combined with the superior (IMO) location and view of Overture and Twelve directly on the new park and overlooking the new baseball stadium and pictured skyline section. Granted, there are still a number of 2BR units remaining at the Avenue, but they're priced between $310-410/sq. ft. The only thing that may keep the average price at Overture down will be the fact that it appears to have units beginning on much lower floors compared to those at Avenue. I would expect prices at Overture and Twelve to start around $300/sq ft at the lowest floors and South-facing views and work their way up from there, averaging about $375/sq. ft. That's just my speculation though.

If anyone can keep the prices reasonable amid material costs and competition though, it's Novare. They leverage their buying power well and have been rumored to actually lower prices from previous developments in the same city. I just don't see it on this plot in Charlotte. As a potential buyer though, I'd love to be proven wrong.

Edited May 8, 2007 by dman379

[PwC Keith]

I'm hoping for the same, but I don't think those prices are likely given the cost of the remaining units at the Avenue combined with the superior (IMO) location and view of Overture and Twelve directly on the new park and overlooking the new baseball stadium and pictured skyline section. Granted, there are still a number of 2BR units remaining at the Avenue, but they're priced between $310-410/sq. ft. The only thing that may keep the average price at Overture down will be the fact that it appears to have units beginning on much lower floors compared to those at Avenue. I would expect prices at Overture and Twelve to start around $300/sq ft at the lowest floors and South-facing views and work their way up from there, averaging about $375/sq. ft. That's just my speculation though.

If anyone can keep the prices reasonable amid material costs and competition though, it's Novare. They leverage their buying power well and have been rumored to actually lower prices from previous developments in the same city. I just don't see it on this plot in Charlotte. As a potential buyer though, I'd love to be proven wrong.

I would have to agree and I hope you are right. I can't wait for these to get on the market. I really wished they'd put both Twelve and Overture on the market at the same time, but I doubt that will be the case.

[Charlotteman]

Any word on when work on 3rd Ward park will start?

[uptownliving]

Any word on when work on 3rd Ward park will start?

From what I have heard not till 2008.

[28202]

I would have to agree and I hope you are right. I can't wait for these to get on the market. I really wished they'd put both Twelve and Overture on the market at the same time, but I doubt that will be the case.

I don't think that will happen. It would undermine their lottery racket by actually letting buyers compare and make the most cost effective choice. Those plans depend on a false urgency that you are about to miss your only chance. Obviously works well at the beginning but peters out when you get to the unchosen remnants... then you pick up the buyers that have to see it to chose it.

[joshuacc]

Anyone know what Novare usually requires for deposits? What did they do at Avenue?

[Charlotte_native]

Anyone know what Novare usually requires for deposits? What did they do at Avenue?

I think it is 5%

[prowl]

I think it is 5%

The Avenues required 5% down from buyers who intended to live in the unit and 10% down from investors. I do not recall minimum requirements (such as living in the unit for a minimum of period of time) before an investor would be considered an normal buyer with a 5% down payment.

Edited May 9, 2007 by prowl

[Raintree21]

Any word on when work on 3rd Ward park will start?

First things first. Approval for the land swap, stadium, park has to be completed. Although things are starting to pick up the pace it seems.

[revitalize]

interesting to note there is a rezoning app. filed for Brooklyn Village / 2nd ward, which i thought was involved in the land swap. Is this a sign that things are progressing on that front?

http://www.charmeck.org/Departments/Planni...ns/2007-088.htm

[PwC Keith]

Since it seems like the Twelve and Ovature will be put on the market seperately. Does anyone have any knowledge or opinions on what the major differences/selling points are between the two buildings. Also any idea have any idea whether they think the two projects will go on the market at the same price?

I know I want in on one of them, but still deciding which one.

[moving uptown]

Since it seems like the Twelve and Ovature will be put on the market seperately. Does anyone have any knowledge or opinions on what the major differences/selling points are between the two buildings. Also any idea have any idea whether they think the two projects will go on the market at the same price?

I know I want in on one of them, but still deciding which one.

i thought twelve was a hotel no?

[Guest]

400 condos 150 hotel rooms. Only a fraction is hotel.

[moving uptown]

400 condos 150 hotel rooms. Only a fraction is hotel.

wow, i had no idea (maybe i should learn to read more thoroughly). that is not a huge hotel but 400 more condos! and then the overature as well! wow, bring it on

[AuLukey]

I would imagine that with having the hotel services as well, Twelve would be "ritzier" than Ovature, assuming they don't put some kind of high end service into it as well.

[Charlotteman]

I've surfed Novare's site recently and am quite impressed with their work. If 12 is as nice as Overture, then Uptown will have two new gems.

Imagine the luxury of living at 12----all the ammenities of the hotel, killer views no matter where ya live in the building, steps from uptown offices~~~Overture and 12 will surely be easy sells.

I just hope the park lives up to it's potential.

[UrbanCharlotte]

Looks like they maybe staked out the Overture site?

[queensguy06]

Wow, a pond to rival Marshall Park! In all seriousness, could Novare be waiting to see what happens with the land swap before going full steam ahead with three projects that rely heavily on the idea of a Third Ward park at their doorstep? While the demo and clearing has gone relatively fast, it seems as though the start of construction is taking a little more time than I would have anticipated. Anyone know if/how the land swap (or lack thereof) would alter plans for this site?

Edited May 21, 2007 by queensguy06