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3rd Ward Midrise Projects


UrbanCharlotte

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One thing I was considering after examining the deck yesterday is that given that it is precast, with relatively little foundation work, and the fact that no parking spaces will be deeded, it gives Novare the option of demolishing the deck in the future to build another building in its place. It's probably a long term play, but at least something I'm sure they've considered. Does anyone who has signed a sales contract at Catalyst have any evidence of this? Some sort of "out" clause in the parking agreement.

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I also think thay sales paces could change once Wachovia's destiny is more clearly defined, which I'm guessing will happen in the next couple of months. I can't imagine too many your professionals there that would be highly leveraged buyers are shopping for downtown condos at the moment. Once some stability returns at work, I think that will translate into sales. Conversley, the demise of Wachovia, would be the demise of the downtown condo market for several years.

I had an interesting conversation over the weekend with someone that is involved in setting up the pre-sales and marketing for the residential condos that are to be part of the large Wachovia project at the end of Tryon at Stonewall. I didn't get much detail other than they are still moving forward on this part of the project, it is to be built over the museum, and sales will start in early fall. According to this person they are activily working on all of this now.

Edited by Charlotte_native
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Great pic's Atlrvr. I used to live in Midwood but didn't work uptown. Every weekend I'd ride my bike uptown to look at the prorgress of any projects going on. I got some exercise and got to see so many things being built. I'm glad you guys post so many pictures. I get to keep up to date on the projects. The only thing is I don't get the exercise. Thanks again.

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On your last photo, it appears that caissons are being installed. My understanding is that the office component is next. Is this for the office component?

Correct. This is for the office tower component. I believe the construction of TWELVE is suppose to start late this year or early next year.

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Boy I love how Novare does business. They do not lose time getting their projects under construction. I thinks when you delay construction you are adding cost to the project. The way things are going today, it is not going to get any cheaper. 300 South Tryon should take note.

I read a headline in either the CBJ, the Observer or Charlotte Mag saying that 440 South Church had signed a couple large tenants for the building. Unfortunately the link turned out to be broken. Come to think of it I think it was in the Physical CBJ 2 or 3 weeks back and I couldn't use it with my subscription for some reason. Does anyone have a copy of the last 2-3 weeks of the business journal who could share what it was talking about.

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Anybody see the new rendering on the catalyst website? TWELVE looks huge compared to catalyst and it has a good aerial shot of the whole project as well as the baseball stadium and the Wachovia campus.

Wow, that's got to be like 40+ floors!!! Hopefully that extra height is for more much-needed hotel rooms. And hopefully that picture is actually true to what it is expected to look like.

Must be a recent rendering -- 210 Trade is missing!

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Thats not good since two weeks ago the number was at 62. I'm not sure what would cause the sales to spike at this point.

I was a little concerned about this as well since I put a contract down the first day of sales. I look at this in two ways

1) As the first round of closing dates approaches (Jan 15th I think) they would have to discount the units if they had not sold 50% of the units. If they have not sold 50% I believe they have to open up the opportunity to allow the contract downpayments to be refunded.

This is good for those of us who really want to move in and get a discounted unit

or

This would give us an option to get out of the contract.

2) They will contract with a investment property developer and have them purchase enough units to hit 50%. Since they are only allowing 25% investor units (vs primary home units) the second half of sales could be EXTREMELY slow.

Either way, I think sales will have to pick up. The Catalyst is one of the most affordable units in downtown. With the AAA Stadium and the park breaking ground in the Fall, and hopefull Wachovia turning around their next two quarters might be enough hope. This is still a place I really want to call home so we shall see.

Edited by JonesQC
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Well the thing that sets Catalyst apart from other buildings is that this place is already built. What are they going to do, have all the contracts get canceled and leave a vacant building? Unlike The Park where people bought contracts before it was built and it now goes belly up and everyone can cancel.

I'm not too familiar with how the selling of condos work but I wouldn't think Catalyst would even give new buyers the option to cancel the contract even if they don't sell 50% considering the fact it is already built and your space awaits you. Maybe someone can enlighten me quickly on the process of buying a condo. When you sign a contract for X unit, don't you have to pay for X unit at whatever was agreed upon in the contract? Or do they give you that window that after a certain period if sales aren't that great you can bring down the price. It makes no sense but maybe I'm wrong.

Edited by DjStedali
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Thats not good since two weeks ago the number was at 62. I'm not sure what would cause the sales to spike at this point.

You need not fret. Most places will only reveal their most recently published sales. Which would be why you heard the 62-63 number. I've heard they've sold more, albiet not much more. I don't worry, there is only 2 floors not glassed in left.

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I read somewhere the sales people at Catalyst were happy with that number of sales and said that fall was really the time they expected things to pick up. These are their words, so I don't think I'd be too worried if they think that number is good.

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