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3rd Ward Midrise Projects


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The Catalyst tower crane will be coming down, possibly starting today, according to a memo I got a work:

"

From Thursday, Aug. 7 through Sunday, Aug. 10 developers at the Catalyst site will shut down pedestrian and vehicle traffic on Martin Luther King, Jr. Blvd. for 10-20 minutes at a time to provide a safe work zone to dismantle a tower crane. Off-duty police officers will be present to aid safety efforts, stop traffic and direct pedestrians.

Crane dismantling and intermittent road closings will occur on Thursday and Friday from 9 a.m. to 4 p.m. Saturday operations will continue from 8 a.m. through 4 p.m. and Sunday activities will start at 8 a.m. until the project is finished or until dark.

"

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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.

Great question. Looking at my contract there are two contingencies:

1) Catalyst must sell 150 units 90 days prior to closing (they can extend closing twice though if needed) - if not, the buyer or seller can opt out of the contract and get the earnest money back. So, I was mistaken - not 50%, but 150 by

2) In the event that Seller enters into a contract prior to closing date that lowers the List Price of increases incentives on a similar home as defined below, the base purchase price shall be reduced by the sum of the amount by which the list price is lowered and the incentives granted on such contract for any similar home exceeds the incentives granted to Buyer.

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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.

Your right. When sales opened the economy, especially the banking part, was very uncertain. However, I'm not sure one of the sales agents would tell anyone whos coming in to purchase a unit that they are worried about the pace of sales.

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My hunch is that there will be some sales that pick up once the park and baseball start construction. Right now, it is uncertain if your unit will look over a park or whether it will look over a parking lot that might eventually spring up and block your skyline view. It is a very real danger for Catalyst buyers on that side of the building.

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The incentives package they are offering for the first 100 buyers is unreal!!!

They are in the 60's and have set a goal to get to 100 and then 150. I'm a little concerned for the Catalyst as well but Summer time is traditionally slow. I think things will pick up for them once football season gets going.

I do wonder how many people felt the parking situation was a deal breaker. I know I did.

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Great question. Looking at my contract there are two contingencies:

1) Catalyst must sell 150 units 90 days prior to closing (they can extend closing twice though if needed) - if not, the buyer or seller can opt out of the contract and get the earnest money back. So, I was mistaken - not 50%, but 150 by

2) In the event that Seller enters into a contract prior to closing date that lowers the List Price of increases incentives on a similar home as defined below, the base purchase price shall be reduced by the sum of the amount by which the list price is lowered and the incentives granted on such contract for any similar home exceeds the incentives granted to Buyer.

Thanks for explaining it to me and wow that definitely is an exceptional benefit to the buyer. Seems quite a big risk for the developing company to offer the ability to cancel especially if you start sales after the building is just about done. Wish I had the money now to make the mortgage payment each month for I would definitely be in this place. Soon enough. :)

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I haven't made it to the sales center yet, hopefully this week, but for those who have, did anyone ask about the possibility of a grocer going in? If their not using it as a sales pitch, I doubt its going to happen.

(or am I behind the times and this was already confirmed?)

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I haven't made it to the sales center yet, hopefully this week, but for those who have, did anyone ask about the possibility of a grocer going in? If their not using it as a sales pitch, I doubt its going to happen.

(or am I behind the times and this was already confirmed?)

When I stopped by, they told me that Picasso's was moving to the parking deck.

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I haven't made it to the sales center yet, hopefully this week, but for those who have, did anyone ask about the possibility of a grocer going in? If their not using it as a sales pitch, I doubt its going to happen.

(or am I behind the times and this was already confirmed?)

I had heard this possibility as well previously, from what I had heard even Tony Stillbeck was in talks with a grocer, but maybe that was just a rumor. Its been over a year since I last heard anything about the possibility of a grocer, and as we continue to hear absolutely nothing, I guess we can start to assume it'll be just that, nothing. 10k is definately large enough for a small grocery store, but I don't know about the practicallity based on the retail space layout that Andy posted on here a few months back.

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I had heard this possibility as well previously, from what I had heard even Tony Stillbeck was in talks with a grocer, but maybe that was just a rumor. Its been over a year since I last heard anything about the possibility of a grocer, and as we continue to hear absolutely nothing, I guess we can start to assume it'll be just that, nothing. 10k is definately large enough for a small grocery store, but I don't know about the practicallity based on the retail space layout that Andy posted on here a few months back.

This will be the location near Panthers stadium. I could see Picassos relocated here because of the whole sports theme right next to the stadium. The grocer would nicely serve all of the future residents though. If a grocer doesn't go in, I'd imagine there will be demand in 3rd Ward for one in the near future though to go in somewhere else. All I know is that they definitly built up this space and it sits walled out but connected to the parking garage.

I cringe saying this, but unfortunatly this area is still a dead zone. On another note, is there any plans to redevelop the land on the other side of the Mint St. Parking deck where there currently sits some stale parking and power transformers. It could be a crucial piece of land for redeveloping 3rd Ward having more movement, and in a perfect world, it would be nice to see some of that ground floor space at the Mint St parking deck converted to retail spaces.

Edited by Andyc545
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This will be the location near Panthers stadium. I could see Picassos relocated here because of the whole sports theme right next to the stadium. The grocer would nicely serve all of the future residents though. If a grocer doesn't go in, I'd imagine there will be demand in 3rd Ward for one in the near future though to go in somewhere else. All I know is that they definitly built up this space and it sits walled out but connected to the parking garage.

I cringe saying this, but unfortunatly this area is still a dead zone. On another note, is there any plans to redevelop the land on the other side of the Mint St. Parking deck where there currently sits some stale parking and power transformers. It could be a crucial piece of land for redeveloping 3rd Ward having more movement, and in a perfect world, it would be nice to see some of that ground floor space at the Mint St parking deck converted to retail spaces.

ARe you talking about the mint St. Parking deck for the panthers Stadium? If so the dilapidated parking lot that is somewhat surrounded by the parking deck on the corner of 1st and mint was originally supposed to be developed by furman for apartments I believe but for whatever reason fizzled out. I don't know how much press the project got, I just know from the owner of the building accross the street. I formed a working relationship with him when I was working in charlotte, he did some photography for some ads I worked on. From what I understand he was approached by furman to sell his land/building (not sure if this included the substation behind the building) to him so that furman could use it to stage and store construction equipment. Talks progressed negatively, and one day the project kind of disapeered and furmans calls stopped coming. So after that point I don't know what has happened since, I'll check the tax site to see who owns it now, it should still be furman, but who knows.

As far as the area being a deadzone goes, I somewhat agree with you, but I think it will be helped by whatever opens up in the 10k at catalyst, 7k at 440 S. Church, 6K at Twelve, and 7K at the parking Garage. Thatas a nice 30k sq feet, which is not a ton, but definately not a small amount of retail. Especially for Charlotte. Whle I think a grocery store would have been great for the area, I think 300 S. Tryon would be a better place (if it gets built) because it would have retail only space on the church st. side, where as cataylst has mulitple spaces broken up by a residents lobby. 300 South Tryon would have been a great place for a urban whole foods much like the one at columbus circle or union sq. in manhattan. However I think that a grocery store like bloom would be nice, as it doesn't demand quite the premium that Whole foods would have had. And about life of the area don't forget the whole wachovia complex, and the 30k sq foot of additional retail that will be just arround the corner. But I guess the key offenders in the area are the mint st. parking garage, the energy building, and Bank of America Stadium.

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I'm a happy buyer into the Catalyst and hope that the project continues to progress as planned. Nonetheless, I apologize if this has been stated, but are there any 'confirmed' business tenants (i.e. restaurants, bars, etc.). Theres been lots of talk about wants, but I'm curious to know what is known. As always thanks for the info. I love the thread.

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Vertical re-bar was up for the central pillars of the Office building, and it looked like the concrete forms were being put in place. Look for vertical concrete by morning.

In other news, there is glass in the stairwell of the parking deck, and there is an awning on the bottom floor of the parking deck.

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I'm a happy buyer into the Catalyst and hope that the project continues to progress as planned. Nonetheless, I apologize if this has been stated, but are there any 'confirmed' business tenants (i.e. restaurants, bars, etc.). Theres been lots of talk about wants, but I'm curious to know what is known. As always thanks for the info. I love the thread.

With it's location directly across the street from the future Beardon Park, one would think Catalyst's first floor would feature an ice cream shoppe, coffee shoppe, cafe, restaurants etc. Seems like a no brainer to me. If I was involved in Ben and Jerry's or Coldstone Creamery, I would undoubtedly be trying my best to get my franchise into the Catalyst.

Beardon Park will certainly become of of Charlotte's premier destinations. And the Catalyst's location will put it directly in the middle of all the action. Bring in all those eating establishments!

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Exposed concrete is Novare's trademark.
Indeed, take a stroll by Avenue to see some Novare exposed concrete ...

Switching gears, another weekend has passed and the Catalyst tower crane still has not been taken all the way down. It also seems to me that work on the exterior of the building towards the top has slowed. Since this is a Novare building, I've been giving them the benefit of the doubt so far, but am curious why the tower crane hasn't come down yet.

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Indeed, take a stroll by Avenue to see some Novare exposed concrete ...

Switching gears, another weekend has passed and the Catalyst tower crane still has not been taken all the way down. It also seems to me that work on the exterior of the building towards the top has slowed. Since this is a Novare building, I've been giving them the benefit of the doubt so far, but am curious why the tower crane hasn't come down yet.

Could they be holding it for the office building on the same site? Some foundation work and vertical concrete columns have been started already for that

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Could they be holding it for the office building on the same site? Some foundation work and vertical concrete columns have been started already for that
Could be, but I thought that the office building already had a crane up. Maybe a second is needed? I haven't been by there in a while.
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Maybe there are some money shortages. I heard that only 15 - 16% of the building is sold. Can anyone confirm that?

While that could be the issue, I can't see a company like Novare stopping construction over the number of units sold at this late in the game. I mean, sure, The Park did, but I feel as though we're talking about a whole different concept with Catalyst. What would they stand to gain by stopping now? I'd say they should want to finish it as early as possible to have units ready for purchase rather than under the stipulation of "under construction" which, no doubt, has caused a lot of issues in uptown lately. I think that once the bank issues are finally resolved and the economy begins to stabilize, we'll see a more consistent flow of condo buyers reemerge slowly. Until then, I can't see Twelve going under construction for a couple more years. We'll have a nice little grass lot next to Catalyst to help compliment the park across the street.

Edited by aussie luke
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While that could be the issue, I can't see a company like Novare stopping construction over the number of units sold at this late in the game. I mean, sure, The Park did, but I feel as though we're talking about a whole different concept with Catalyst. What would they stand to gain by stopping now? I'd say they should want to finish it as early as possible to have units ready for purchase rather than under the stipulation of "under construction" which, no doubt, has caused a lot of issues in uptown lately. I think that once the bank issues are finally resolved and the economy begins to stabilize, we'll see a more consistent flow of condo buyers reemerge slowly. Until then, I can't see Twelve going under construction for a couple more years. We'll have a nice little grass lot next to Catalyst to help compliment the park across the street.

Woah, woah, woah now. Let's not jump the gun. Novare is still going with Catalyst and they even said that sales are expected to be slower now and pick up over the winter. It's a bad economic situation but there are available buyers possibly from The Park and 210 and future buyers. They are also optimistic about the future and economic conditions picking up here. It's just a crane now. If it were financial hardships, they would be more eager to get rid of the thing and stop paying for it to sit there (I know they are on contract). It's a crane on a construction site, it's not a shock to me like the removal of everything on 210 trade or a dormant Park. My guess is they are just letting it sit there, lowered so it is uninterupted from falling on Panther's fans for the immediate games for tailgating (anyone see the interviews they did on Fox about that after the one preseason game), and it will just be moved to the office tower or used for misc stuff throughout the site, or maybe just waiting to be removed by the crane company.

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