3rd Ward Midrise Projects

[unccmyway]

I can see the top of the building from my office and work has definitely not stopped. There were about 10 workers on the roof yesterday. It looked like they were all crowded around the elevator shaft.

[tiblerbrit]

And they've been painting the exterior for the last couple weeks. 70 units in 2 and a half months during the summer, what bad about that? Thats a unit per day almost.

[Charlotte_native]

I can see the top of the building from my office and work has definitely not stopped. There were about 10 workers on the roof yesterday. It looked like they were all crowded around the elevator shaft.

Work definitley hasn't stopped. We see it from our balcony -- it just isn't as dramatic as a floor per week appearing -- it's now interior work, plumbing, wiring, etc. We've watched balcony railings go up as well as the roof work you are talking about. The pace isn't different but they have added prelim work for the base of the office tower in recent weeks.

Their sales are slower than their buildings in the past, but we are in a different market than in years past. I personally also think the parking deck scenario isn't helping either -- i know two people who are either waiting trying to decide or have written off this project because they won't own their spaces or have specifically assigned spaces. Doesn't help, guessing, that the park that is supposed to be in front of the building is being held up by Mr. Reece's lawsuits -- wonder what sales would be like if a lovely park rather than an ugly parking lot were out front.

Generally, though, I would have been surprised and shocked had sales been more than they have given the economic and real estate climate right now.

[grodney]

Aug 27 2008

The office building:

Water in the pool!

The parking deck:

[SmellyCat]

Am I the only one that is not impressed with the aesthetic imprint of the condo tower? Not surprisingly, it looked much better in the renderings (doesn't it always). I dunno, maybe that's why the units seem priced fairly low.

[atlrvr]

One things to consider is that all the glass still has its protective plastic static wrap on, and the balcony rails are also sheathed, so it should look better when all of that is removed.....

[krazeeboi]

One things to consider is that all the glass still has its protective plastic static wrap on, and the balcony rails are also sheathed, so it should look better when all of that is removed.....

Is the concrete covered with some type of protective material as well? I remember the exposed concrete on Avenue looking like it currently does on Catalyst, but then it looked fresh once the building was totally complete.

[atlrvr]

The concrete I don't believe will be exposed on Catalyst. It looks like they have been applying a coat of hard-coat stucco to the exterior over all the concrete. They might clean it before it opens, but I don't think the opaque portion of the facade is going to change much.

[New Name]

To alleviate confusion, they are now framing in the Mint St. and 1st St. sides of the parking structure for retail bays.

[krazeeboi]

Shot taken Labor Day

[Appetite for Construction]

The Catalyst tower crane is being taken down today and the pieces taken over to the office tower site where a second tower crane is rising. Perhaps this is an omen of a faster pace on the office tower progress ...

[atlrvr]

Driving by the office building site this morning, it looks like the forms have been layed to pour the second floor (or 1st floor ceiling )

Also, the website for the office towr is being updated. They used the Catalyst website as a template, and have been changing it to fit the office building.

http://www.440southchurch.com/

[grodney]

And today they are re-painting the plywood sides on the temp walkways. They were all Catalyst Green, but now the 440 ones are getting a web-site matching maroon. The Catalyst are getting a re-paint (same green) as well.

It's all about image, I guess.

[Mobuchu]

Here's some updates on these projects:

9-20-08

440 South Church

The parking deck

Here's the Mint side of the deck with an awning for retail. Is this where Picassos is going?

And Catalyst

MLK side

[Charlotteman]

Many of us here seem surprised about the all-concrete parking garage, looking all 1980s. After Novare did such a sweet job on Avenue's parking garage, we expected a similar approach to quality at the Catalyst/12 site.

Perhaps Novare is looking toward the long term, when the parking garage will essentially be obscured by surrounding buildings. In the meantime, the garage is hard to look at.....what a hideous eye sore.

[uptowner]

Many of us here seem surprised about the all-concrete parking garage, looking all 1980s. After Novare did such a sweet job on Avenue's parking garage, we expected a similar approach to quality at the Catalyst/12 site.

Perhaps Novare is looking toward the long term, when the parking garage will essentially be obscured by surrounding buildings. In the meantime, the garage is hard to look at.....what a hideous eye sore.

We can only hope for Twelve to hurry up and cover the ugliest part!

[atlrvr]

I mentioned it before, but the fact that it is a pre-cast deck and the fact they are renting spaces and not deeding them hints that there could be a long term plan to replace it with another tower......just me speculating anyway.

[HopHead]

I mentioned it before, but the fact that it is a pre-cast deck and the fact they are renting spaces and not deeding them hints that there could be a long term plan to replace it with another tower......just me speculating anyway.

Are pre-cast decks usually used in the base of towers? Or would they tear that down and replace it if an office tower went in its place?

[atlrvr]

They would tear it down....it's much cheaper to building and less permanent of a structure, that's why I think their decision hints at future plans.

[Charlotte_native]

Some good news, to me at least, about the deck. The front lower level space is going to be the new home next year to Picasso's. Larger nicer space than the one they have on Church Street and it will have a huge outdoor dining space.

[Charlotteman]

Are pre-cast decks usually used in the base of towers? Or would they tear that down and replace it if an office tower went in its place?

If the parking deck is demolished in the future to allow a new building on the site, where would Catalyst/Twelve/440 S. Church people park? And don't forget, Picasso's and other street level businesses would be forced out too......

[atlrvr]

If the parking deck is demolished in the future to allow a new building on the site, where would Catalyst/Twelve/440 S. Church people park? And don't forget, Picasso's and other street level businesses would be forced out too......

A new parking deck that would be part of the base of a new tower.....

As far as Picasso's being forced out, I'm not sure that is a major concern. I don't think this is part of the short term (<5 year) plans.

[Charlotteman]

A new parking deck that would be part of the base of a new tower.....

What I'm wondering is where Catalyst/Twelve/440 S.Church people would park during the construction of a new structure..........

[Charlotte_native]

What I'm wondering is where Catalyst/Twelve/440 S.Church people would park during the construction of a new structure..........

Lets think about this. They tear down their parking deck with no alternative in place. Twelve can no longer get patrons because they have no where to park, commercial tenants in the new office tower sue because they have no where to park and I feel certain their lease gives them parking, and residents of Catalyst raise the biggest stink in history because they either have no where to park or it is offsite...does that sound like something a developer would do while marketing, presumably, the new tower they destroyed the parking deck for?

I'm a bit skeptical. I think they build the deck as it is because it is cheap and quick, and they didn't sell spaces to the new Catalyst residents because Novare makes money after finishing their projects by doing the HOA managment and retaining ownership of much of the parking deck (and now the whole parking deck). They see this as long term income.

[atlrvr]

How many spaces are in the deck? For my math, I assumed 1200.

So 1200 x $150/space/month x 12 months = $2,160,000/year

Plus 11,000 sq. ft of retail x $22/sq. ft./year = $242,000/year

Total annual garage income = $2,402,000

1 acre of Uptown land is worth approximate $6,000,000 and going up. The parking deck occupies approximately 1 acre.

This means, the value of the land is worth approximately 2.5 years of income. A new deck could easily be rebuilt as part of a new tower in that time frame, so it is break even on the land assuming they have to pay an equal rate for tenants vehicles elsewhere (this accounts for them subsidizing condo owners parking offsite which would be very generous).

As far as the cost of the deck, assuming $17,000/spot (seems reasonable on a pre-cast deck with no land basis), the deck was about $20,000,000 to build. This is could be repaid including debt service in about 12 years from revenues.

Therefore, assuming land appreciation continues 8%-10%, the it would make logical sense to move forward with demo/rebuild in 9-10 years.

Of course, the big gain is the additional profit of a new tower PLUS all the parking revenue in a new development.

Again, I have no knowledge of their future plans, but I couldn't imagine it not being a possibility. Maybe someone who has signed a contract for a new condo can shed some light on the fine print about future guarantees to parking.