3rd Ward Midrise Projects

[atlrvr]

Novare is trying to sell the parking deck.....don't know the motivation, but I'm guessing they need some cash, possibly to get financing for Catalyst to go 100% apartments. I can't think of a positive scenario where they would be selling without the retail leased or the majority of the parking spaces rented.

[Norm2]

That is not good news at all. Hopefully they will still decide to build Twelve later on next decade.

[tozmervo]

possibly to get financing for Catalyst to go 100% apartments.

I think buyers are supposed to start moving in come August - it seems like things could get pretty ugly if they try to convert the rest of the building.

[HopHead]

It's been reported that Atlanta-based Novare is in default on loans for a number of its projects in the southeast... Catalyst being one of them. This really doesn't have much effect on Catalayst since its done, but it pretty much kills any notion that they will build TWELVE. Just hope they can at least lay some nice sod and a tree or two in its place. They have already been removed as operating development partner on the 440 S Church St office tower.

Biz Journals: Novare facing mountain of debt

[jfuptown]

It's been reported that Atlanta-based Novare is in default on loans for a number of its projects in the southeast... Catalyst being one of them. This really doesn't have much effect on Catalayst since its done, but it pretty much kills any notion that they will build TWELVE. Just hope they can at least lay some nice sod and a tree or two in its place. They have already been removed as operating development partner on the 440 S Church St office tower.

Biz Journals: Novare facing mountain of debt

There's a similar article in today's Charlotte Business Journal

Edited July 10, 2009 by jf Uptown

[Andyc545]

Just hope they can at least lay some nice sod and a tree or two in its place. They have already been removed as operating development partner on the 440 S Church St office tower.

Sell off that parcel. It's 1/4 of a block that has 3/4 now basically fully developed. Or a park extension if the city were to purchase it. But Pleaseeee, someone do something with it before it is handed over for surface parking.

[krazeeboi]

This stuck out at me from the article: "In his letter to investors, [Novare founder Jim] Borders said the company has been unable to make a profit on the sale of its condos, outside of the highly desirable Austin, Texas, market."

I suppose that points to the overbuilding of the Atlanta and Charlotte condo markets. I hope they survive the wreckage.

[JonesQC]

So with the recent news that Novare is having financial difficulty, what are realistic options for Catalyst? Would the banks get the property and quickly sell units while slashing prices? Lower rents to get cash flow? Let the building sit?

Edited July 11, 2009 by JonesQC

[Mobuchu]

Not sure if this is old news, but the large retail space at the bottom of the parking deck facing 1st and Mint streets has space for lease signs up. When did Picassos pull out? I thought they had planned to move to this space once the deck was finished?

[HopHead]

Not sure if this is old news, but the large retail space at the bottom of the parking deck facing 1st and Mint streets has space for lease signs up. When did Picassos pull out? I thought they had planned to move to this space once the deck was finished?

Hmm, not sure... This would be an ideal spot for any sports bar, especially on Panther game days.

[Spartan]

I will gladly accept any bar that does not turn into a dance club at night. Panthers events on their own may not be enough to sustain the place... though the Dog House at Mint and Morehead seems to do ok...

[HopHead]

I will gladly accept any bar that does not turn into a dance club at night. Panthers events on their own may not be enough to sustain the place... though the Dog House at Mint and Morehead seems to do ok...

How big is the space? Is it comparable to where the uptown location of Picasso's is now?

[HopHead]

I actually drove by this retail space the other day and was surprised at how big it was. It could certainly entertain any sizeable sports bar. Like I said in a previous post I think this would do great on Panther game days, but that wouldn't be enough to sustain it. However, once the Wells Fargo arts campus opens in addition to the other retail going in the Duke tower by early 2010, I feel confident someone will jump on this spot... Problem is that right now nothing else is around it that's not under construction.

[New Name]

I actually drove by this retail space the other day and was surprised at how big it was. It could certainly entertain any sizeable sports bar. Like I said in a previous post I think this would do great on Panther game days, but that wouldn't be enough to sustain it. However, once the Wells Fargo arts campus opens in addition to the other retail going in the Duke tower by early 2010, I feel confident someone will jump on this spot... Problem is that right now nothing else is around it that's not under construction.

So the old adage that "retail follows rooftops" is a misnomer... it should be "retail follows residents." We've got the rooftops, now lets see some moving trucks!

[krazeeboi]

440 S. Church with all of the exterior installed:

[rooster8]

Ugh - that parking deck looks awful. Anything planned to block the sight of it?

[Spartan]

Yeah the TWELVE Hotel was supposed to go there. Maybe after the economy picks up they'll come back. If not, there is still room (and infrastructure for a midrise building of some sort there.

[New Name]

There is activity on the site of Twelve. Looks like grading and survey work. I doubt it means construction, but at least some sort of treatment for the site other than mounds of dirt.

[HopHead]

There is activity on the site of Twelve. Looks like grading and survey work. I doubt it means construction, but at least some sort of treatment for the site other than mounds of dirt.

Hopefully some grass, a little landscape and maybe a fountain of some sort...

[tozmervo]

I've heard word from someone who pulled out of her condo contract a while back that Catalyst is now going 100% apartments.

[dubone]

It is pitiful to see the number of lights on in the building. Granted, no condo owner is allowed in yet, so the upper half is dark at night, but even the lower half has an extremely low percentage of lights on.

Also, I ran by the TWELVE site yesterday. They have surveying posts around the curb cut that makes it clear that this will be paved to be a surface parking lot. You really can't blame for trying to get some revenue from the land, but I guess that will be what it will be until the real estate market resolves itself.

[atlrvr]

Interestingly they were adding sewer pipes to the land last week......I agree that it will be more than likely a parking lot for a while, but I couldn't figure out why they are installing the sewer line now....also, the sewer line looked smaller than I would have imagined a building the size of TWELVE would require. I didn't examine it closely, but it looked like a 18" line.

[dubone]

Could it be required drainage for a surface lot or something?

[atlrvr]

I'm not sure that most surface parking has drainage, unless there is some strange grade issue, but it certainly is possible.

I'm mostly intrested in whether Novare plans to ever develop the lot, or sell it off for someone else to complete.

[CLT]

I've heard word from someone who pulled out of her condo contract a while back that Catalyst is now going 100% apartments.

It looks like you might be right tozmervo. With only 10% of the units under contract + new building ownership + the economy, it only makes sense.

CLT O article about Catalyst