Jump to content

Elizabeth Projects (7th St, Elizabeth Ave, etc)


JunktionFET

Recommended Posts


On 3/22/2023 at 8:26 PM, KJHburg said:

Elizabeth on 7th the office retail building is getting some retail and office tenants.

""Local developer Crescent Communities has confirmed that a restaurant group backed by former NFL star Mike Ditka is bringing a new concept to Charlotte. CBJ's Jennifer Thomas reported on Ditka Restaurants' plans back in December.

The group's Catalina Kitchen + Bar expects to open this fall at Elizabeth on Seventh, a mixed-use development at 1942 E. Seventh St.

Patrons will find an upscale, full-service restaurant with a relaxed atmosphere, according to a press release. It will dish up American fare, specialty cocktails, local beer and wine.

Catalina joins Rosemont Market and Wine Bar in taking space there. It is expected to open this spring.

Several office leases have been signed as well, with newly inked tenants including Lodging Capital Partners, Hord Coplan Macht and LifeStance Health.

“We are excited by the leasing activity from retail, restaurant, and office users,” says Ned Austin, vice president of leasing for Crescent’s commercial business unit. “With state-of-the-art amenities, tenants at Elizabeth on Seventh will be met with a superior, modern office experience that’s unique to the Elizabeth neighborhood.”""

https://www.bizjournals.com/charlotte/news/2023/03/22/cbj-buzz-mike-ditka-restaurants-elizabeth-seventh.html

https://www.elizabethonseventh.com/

This was first announced back in December by Jason Thomas

  • Like 1
Link to comment
Share on other sites

  • 2 weeks later...
  • 1 month later...

Looks like Axios has picked up on the Historic District situation in Elizabeth.

https://charlotte.axios.com/328519/charlotte-elizabeth-historic-designation-development/

I'm surprised that the President of the Elizabeth Community Association trashed Dilworth for the article:

Quote from article:

But West Bryant, president of the ECA, sees Dilworth as “a little kingdom of very wealthy people surrounded by a legal moat.”

 

 

  • Thanks 1
Link to comment
Share on other sites

^ is he really suggesting that Elizabeth and Dilworth will magically become bastions of affordability without historic district status?  (Or that Elizabeth is somehow different than Dilworth in anyway other than historic district status?)

Edited by kermit
  • Thanks 1
Link to comment
Share on other sites

On 5/13/2023 at 11:29 AM, kermit said:

^ is he really suggesting that Elizabeth and Dilworth will magically become bastions of affordability without historic district status?  (Or that Elizabeth is somehow different than Dilworth in anyway other than historic district status?)

Elizabeth has gotten a lot more expensive recently, but it is still consistently ~$200K less for the same house compared to Dilworth.  Historic District designation restricts supply which definitely impacts prices but my guess is more in the aggregate and less per neighborhood.  Dilworth isn't getting materially less expensive even if it revoked historic status.

  • Like 1
Link to comment
Share on other sites

2 hours ago, NYtoCLT said:

Elizabeth has gotten a lot more expensive recently, but it is still consistently ~$200K less for the same house compared to Dilworth.  Historic District designation restricts supply which definitely impacts prices but my guess is more in the aggregate and less per neighborhood.  Dilworth isn't getting materially less expensive even if it revoked historic status.

Honest question, how does historic district status restrict the supply of housing? I know the one year demo moratorium can delay tear-downs and rebuilds, but I did not think there were any substantial restrictions on building an ADU. Are there historic district restrictions on design for rebuilds? (I had thought the NCGA had done away with those.) What am I missing?

Edited by kermit
Link to comment
Share on other sites

3 hours ago, kermit said:

Honest question, how does historic district status restrict the supply of housing? I know the one year demo moratorium can delay tear-downs and rebuilds, but I did not think there were any substantial restrictions on building an ADU. Are there historic district restrictions on design for rebuilds? (I had thought the NCGA had done away with those.) What am I missing?

Without relevant data to substantiate an answer to your question, I’ll venture a guess that the general pool of housing suppliers see historic district designations as a hurdle to delivering, and if they don’t see relatively extraordinary potential returns on invested capital, they go elsewhere.  The net result is a decrease in the potential delivery of housing product had the historic district designation been avoided.  The UDO takes effect in mere weeks, which allows triplexes by right in all residential zones.  I imagine historic district designations will be an attempt to thwart such residential allowances.

 

  • Like 4
Link to comment
Share on other sites

1 hour ago, RANYC said:

Without relevant data to substantiate an answer to your question, I’ll venture a guess that the general pool of housing suppliers see historic district designations as a hurdle to delivering, and if they don’t see relatively extraordinary potential returns on invested capital, they go elsewhere.  The net result is a decrease in the potential delivery of housing product had the historic district designation been avoided.  The UDO takes effect in mere weeks, which allows triplexes by right in all residential zones.  I imagine historic district designations will be an attempt to thwart such residential allowances.

 

I would say that is an accurate assessment and since there are so many areas to go into why bother with a historical district unless it is customer driven.  Just easier to go elsewhere. 

  • Like 1
Link to comment
Share on other sites

^ ok, I get that. But relative to a run of the mill HOA the PITA factor of historic districts seems relatively trivial.  I am guessing that 70% of SFH in Charlotte are in an HOA, why are we picking on historic districts while ignoring the problematic nature of HOAs. At least historic districts strive to maintain actual neighborhood character rather than some vague 1990s low-cost, auto- centric, aesthetic. 

If we decide to ignore the creation and continued maintenance of HOAs in the city, why do we feel like its fine to call out historic districts as problematic for supply restrictions? Seems like another suburban-privilege double standard.

Edited by kermit
  • Like 2
  • Confused 3
Link to comment
Share on other sites

9 hours ago, kermit said:

^ ok, I get that. But relative to a run the mill HOA the PITA factor of historic districts seems relatively trivial.  I am guessing that 70% of SFH in Charlotte are in an HOA, why are we picking on historic districts while ignoring the problematic nature of HOAs. At least historic districts strive to maintain actual neighborhood character rather than some vague 1990s low-cost, auto- centric, aesthetic. 

If we decide to ignore the creation and continued maintenance of HOAs in the city, why do we feel like its fine to call out historic districts as problematic for supply restrictions? Seems like another suburban-privilege double standard.

NYU Furman Center paper on the impact of designations on prices and construction activity is below.  Study focused on NYC real estate.  As one might expect, impacts vary depending on the neighborhood and the interrelationships of designations on underlying zoning leniency, allowable heights, natural demand for the neighborhood and what's close to it, architectural features being preserved and how much they're widely valued, etc. 

One point that was made was the value of the option to redevelop properties into higher density uses as a factor in housing prices.  When historic district designation eliminates or reduces that option, then you see a drop in prices because market expectations of such an option are baked in to prices, especially in desirable communities near regional gathering spots like a CBD or Cultural District.  According to the paper, historic designation might induce a drop in prices, while surrounding areas just outside the district see prices surge.  The UDO likely created a redevelopment option in many non-designated/non-restricted residential areas around Charlotte, and it is reasonable to assume that some of the price action since UDO passage is not just the usual demand for housing, but the newly-embedded option to redevelop lots into higher-density uses.  To the extent Elizabeth is one of those communities with an especially valuable redevelopment option, and it now enters into designation to eliminate that option, I suppose you could see a drop-off in prices.

https://furmancenter.org/files/NYUFurmanCenter_HistoricDistricts_2014.pdf

In brief, we find that designation raises property values within historic districts, but only for the boroughs outside Manhattan. More generally, we find that designation decreases the value of properties in districts where the foregone option to redevelop is higher. Consistent with theory, we also find that properties just outside the boundaries of districts increase in value after designation. Finally, we find modest evidence of reduced construction activity in districts after designation.

btw, i did NOT post the confused emoji on your post.

Edited by RANYC
  • Like 3
Link to comment
Share on other sites

^ Its an interesting study, thanks for sharing it. I do wonder if the NYC focus distorts this situation in other places however. In Charlotte, multifamily was not possible in our historic districts under the (just about) previous zoning. The UDO does change that, indicating that historic district designation should have the effect of lowering housing costs (I don't really believe that will happen in Charlotte). The study's findings also begs the question, what does the UDO and state legislation preventing cities from regulating aesthetics say about historic district regulatory power. I know the UDO has no effect on HOA regulations, and from that I assume the same may apply to historic districts but I am not sure.

I am kinda ambivalent about historic districts, but I am not sure there is anything about them that is worse for housing supply than a typical HOA.

Edited by kermit
  • Like 1
Link to comment
Share on other sites

In most larger HOA communities already have a variety of price points and housing styles maybe not all mixed in together next to each other but in the entire community.  From Raintree, Piper Glen and Ballantyne in the south (all have mixtures of apartments, multifamily units for sale and or SF homes) to Berewick, The Crossings and Palisades in southwest Charlotte to Davis Lake and Highland Creek in NE Charlotte all have  mixtures of housing styles and price points.  All these neighborhoods have HOAs but all have variety of price points and types of housing.  

I don't think a historical designation of Elizabeth will cause prices to drop (unless the overall market does as well) but real infill will go to other areas as not to have deal with a historical board of the community.  There are plenty of NIMBYs in the in town neighborhoods as in the suburbs.   I really like that idea from Houston on the conservation districts will put some protections in place but are not as restrictive as historical district commission.  This is one reason Myers Park has turned this down again and again.  But we will see what happens with the Elizabeth community.  

  • Like 3
Link to comment
Share on other sites

15 hours ago, kermit said:

^ ok, I get that. But relative to a run the mill HOA the PITA factor of historic districts seems relatively trivial.  I am guessing that 70% of SFH in Charlotte are in an HOA, why are we picking on historic districts while ignoring the problematic nature of HOAs. At least historic districts strive to maintain actual neighborhood character rather than some vague 1990s low-cost, auto- centric, aesthetic. 

If we decide to ignore the creation and continued maintenance of HOAs in the city, why do we feel like its fine to call out historic districts as problematic for supply restrictions? Seems like another suburban-privilege double standard.

Because we shouldn't be further restricting the few inner-city neighborhoods that have good bones and proximity to walkable and transit-friendly amenities.  These are the neighborhoods that stand to benefit the most from the implementation of the UDO. Further restricting these neighborhoods just further mitigate the UDO. The UDO will not make these neighborhoods affordable but will slowly allow desperately needed housing units. 

  • Like 2
  • Thanks 1
Link to comment
Share on other sites

15 hours ago, kermit said:

^ ok, I get that. But relative to a run the mill HOA the PITA factor of historic districts seems relatively trivial.  I am guessing that 70% of SFH in Charlotte are in an HOA, why are we picking on historic districts while ignoring the problematic nature of HOAs. At least historic districts strive to maintain actual neighborhood character rather than some vague 1990s low-cost, auto- centric, aesthetic. 

If we decide to ignore the creation and continued maintenance of HOAs in the city, why do we feel like its fine to call out historic districts as problematic for supply restrictions? Seems like another suburban-privilege double standard.

As far as HOAs, I actually could see this discussion broadened to encompass HOAs in ~10-15 years, but the most close in neighborhoods generally do not have HOAs and those are the areas where the push for way more dense, walkable housing is being pushed for most aggressively.  It would not surprise me if eventually people want to put a couple of townhomes in a random suburban HOA though if prices continue to rise.   

As far as restricting supply, the Dilworth historic district basically took effect because people were mad about ugly townhomes in their neighborhood and it has done a pretty good job of preventing more of the same or similar.   If you were going to try to turn 2 home lots into 5 townhomes (or whatever), historic district designation makes it so you will almost certainly look elsewhere because your money has to sit patiently while it could be getting returns elsewhere.  Historic districts cut against the (I think laudable) goals of the UDO.  

  • Like 1
  • Thanks 1
Link to comment
Share on other sites

Not sure I am comfortable giving HOAs a pass here just because they are not in the center. There are a ton of HOA SF exclusive neighborhoods along the planned Silver Line route (particularly around Matthews), and even a few around Rocky River / McCullough. Seems incredibly foolish to build rail where density is currently impossible to achieve.

I am also not yet convinced that historic districts are as exclusionary as we make them out to be (but yes, the land is generally super expensive which results in some exclusion). Both Dilworth and Elizabeth were characterized by a wide range of original housing (Dilworth still has a significant number of 4-8 unit apartment buildings which were original -- isn't the historic district obligated to allow for the reconstruction of similar dwellings?

Edited by kermit
  • Like 3
Link to comment
Share on other sites

6 minutes ago, tarhoosier said:

If someone were to build an accessory dwelling unit in Dilworth must it meet historic design conditions?  A new structure behind an existing protected home. Is that allowed?

I don't know the letter of the policy but I know that quite a few garages with garage apartments / offices have been recently built in the historic district.

From observations HD policy seems to be largely focused on the front facade, based on the massive additions and modifications I have seen there is a huge amount of leeway for what happens behind the front wall. This policy seems to be much more flexible than the restrictions on additions to homes in HOA neighborhoods that I have heard about (warning: this is anecdote posing as data)

  • Thanks 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.