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Ally Charlotte Center (f/k/a Tryon Place) - 26 floors - 427'


Bled_man

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5 minutes ago, Piedmont767 said:

The new renderings are less curvy? That's what I like about this project, that it is not just a "box". 

Also do we have a confirmed height and specs for this? It will be taller than 27 floors, yes? 

It's still not a box, hard to explain without visuals (which I don't have yet), and height is not confirmed but it's still VERY likely we are looking at 36 floors.

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  • 4 weeks later...

45 minutes ago, Jayvee said:

Goodyear is having its last art event at the end of the month. Last I heard groundbreaking was June

It keeps getting pushed off, now nearly 6 months.

I think they must have a tenant to break ground.

And I wouldn't call it bad news that GE didn't consider Charlotte. We didn't meet their criteria. It just reminds us how critical it is to build UNC Charlotte into a major research institution.

Edited by Silicon Dogwoods
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50 minutes ago, Silicon Dogwoods said:

Jayvee, isn't the unacknowledged elephant in the room that they need a tenant? And they don't have one?

This is kind of what I am thinking. Between Portman and 300 South Tryon being built, and the fact that AT&T, CB&I(or whatever the current iteration of that company is) and Chiqita have left or are leaving, there is well over a million square feet of office space either on the market or coming to market very soon.  That's a significant amount of space, and bringing an extra 700k square feet to market on a speculative basis will probably drop rent prices to the point where the numbers just don't work for the building.  I hate it but I am beginning to think this is development is going to end up like Trump's proposed development-a beautiful idea that is, unfortunately, going to be a casualty of unfavorable market forces.  I very much hope I am wrong.

Edited by cltbwimob
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If they don't have a tenant there would be no rush to get this project started so it will deliver at the same time as all the other projects. If they are confident in the project and the product then they will move forward. If they aren't, delaying a few months will save their asses. 

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On 6 February 2016 at 2:27 PM, cltbwimob said:

This is kind of what I am thinking. Between Portman and 300 South Tryon being built, and the fact that AT&T, CB&I(or whatever the current iteration of that company is) and Chiqita have left or are leaving, there is well over a million square feet of office space either on the market or coming to market very soon.  That's a significant amount of space, and bringing an extra 700k square feet to market on a speculative basis will probably drop rent prices to the point where the numbers just don't work for the building.  I hate it but I am beginning to think this is development is going to end up like Trump's proposed development-a beautiful idea that is, unfortunately, going to be a casualty of unfavorable market forces.  I very much hope I am wrong.

Well, it would help if we could actually offer incentives to get a company here! Since Pat McCrory took office North Carolina has been completely screwed over! Bet Perdue was a much better governor. I'll admit I voted for Pat McCrory thinking that as he was Mayor he would make CLT and NC better as a whole- but he has done the opposite. 

Edited by Piedmont767
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6 hours ago, Piedmont767 said:

Well, it would help if we could actually offer incentives to get a company here! Since Pat McCrory took office North Carolina has been completely screwed over! Bet Perdue was a much better governor. I'll admit I voted for Pat McCrory thinking that as he was Mayor he would make CLT and NC better as a whole- but he has done the opposite. 

Charlotte isn't going to land a Fortune 500 relocation EVERY single year. Organic growth such as US Bank, without incentives, is far better and the chances of landing relocations are slim and fiercely competitive with other states. Incentives are far from the only reason a quality corporation moves. When money is the only factor, you end up with a Chiquita.

The reality is a lot of office space is coming online in Uptown. Even if we land a relocation, such as Sealed Air, there is no guarantee the company would want to be Uptown. South Park and Ballantyne are still tough competitors for Uptown - they are closer to where mid level management can afford/want to live and have free parking.

 

MetLife is a perfect example - by picking Ballantyne over Uptown, they were able to poach all the unhappy finance workers in South Charlotte with families who were tired of commuting 45 minutes to Uptown and paying $1,400 a year for parking. This is how they were able to get mid level managers with 5-15 years of experience and build a base of talent in Charlotte. 

Edited by CLT2014
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2 hours ago, Dale said:

Need some good news on this one. In the flurry of new and exciting developments, this is the one that has me most excited.

Heard from two friends in the development community and one that used to work with Crescent that they are still very committed to getting the project under construction soon. Lots of moving parts and they just want all their ducks in a row and plans fully fleshed out. A lot of us are getting antsy, but I think anything that gets underway before 2nd qtr 2017 has a great chance of getting built. Not sure about anything after however. 

Edited by Guest
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With some financial turmoil on Wall Street I am sure they need an anchor to get this building started. Good news: a couple are out there possibly: BB&T leases over 120,000 sq ft at the BB&T center and they are advertising that space as available Jan 2018. So they might move or stay there. As they have been there for 30 years already so they may look for new digs. Also as someone mentioned US Bank now leases 100,000 sq ft in Hearst Plaza and 200 South Tryon (most recent lease)  They could be anchor.  The lead tenant for this building is already in this market most likely maybe Duke Energy, maybe one of the big 2 banks but not as likely. Charlotte has no recent examples of a large tenant coming into town and anchoring a new building Uptown just hasn't happen. All major towers have had anchor tenants or built completely spec like Carillon and Charlotte Plaza towers were. All the rest of uptown modern towers were anchored by Duke, Wells Fargo( Wachovia-First Union) or Bank of America and 1 each by Ally Bank and NASCAR

Several buildings uptown have good a bit of available space in big blocks and these would be value plays for any big tenant: 101 Independence has 119K of space contiguous, First Citizens Bank bldg. which is losing Chicago Bridge and Iron to the suburbs is advertising a lot of space, 300 South Brevard old AT&T bldg. with over 350,000 sq ft,.  The 2 new buildings 300 South Tryon has 300,000 sq ft available (basically half preleased) and of course no announced tenants for 371,000 sq ft  Portman tower 615 S College. offer brand new space at premium to the existing big blocks.  

I have no doubt that Tryon Place will be built but it has to make sense as well. I would not be looking for a white knight from out of town but be looking around town who might be interested.  Tryon Place is a very exciting project for sure but in all things it comes down to money.

 

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