Ghazi Project at South Tryon and East Morehead

[Raintree21]

My friend owns that building and lot and there's nothing historic about it that I'm aware of. They are just waiting for all of the paperwork to go through and wait out the required time period for the exchange of money for the transaction.

[Raintree21]

Soil testing was completed last week. Lafayette Jewelers will not be demolished for at least two years and they are expecting to build 38 stories on the acre of land there. See my post on the 277 cap for more information about the deal.

[ES Charlotte]

Soil testing was completed last week. Lafayette Jewelers will not be demolished for at least two years and they are expecting to build 38 stories on the acre of land there. See my post on the 277 cap for more information about the deal.

so then we have a while before anything will be announced or talked about?

[Raintree21]

so then we have a while before anything will be announced or talked about?

Not sure about announcement timetables but that's the way things are written out currently. I'm sure there will be an announcement well before then. Everyone knows what he's doing now and they're doing work out in the open like the soil sampling for example so there's not really much to hide I would think.

[atlrvr]

Not to get too much into the speculation game, but this would be the PERFECT spot for a W. Ghazi already has a relationship with Noble Investment (who is building the Aloft), which in turn has a strong relationship with Starwood and is currently converting an Atlanta Sheraton into a W.

Also, being on the edge of South End, give it slightly more "artsy" vibe, which would work well with the typical W guest, plus, there is no denying that that part of town is now luxe

[Raintree21]

Ghazi is signing on the dotted line tonight and tomorrow to close the deal and acquire the property officially.

[sleightofhand]

^What exactly are they going to build once this deal goes through? I just read the entire thread and can't figure out if it's a big park or is Ghazi just building another high rise that could later tie in with a park?

[dubone]

Basically, Ghazi has said he is waiting to figure out what is going on with the Trump project to know what he can build. It has been said that he also is looking to the city to possibly build over the freeway. The official city analysis on what to do here included participating on a development (not a park) over the freeway, so it is possible that Ghazi is moving forward as he believes it will work. Any development over the freeway would need participation from the owner of the Lafayette Jewelry site, as they could build underground decks and the taller section on the ground, and then a midrise section over the freeway. Ghazi seems to not shy away from these types of complex setups, so it is possible that this is what he is pursuing.

Tt isn't announced yet as to what specifically it would look like. But his movement to buy the land, rather than option it, appears to be a vote of confidence that he has a plan that would work. Don't expect a park, though.

[Raintree21]

Basically, Ghazi has said he is waiting to figure out what is going on with the Trump project to know what he can build. It has been said that he also is looking to the city to possibly build over the freeway. The official city analysis on what to do here included participating on a development (not a park) over the freeway, so it is possible that Ghazi is moving forward as he believes it will work. Any development over the freeway would need participation from the owner of the Lafayette Jewelry site, as they could build underground decks and the taller section on the ground, and then a midrise section over the freeway. Ghazi seems to not shy away from these types of complex setups, so it is possible that this is what he is pursuing.

Tt isn't announced yet as to what specifically it would look like. But his movement to buy the land, rather than option it, appears to be a vote of confidence that he has a plan that would work. Don't expect a park, though.

He doesn't need any participation from the Lafayette Jewelrey site owner. As of today, Ghazi owns the entire property. Not sure how long the current lease on the building lasts though.

[dubone]

I mean that if the city is going to build a project on top of the freeway, it really needs to have the participation of the 'owner of the Lafayette Jewelers site', that is, Ghazi.

Rephrased, the development cap over the freeway pretty much needs to be developed by Ghazi in order to dilute some of the costs across a larger development.

[Raintree21]

I mean that if the city is going to build a project on top of the freeway, it really needs to have the participation of the 'owner of the Lafayette Jewelers site', that is, Ghazi.

Rephrased, the development cap over the freeway pretty much needs to be developed by Ghazi in order to dilute some of the costs across a larger development.

Thanks for clarifying. I'll have to ask what the current plans are or if they have progressed beyond what they were before, with Ghazi negotiating with the city and NCDOT to build the cap. Probably not much more progress than the planning stage, especially since he is supposedly waiting for Trump to unveil his building first.

[Raintree21]

I noticed a "For Lease" sign at the Lafayette Jewelers building yesterday. Guess that means they aren't planning on tearing it down and building Ghazi's tower for some time if they're shopping for tenants.

[shawnpaul]

I noticed a "For Lease" sign at the Lafayette Jewelers building yesterday. Guess that means they aren't planning on tearing it down and building Ghazi's tower for some time if they're shopping for tenants.

I was at the gym with one of the partners of the Ghazi site tonight and he quoted me a 3 to 4 year minimum before any demolision takes place on this site.

[atlrvr]

Noticed this up on Ghazi's website.

http://www.theghazicompany.com/future_projects/eclipse.html

This is the massing study of their pitch to cap I-277 and develop both sides of highway including areas that are now part of the NCDOT ROW. It includes 3 towers, and several low rise buildings including one literally over the highway.

There is a link to a "Marketing Package" which really looks like a pitch to the city to endorse their plans to presumably stick the city with the tab of building the deck. Lots of massing diagrams though, and I really do like the general site layout (except for the odd surface lot).

[New Name]

Noticed this up on Ghazi's website.

http://www.theghazicompany.com/future_projects/eclipse.html

This is the massing study of their pitch to cap I-277 and develop both sides of highway including areas that are now part of the NCDOR ROW. It includes 3 towers, and several low rise buildings including one literally over the highway.

There is a link to a "Marketing Package" which really looks like a pitch to the city to endorse their plans to presumably stick the city with the tab of building the deck. Lots of massing diagrams though, and I really do like the general site layout (except for the odd surface lot).

That's excellent. Sure would be nice if it became reality.

[tozmervo]

You know, I appreciate a lot of what they're showing there, but darn it why can't we just have a nice big open green space. Uptown already has too many fussy plazas.

[cha]

whewee.. that is one sexy marketing package. it really reminds me of boston in a way.

[HopHead]

This may or may not be a dumb question, but what's the significance of "the Rock" in the renderings? If this does come to fruition, it could be my new favorite project... I think a lot of us would love to see this cap connecting South End to DT...

[AuLukey]

We all can dream, but I don't see there being a sliver of a chance in hell of this seriously hitting the table until the economy rebounds and CLT has cash to spare. There are much more pressing issues for them to be worrying about than coming up with the money necessary to cap 277 for pedestrian connectivity reasons.

That said, I would LOVE for that rendering to come true down to the last detail (even if it means having that random surface lot. Let's face it, a green space next to 277 isn't very desirable. But possibly a small strip of retail with a little surface parking for employees and loading zones behind it would serve the city better.

[RiverwoodCLT]

Someboby will need some deep pockets for this project. It is something we can dream about.

[atlrvr]

Bringing this thread back from the dead. I believe the Ghazi owned parcel on East Morehead between Tryon and Church was sold earlier this year. Though I'm not certain, I believe the buyer is related to the Proffitt-Dixon partnership that is developing the Fountains at New Bern apartments adjacent the New Bern LRT station and entity that recently put the parcel under contract at the corner of McDowell and Stonewall.

Though it was purchased at a significant discount to what Ghazi paid, I still believe the price, plus site constraints, will dictate it be a high-rise apartment project.

[nonillogical]

Meaning the uptown/277 side of Morehead, right? Wouldn't any significant development here end the possibility of a 277 cap?

Honestly if they can build in a dense fashion right up to 277 now, rather than waiting 20 years for a possible huge cap mixed use project, I'd prefer that. I walk across the Tryon bridge often as it is and don't think it would be bad at all without the vacant blocks on either side.

[REeyes]

Bringing this thread back from the dead. I believe the Ghazi owned parcel on East Morehead between Tryon and Church was sold earlier this year. Though I'm not certain, I believe the buyer is related to the Proffitt-Dixon partnership that is developing the Fountains at New Bern apartments adjacent the New Bern LRT station and entity that recently put the parcel under contract at the corner of McDowell and Stonewall.

Though it was purchased at a significant discount to what Ghazi paid, I still believe the price, plus site constraints, will dictate it be a high-rise apartment project.

Do you happen to know which parcel(s) they are targeting? It looks like the one parcel last traded in 1998 for about 15 mil.

[kermit]

Activity on this parcel made me think of the possibility of transferring the model of the Spire (Denver's new LEED certified walkable urban environment 41 story condo tower) to this site. The Denver project is billed by the Denver Post as "what may well be the fastest selling condo project in the entire country right now." Its selling points have apparently been walkability and access to transit along with its LEED status.

There is also an interesting debate in the NYT about the amount of parking that may be appropriate for such a building (this project provided 600 spaces for 500 condos). (hat tip to Market Urbanism for news about Denver)

While Denver is clearly a different market than Charlotte I do think a condo project marketed this way would do very well in Charlotte. This might be the ideal site for such an animal -- and such a project could go a long way towards tying Southend and downtown together (the gap between Bland and Stonewall is a huge psychological barrier for me)

Just thinking out loud....