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615 South College (Portman Office Tower near Westin)


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If/when this comes back, I think they will be smart enough to realize that 99 was too many, and the lower floors were a near impossible sale at that price point.....it will be either more units at a lower price point, a hotel/condo tower, or they will scrap the design completely and build an office building as the originally planned.

I love the design, but I think the better spot for this tower is where Ghazi bought his site on Morehead....actually that site, as a hotel/condo tower in this general design would be a grand slam, IMO, assuming they did 50 or fewer condo units.....

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The crown is partially lit tonight. Looks good!!

Today  

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I would say their best bet would be to build this as a mix of offices and hotel rooms. As we all know, condos are a big risk nowadays, but the first two have proved to be successful ventures in the Charlotte market. If they did a dramatic redesign of this in about two months they could have it on the market before spring, but it sounds like they have something else in mind.

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Well, it certainly clears some possible competition out of the picture. Not sure that this news is enough on its own to cause the Trumps to green light their project.

fyi, the light is and was already green regardless of this project; however, you're right that its demise certainly doesn't hurt

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Apparantly 99 less than was assumed.

:rofl:

Since they own the land, it's possible they'll come back with this in the future. Although I think it will end up being modified to appeal to a broader range of incomes. Hopefully they can keep the design the same. I really do love this building.

Edited by elvigy
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Apparantly 99 less than was assumed.

I don't doubt that charlotte can handle 99 penthouses. However I've doubted since the beginning that you could sell 99 1.5+ units when 65% of them won't be very high up, or even have the capability to see downtown. Even the side facing downtown is going to have a good portion of its view covered up by the westin. I think if this tower was actually thrown somewhat into the mix, maybe it would have a chance to survive.

Edited by 83alphaunder
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I think this project was premature. If I were someone looking for a place uptown in this price range then I would pick the Encore...it is a much better location.

One Charlotte suffered from what is currently a dead part of downtown. Granted this will all change in the coming years...especially if Trump matieralizes. But to spend $1.5M + on a place where your next door neighbor will be a Goodyear Service Center is a hard sell.

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:rofl:

Since they own the land, it's possible they'll come back with this in the future. Although I think it will end up being modified to appeal to a broader range of incomes. Hopefully they can keep the design the same. I really do love this building.

They signed a 5 year lease for their sales center and are holding on to the space in hopes that they can re-start the project one day.

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^When did they sign the lease? Was this originally? If so, it seems to indicate they never expected to be able to launch this year, but were testing out the market....granted that seems to be an expensive proposition, but like I said, at $750/sf for condos, they obviously have some wiggle room in their marketing budget.

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If/when this comes back, I think they will be smart enough to realize that 99 was too many, and the lower floors were a near impossible sale at that price point.....it will be either more units at a lower price point, a hotel/condo tower, or they will scrap the design completely and build an office building as the originally planned.

I love the design, but I think the better spot for this tower is where Ghazi bought his site on Morehead....actually that site, as a hotel/condo tower in this general design would be a grand slam, IMO, assuming they did 50 or fewer condo units.....

Good post, especially about the price point on the lower floors. There's a hotel/condo project in Raleigh that I think strikes a good balance--albeit on a lower price scale. IMO, it would make much more sense to go mixed use, with hotel or office on the lower floors, and condos above, where $5M+ asking price can be viable at that location. 1st flr retail, 2-20 hotel or office, 21-40 condos. Given the tight office and hotel market uptown, this would seem to make more sense. The only downside for Portman is he can't sell and walk away.

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With the current design, office would be impossible as the floor plates are way too small. It would really have to be hotel. They are small for a hotel, but a super-luxe could probably get away with it, and still make it work financially.

Also, Portman currently owns plenty of hotels, so a long-term hold shouldn't discourage him.

One question I have. Is the city still paying debt-service on the Westin parking garage? I believe I remember something along the lines that Portman was to pay off the remainder of the debt when the second phase (One Charlotte) was built. Is the arrangement really this simple?......if he waits several more years, his land costs would essentially be further subsidized?

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  • 3 months later...

Well, since my initial post was deleted in like 5 seconds on another thread, I'll post what I did previously...

Someone asked the question whether this project is postponed or cancelled....

The official answer is that it's postponed per their web site. Most people on here don't think it will resurface in its current form. I think for One Charlotte to come back, they'll have to change the scope. 99 residences in the $1.5 - $10 million price range won't fly here, at least not in the current market.

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  • 2 months later...

Either someone wrote some bad advertising contracts, or Portman Holdings is still seeding One Charlotte here and there. The inside front cover of my Avenue Q program is an ad for One Charlotte - an ad that shows the same exact information that we already know (prices, # units, etc).

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Either someone wrote some bad advertising contracts, or Portman Holdings is still seeding One Charlotte here and there. The inside front cover of my Avenue Q program is an ad for One Charlotte - an ad that shows the same exact information that we already know (prices, # units, etc).

I thought the same thing after seeing the show last night. My guess is that the programs were printed awhile ago and they had bad advertising contracts. I would love to see "One" get built but I think in this case there isn't much to get excited about...

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  • 2 years later...

I'll add that the Westin and the attached parking deck on which was to serve as the base for 1 Charlotte are still owned by Portman, who was the proposed developer of the condo tower. John Portman (the owner) was also the architect for the project. Therefore, while I agree that it is dead for all intents and purposes, it COULD be brought back to life if the most amazing economic rebound of all time were to occur.

That said, the previous plans for building a 12 story office building on top of the deck is probably a more realistic scenario for some distant point in the future. It's also possible that it could be developed as luxury apartments in the nearer term, but I've heard no such rumor.

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  • 4 weeks later...

to me, this was far and away the most exciting of all the condo tower proposals. The building was just beautiful. Hate the crash happened before this got built. Trump would have been nice too, oh well.

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  • 1 year later...

Drove by the Westin today and noticed a sign-board advertising 300,000 sf office space with a rendering of the original office proposed at the site from way back when the hotel was originally built (pre-dating the failed One Charlotte condo proposal).

 

Below is a link that has the original rendering/listing from 2005.  I don't think this marketing sign on the property has been out there for years, but maybe I never noticed it until today.

 

http://www.loopnet.com/Listing/14390365/605-S-College-Street-Charlotte-NC/

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Drove by the Westin today and noticed a sign-board advertising 300,000 sf office space with a rendering of the original office proposed at the site from way back when the hotel was originally built (pre-dating the failed One Charlotte condo proposal).

 

Below is a link that has the original rendering/listing from 2005.  I don't think this marketing sign on the property has been out there for years, but maybe I never noticed it until today.

 

http://www.loopnet.com/Listing/14390365/605-S-College-Street-Charlotte-NC/

I don't know... I remember seeing it last time I was in town... and that was in December, and I feel like I saw it before that. However, Its not shown on google streetview so I dunno...

 

EDIT: BTW you got me excited when I saw the thread had been commented in. I was like... oh yea... bubble about to burst for real.

Edited by Guest
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