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SKYE Condominiums and Hyatt Place Hotel

monsoon

By monsoon
in Charlotte

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Nostyle Whistle-Stop

Nostyle

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Courtside is 70% leased already, and The Park has been leasing for a couple years now, so hopefully a good chunk of that building is leased already too. Man, to think of what that side of Uptown would look like with both buildings done...nice....and hopefully just the beginning.

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Neo City

Neo

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It's official! Charlotte's soon to be tallest residential building is on the way. Here is the article:

Another uptown high-rise on way

The Park, a 25-story condo tower, back on track

DOUG SMITH

For the second time in three weeks, a developer has disclosed plans to build a condominium tower in Charlotte's center city.

Pete Verna, president and managing director of 222 S. Caldwell Street Partnership, said Tuesday he will start work in June on The Park, a 25-story project sidetracked two years ago by the effects of 9-11 and a soft economy.

The 105-unit building -- to be constructed atop an existing parking garage at Third and Caldwell streets -- will be uptown's tallest residential tower and will include an unusual rooftop park.

Verna said that despite the economic slowdown, buyer interest remained firm in the $43 million project, which he conceived about four years ago.

With the economy improving, he was able to secure financing and dovetail his plans with the new arena construction -- about two blocks from The Park.

Charlotte Center City Partners President Tim Newman had been anticipating the announcement since Boulevard Centro disclosed plans last month for 16-story Courtside condominiums about a block from the arena.

Fueled by buyers seeking to eliminate long commutes and live closer to uptown's entertainment and employment hub, that 104-unit project sold out in about two weeks.

"There has been a desire on the part of a number of developers for some time -- five to seven years in some cases -- to do high-rise living in the center city," Newman said.

High-density urban housing sprang up earlier in large cities such as Atlanta, Boston and Chicago, but market forces that drive condo towers are just now coming together in Charlotte.

The key factors, Newman said, are "phenomenal demand, affordable financing and the right pieces of property."

In addition to being near the arena, due to open in fall 2005, the towers will be close to a proposed entertainment center at the old convention center site and convenient to the trolley, which could start regular service by next month.

Construction of The Park and Courtside is expected to be completed about the same time as the arena.

Newman anticipates more residential high rises, but probably not at the density of cities like Atlanta "because we still have the capability to build out as well as up" in the urban core.

About 8,500 people live uptown, where most condo and apartment buildings now are fewer than 10 stories.

The Arlington, on South Boulevard just outside the Interstate 277 loop, is 25 stories.

Verna used the time during the economic lull to tweak the design of The Park, which originally had 21 more units.

Buyers sought larger units, he said, and the redesigned space accommodates them. Prices start at $156,850 for a 506-square-foot studio.

Thirty-five units -- including two penthouses priced at more than $700,000 -- are under contract to buyers who have held on for two years, he said.

Verna expects the average sales price to be about $381,000.

The building would include one-bedroom flats, two-bedroom lofts and two- and three-bedroom condos of up to 1,859 square feet. Buyers can select from 18 floor plans.

The Park will be built on top of a four-story parking garage. The fifth through ninth floors will be private parking for residents, and the 10th floor will accommodate mechanical systems and residential storage units.

Floors 11 and up will be condos. A fitness center on the roof will push the height of the structure to 25 stories.

The Park also is to include about 2,000 square feet of street-level retail space.

Verna, a structural engineer and contractor, has participated in construction of many of Charlotte's largest buildings. And, he said, he incorporated that experience into The Park.

For example, Verna doesn't like heat pumps and mechanical systems on top of tall residential buildings, robbing residents of space they could enjoy.

So, inspired by a garden he saw on top of San Francisco's posh Fairmont Hotel, he designed The Park's roof as a residents' amenity including a skylight pavilion, gardens, walking paths, a putting green and a swimming pool.

Also, relying on experience, he included trash compactors instead of smelly trash chutes and windows that open for cleaning from inside. Other features: terraces, solid cherry doors, granite countertops and bamboo floors.

Charles McClure of McClure Nicholson Montgomery, the project's architect, said the building would have granite, stucco and brushed metal accents -- a nod to old-style Chicago architecture -- with Charleston-inspired balconies.

AlexanderDavis Capital is the financial adviser and World Group Mortgage is the lender.

Helen Adams Realty has opened a sales center on the fourth floor of the parking deck at 222 S. Caldwell St.

Other project team members include Verna Engineering, McKnight Smith Ward Griffin Engineers Inc. and The Design Group, interior designers. Verna is negotiating with a contractor.

74778407594.gif

A Peek at The Park

SIZE: 105 condos, 506 square feet to 1,859 square feet.PRICE: $156,850 to $793,800.

SALES ACTIVITY: 35 units sold.

CONSTRUCTION START: June 2004.

COMPLETION: November 2005 with opening of arena.

NEAT FEATURES: Swimming pool, putting green, walking paths on roof.

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Neo City

Neo

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I really like the look of this building. It will be a nice edition to downtown and help rid ourselves of the linear growth. Nothing wrong with the linear growth as it makes for one heck of a skyline view from the southeast side but it makes downtown feel more like downtown when things are on more than just one or two streets. The arena is really helping this area grow and I hope the residential construction doesn't stop here!

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Nostyle Whistle-Stop

Nostyle

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Actually, monsoon, I took a tour of the Arlington acting as a prospective buyer, and it has 24 floors (the roof is the 24th floor). The elevator has 24 buttons, etc. Then, beyond the roof, is that extra floor of (most likely) elevator equipment, maintenance area.

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Neo City

Neo

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Actually, monsoon, I took a tour of the Arlington acting as a prospective buyer, and it has 24 floors (the roof is the 24th floor). The elevator has 24 buttons, etc. Then, beyond the roof, is that extra floor of (most likely) elevator equipment, maintenance area.

Just out of curiosity, did you by chance get any pricing for The Arlington? I don't believe they have a website and I can't seem to find their condos for sale anywhere.

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Nostyle Whistle-Stop

Nostyle

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www.thepinkbuilding.com

That's the official website, but it doesn't give prices. They did give me a whole folder's worth of info, though, so when I get home from work I'll look through it (hopefully my wife didn't throw it out) and post the rates.

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Neo City

Neo

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Thanks for the link! Been looking for this site for a while, LOL! Everytime I search for Arlington, even specifically aimed at Charlotte I get everything from A-Z about apartments/condos in Arlington, VA.

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Allan Metropolis

Allan

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www.thepinkbuilding.com...that's one of the more interesting domain names I've seen in a while.

Anyway, it looks like the Park Condos will be a nice addition to uptown. Of course there is the jealousy factor too...we have put up one new skyscraper during the past ten years. If only we could get on the band wagon and start putting up new condo towers too....

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Nostyle Whistle-Stop

Nostyle

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Okay, I've searched and searched but darn it all to heck if my wife didn't lose the folder. Sorry guys. But to answer some of your questions off the top of my head (from bad memory, that is)...

They've sound ~35 units, so there's plenty left. The top floors are all done but there is still heavy construction going on from about the 10th floor down. They hide it pretty well.

I think the penthouses go for a bit over $1 million. In general, all the prices were just a big pricier than the rates we've been hearing from both Courtside and the Park.

And monsoon, regarding the effect those towers will have on the Arlington, I bet it will make a difference, but as of my visit, NEITHER tower had been announced yet, and the woman couldn't stop bragging about how the Arlington is the only true highrise living option in Charlotte. Well, with Ballantyne Village, Courtside, the Park, and our mystery condo tower on Morehead in the works, looks like that's about to change, real quick.

Oh, and she also mentioned that mud rule at the time. She said the city has put a limit on the number of floors you can build up if you're not within the I-277 to 12.

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Neo City

Neo

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Alright, I got in touch with a sales rep at The Arlington and she sent me over a PDF of their available units and prices. Looks like a lot of the building is vacant, including a 23rd floor penthouse (1/2 floor). 23rd seems to be the top livable floor. Click link to open the PDF in your browser or right-click and save-as to save it to your computer.

The Arlington (May 10th 2004 Pricelist/Vacancy)

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