SKYE Condominiums and Hyatt Place Hotel

[NVQ]

The flipside of that, though, is if it is just really hard to get off the ground, and it is moving forward slowly and surely, then he should keep at it.

Thx for staying to the course...

Peter Papas and his Midtown Project has been in the works for 3 years and the just broke ground. Look what a great proejct that will be and it will take him 4 years to build out. great projects take time.

[dubone]

But everyone was skeptical of that happening, too. When projects appear to stall, and there are years between any public changes, skepticism becomes a natural response.

[stateman99]

Well i for one want to see this project go. I couldn't imagine not wanting to see a highrise built as was stated earlier.

NVQ, u seem to be in the know. Can u answer my question from earlier? Have any other permits been issued other than the one for the deck?

[NVQ]

But everyone was skeptical of that happening, too. When projects appear to stall, and there are years between any public changes, skepticism becomes a natural response.

Agree.... I guess watching these postings and how some are so critical of Pete, while marketing other projects, makes me wonder. Pete has not gained on a few condo sales, only when a few select bad apples in the broker community uses a tactic that "The Park Condos will never get built", "so sign my contract for my uptown condo project now... Here is a pen!"

Just want all of Uptown Charlote to win.... gotta go

[NVQ]

Well i for one want to see this project go. I couldn't imagine not wanting to see a highrise built as was stated earlier.

NVQ, u seem to be in the know. Can u answer my question from earlier? Have any other permits been issued other than the one for the deck?

3 permits need to be issued to complete any building. First one issued already (Shell), which allows him to retrofit the first 4 levels and build the steel structure, so the steel shop drawings are underway and the steel is ordered. The 2nd permit is under final city review, which would allow pete to wrap the steel structure, add the elevators, fire control, pool on roof, ect. or most known as the Super Structure. You can walk the entire building, use the elevators, swim in the pool, ect. Once this is completed, the City issues a CO for the main structure. Behind each condo door, is an empty unit. Then each unit is upfitted to specifications and then each unit is issued a Occupacy Permit by the City.

The City also issued a Street permit allowing Pete to block off the street with barriers, block off the parking meters and move forward with the work.. www.TheParkCondos.com for updates

Hope this helps..

[stateman99]

Hope this helps..

It does help. Thanks. So looks like there really isn't anything that will hold this back. Can't wait for it to go up.

[Miesian Corners]

Peter Papas and his Midtown Project has been in the works for 3 years and the just broke ground. Look what a great proejct that will be and it will take him 4 years to build out. great projects take time.

This is true, but we all knew why Pappas' project was taking so much time: synthetic TIF, multiple land owners, and a public greenway. Pappas never said, "We're starting construction next month" over those four years. How many times has a press release been issued telling us that the Park would "begin construction in the coming weeks"?

On top of that, we know what a company like Pappas can build. We have tangible proof via Birkdale Village and Charlotte Cotton Mills. Mr. Verna, while a great engineer, cannot give those examples.

[ElricSeven]

Thx for staying to the course...

Peter Papas and his Midtown Project has been in the works for 3 years and the just broke ground. Look what a great proejct that will be and it will take him 4 years to build out. great projects take time.

Delays aren't unkown in construction, the concern here is how they're communicated and with what amount of truthfulness.

[dubone]

Welcome to UrbanPlanet, NVQ. I'm glad you are able to join us and help to balance the debate and discussion.

[CharlotteXgeneration]

I don't believe it should be considered a "Us" against "Pete" scenario. I am an individual that has a contract on one of the units in the Park. The past 18 months have been frustrating for all parties involved. I believe in the building and hope now that it will be built within the updated timeline given. I was suppose to move into my unit December of 2005. How many people buy a house or even new contstruction for a condominum with the thought it will take 5 or more years to be built? The earnest will remain on Pete Verna to build the project as promised which goes well beyond just contractual agreements The development team owes it to the original investors, those holding contracts, to maintain a high level of honest communication with them.

If I were the individual in charge I would have enough confidence in my work ethic and the project to hold an open meeting for all involved and not only talk of the positives of the project but listen to critisism people may have in an effort to improve in all areas of the project. The web-site is great but is impersonal and used primarily to garner more investors into the project and promotion with the Charlotte Community. Half of the 3 million hits to the web-site could possibly be solely from me checking for updates. While great for Charlotte and a dream of Pete's, there are people who have contracts and their own dreams with a lot of their own money tied up into the project that should be shown as much respect as possible from the development team. It is a great building and definitely needs to be built and exceed everyone's expectations.

[UptownGrrl]

I am an individual that has a contract on one of the units in the Park. Half of the 3 million hits to the web-site could possibly be solely from me checking for updates.

[NVQ]

I don't believe it should be considered a "Us" against "Pete" scenario. I am an individual that has a contract on one of the units in the Park. The past 18 months have been frustrating for all parties involved. I believe in the building and hope now that it will be built within the updated timeline given. I was suppose to move into my unit December of 2005. How many people buy a house or even new contstruction for a condominum with the thought it will take 5 or more years to be built? The earnest will remain on Pete Verna to build the project as promised which goes well beyond just contractual agreements The development team owes it to the original investors, those holding contracts, to maintain a high level of honest communication with them.

If I were the individual in charge I would have enough confidence in my work ethic and the project to hold an open meeting for all involved and not only talk of the positives of the project but listen to critisism people may have in an effort to improve in all areas of the project. The web-site is great but is impersonal and used primarily to garner more investors into the project and promotion with the Charlotte Community. Half of the 3 million hits to the web-site could possibly be solely from me checking for updates. While great for Charlotte and a dream of Pete's, there are people who have contracts and their own dreams with a lot of their own money tied up into the project that should be shown as much respect as possible from the development team. It is a great building and definitely needs to be built and exceed everyone's expectations.

I Agree on the communication and expectations.... Pete should correct it and make all those who have contracts feel at home. I think he is working on it..

On the website issue, we are all to promote the city we live in first, that is why we live in Charlotte.... On the promotion of more Investors, I think not... I saw an article in the Observer showing all 8 current Uptown condo projects and there details of the buyers contracts. The Park was the most unwelcoming of Investors, tied them to a solid committment and scared off all the flippers. The last thing one needs is people who contract a unit and try to flip it before it is even completed, or close and flip the next day or even rent it out to anyone just for the mortgage payment and then flip it. Yes, everyone wants to buy and flip and make tons of money, and move to the beach, but I hear The Park is for those who want to live in Uptown and enjoy life in a secured building.. For those who will personally invest and live at The Park, then your long term invesment should pay off and the security that Pete is doing everything he can to maintain your investment should help you sleep at night... At least once you move in and truly feel at home.. Just my 3 cents...

[NVQ]

This is true, but we all knew why Pappas' project was taking so much time: synthetic TIF, multiple land owners, and a public greenway. Pappas never said, "We're starting construction next month" over those four years. How many times has a press release been issued telling us that the Park would "begin construction in the coming weeks"?

On top of that, we know what a company like Pappas can build. We have tangible proof via Birkdale Village and Charlotte Cotton Mills. Mr. Verna, while a great engineer, cannot give those examples.

Examples on Petes Work... While not great nationally known village concepts like Mr. Pappas Birkdale Village and other great work Mr. Pappas does....

Lets see.... Besides building the Midtown Square Mr. Pappas is replacing, the Old Convention Center where the EpiCentre is going... Hmm... Let see... Pete did the following work that I know of..

1) Johnston Building, Charlotte - 17 stories renovated, rebuilt, and upfitted

2) First Citizen

[Miesian Corners]

^As I said, I know he's a good engineer (construction), but he did not act as developer in those projects. That is my issue.

I am not trying to attack the man, but you have to understand how this looks. There are three towers under construction right now that were announced in the last 18 months. They were announced, the land was cleared, the cranes went up, concrete went vertical.

[ElricSeven]

Examples on Petes Work... While not great nationally known village concepts like Mr. Pappas Birkdale Village and other great work Mr. Pappas does....

Lets see.... Besides building the Midtown Square Mr. Pappas is replacing, the Old Convention Center where the EpiCentre is going... Hmm... Let see... Pete did the following work that I know of..

1) Johnston Building, Charlotte - 17 stories renovated, rebuilt, and upfitted

2) First Citizen

[NVQ]

You sure are going through a lot of trouble to tout this project.

No trouble at all... Just the facts... and just trying to balance out the negative with a bit of positive facts. The city does not need any black eyes when we are being looked at as the model city and everyone wants to come to Charlotte... For those who are negative about the city, people or projects... By all means, your welcome to relo and make some room for the others.

Ask me about any other Uptown project and I will try my best to tell you about there permit status, if and when it will get built, who is the money behind it, ect... I even have the 411 on some projects that are not even annouced yet.. There conceptuals, what will they build, when, ect... Shhhhh... Its a secret..

[NVQ]

^As I said, I know he's a good engineer (construction), but he did not act as developer in those projects. That is my issue.

I am not trying to attack the man, but you have to understand how this looks. There are three towers under construction right now that were announced in the last 18 months. They were announced, the land was cleared, the cranes went up, concrete went vertical.

OK... He and a Co-Developer is working hand in hand on the project. (Its on the website) This should help everyone understand that he is building with a co-developer, a chicago style building with a southern touch. You should know this style as (Less or more Miesian) Google

[swh1972]

If the Park does get built, it will have a fantastic view of the city. I took a walk up to the top of the parking garage on Monday, and was impressed. It's a view I don't normally see.

[dubone]

NVQ, maybe you can answer a question that has lingered on my mind for a while (although mostly during the period when The Park appeared to be dead). Why did Mr. Verna purchase any nearby parcels and expand the footprint of the project? My thoughts are a) the structural cost of stacking the parking, the residents and the amenities vertically on top of each other has to some how work out to be more expensive than a sliver of land in otherwise fallow 2nd Ward, and b) isn't there risk that another highrise project at the corner of Brevard and 4th could eliminate the views of the residents in The Park. It just seemed like the core assumptions from the beginning were that everything should go on the existing deck, and that the amenities had to be on the top. I kind of think that baked in higher costs and structural challenges from the beginning.

I'm glad he is finally sorting it all out, but did he pursue any other avenues that might have allowed him to get the ball rolling sooner?

[CharlotteXgeneration]

I Agree on the communication and expectations.... Pete should correct it and make all those who have contracts feel at home. I think he is working on it..

On the website issue, we are all to promote the city we live in first, that is why we live in Charlotte.... On the promotion of more Investors, I think not... I saw an article in the Observer showing all 8 current Uptown condo projects and there details of the buyers contracts. The Park was the most unwelcoming of Investors, tied them to a solid committment and scared off all the flippers. The last thing one needs is people who contract a unit and try to flip it before it is even completed, or close and flip the next day or even rent it out to anyone just for the mortgage payment and then flip it. Yes, everyone wants to buy and flip and make tons of money, and move to the beach, but I hear The Park is for those who want to live in Uptown and enjoy life in a secured building.. For those who will personally invest and live at The Park, then your long term invesment should pay off and the security that Pete is doing everything he can to maintain your investment should help you sleep at night... At least once you move in and truly feel at home.. Just my 3 cents...

Thanks for your comments and while I was stating "investors" I meant individuals buying into The Park in which to live are considered investors into this project as much as Pete. You make a great point about this project being for individuals that want to live at this location yet no one can miss the fact that a person wanting to live here would have wanted to within the 18 month period. I do no know many people that plan on moving into what is to be considered there "home" with a 4-8 year time period before they can move into it. This place was not being purchased to be flipped but as you correctly stated a place to live. My long term investment also includes living in my home. And heaven forbid if I have to sell for a valid reason, because I will in fact have to wait a period of time after I close before I am allowed too or I forfeit some of my rights in the property back to Peter Verna. He will be allowed to purchase it back at my purchase price and sell it for a profit for himself, this while I also hung in there throughout the processs. I work for a living and do not "flip" places nor have the money to make investments like this just to make an investment. This purchase was solely to be my home. I guess what I am saying is that Pete is not the only one involved and that I am an individual trying to have my new home to move into and that I am more than a contract and the legal bindings in it.

As I stated earlier it is a great building and great location and hopefully no one will purchase and build a high-rise beside it without giving some consideration to The Park. Yet when I bought into the location I understood this as a possibility but also thought I would have a few years in The Park before that happened, yet that timeline is now off. "Once you move in and truly feel at home", that is what I want but there again I will have to wait at least 18-24 more months for that to happen and that sucks. Again, I just hope that while many dissapointments, he has the opportunity now to exceed expectations and truly show that he cares about the entire project which includes the homeowners that bought into his dream and made it a part of theirs.

[monsoon]

And heaven forbid if I have to sell for a valid reason, because I will in fact have to wait a period of time after I close before I am allowed too or I forfeit some of my rights in the property back to Peter Verna. He will be allowed to purchase it back at my purchase price and sell it for a profit for himself, this while I also hung in there throughout the processs.

Wow, did you know these restrictions were in the purchase contract before you signed on the dotted line? They sound pretty draconian to me and I am surprised that anyone in today's market would accept such a limitation. (maybe so 4 years ago)

As I stated earlier it is a great building and great location and hopefully no one will purchase and build a high-rise beside it without giving some consideration to The Park.

If anything, I would count on more buildings going up and I would be very surprised if the land between the Park and downtown stays in its present form for long. We have said many times here before, if they can make some money at it, they are going to build it.

[NVQ]

NVQ, maybe you can answer a question that has lingered on my mind for a while (although mostly during the period when The Park appeared to be dead). Why did Mr. Verna purchase any nearby parcels and expand the footprint of the project? My thoughts are a) the structural cost of stacking the parking, the residents and the amenities vertically on top of each other has to some how work out to be more expensive than a sliver of land in otherwise fallow 2nd Ward, and b) isn't there risk that another highrise project at the corner of Brevard and 4th could eliminate the views of the residents in The Park. It just seemed like the core assumptions from the beginning were that everything should go on the existing deck, and that the amenities had to be on the top. I kind of think that baked in higher costs and structural challenges from the beginning.

I'm glad he is finally sorting it all out, but did he pursue any other avenues that might have allowed him to get the ball rolling sooner?

(a)Pete designed the parking structure for the condos to go above the airspace. If he did not stay with that plan, then all the designwork would have to be thrown out and started over. Costs are higher than Build from the ground up, but once it moved forward, it worked out well. (b) There are always risks, but in NYC, Chicago and other Metros, peoples views are reaching out to there neighbor that is within arms reach or no view at all. They have a million dollar flat in the city with 4 walls and a hundred peope in line waiting to buy there flat. Charlotte will be there very soon, that is within the Belk Loop... But then again, wait an see what comes next......

[NVQ]

Wow, did you know these restrictions were in the purchase contract before you signed on the dotted line? They sound pretty draconian to me and I am surprised that anyone in today's market would accept such a limitation. (maybe so 4 years ago)

If anything, I would count on more buildings going up and I would be very surprised if the land between the Park and downtown stays in its present form for long. We have said many times here before, if they can make some money at it, they are going to build it.

Draconian? Ask any banker in Q3 2006 what there limit is and lending polices for Condos and Condo Hotels. They will start demanding developers to have anti speculation language in there contracts. Not to scare investors, but to limit driving up the affordability index in the metro markets and prevent Buy & Dump Investors in the new found 2nd Tier markets like Charlotte and 3rd Tier markets about to start condo projects. In places like Miami, NYC and others are already having problems with people buyer and driving up the prices and dumping for a huge profit, leaving those who live there with major issues, new tenants each day and a flood of units. You might as well live in an month to month apartment without any security of your long term investment. Here in Charlotte, we have a chance to make a difference now and build what we have left in the Uptown Loop for a long term strategy for success and not failure in the name of the short term almighty dollar. Its your choice to buy or not to buy, to speculate or not to speculate... Its free Enterprise and Freedom of Choice. What a country?

Yes they will... But if you are there before the others, present the best plan and its for the good of the city, the neighbors and good for the developer, then wait and see what is next..

[hinsp0]

Hmmm... Can't let the cat out of the bag just yet.. We all just have to wait a bit longer...

Maybe I will post something under a new Section or existing Section in the next few weeks...

Until then... Look for postings on other current projects...

How about a little information on the height of the new Wachovia tower?????

[monsoon]

...... Here in Charlotte, we have a chance to make a difference now and build what we have left in the Uptown Loop for a long term strategy for success and not failure in the name of the short term almighty dollar. ....

They also have rent control in NYC which will never exist in NC. Every single condo being build in downtown for is in pursuit of the almighty dollar and nothing else. I will remind you the Park is unaffordable to the vast majority of people living in this city and will only cater to a very small and elite demographic. Your attempt to cast The Park as something more noble than this is a bit amazing and laughable at best. If a developer really wanted to make a difference in downtown, they would put up a project the middle class could more afford to move into.

BTW I don't have any problems with anti-flipping terms being put into contracts. I was only expressing surprise that someone would accept these particular terms it in a contract. I personally don't like being told what I can do with my property and would most likely go elsewhere if the developer demanded the right to buy the place at no profit, if I decided to sell the place. And don't say this is being put in there because the banks are forcing it, because they are not. If a place looks like a risky investment, a bank simply won't make a loan on it.