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SKYE Condominiums and Hyatt Place Hotel


monsoon

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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.

I think its becoming increasingly common for "investors" to have to pony up larger earnest money deposits, instead of just 1K or 2K to reserve. If you're buying more than one, or are not going owner-occupied, you'll likely get stuck with a 20% or 30% down requirement these days. This seemes to be a better policy - you weed out pure speculators who figure they only have to put down a few bucks on the chance for a big payoff; but capitalized investors can still make a legitimate investment. I understand the downsides to flipping and how it can create a rush on the market; but I've never bought the argument that the only person who should be able to make money is the developer. I don't like the idea of having to handover any gains you made on your investment back to the developer - seems an infringement on personal property rights, or (ack) a double capital gains tax. :sick:

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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? :rolleyes:

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.. :shades:

Flippers can eventually help affordability by flooding the market with supply and then having to swallow the losses that are passed through as savings to those that come in and buy at depressed prices. Everyone hates the flippers now when they're successful, but there will be no symmetry to this when they lose their shirts. No one will say, "those poor people lost all their money by trying to float three bad condo investments at once." Let them flip and make their cash. If it crashes, let them crash. That's how the free market is supposed to work.

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When this is finally built out, are they sticking with the ugly design of the base? I think the Stucco-fake arches are pretty ugly. I really hope the base is stripped and reworked!

The base will be completely reworked and reclad. The bottom three floors will be granite, and then the rest will be stucco.

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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?

I know of three different, quite qualified, developers that attempted to partner with Verna. All were quickly turned away. It doesn't make sense to drag something like this out forever yet refuse help -- sounds like ego issues to many of us. The truth we will all be incredibly delighted if this ever happens. They just relisted a ton of these units on the MLS this week...

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.. :blush:

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

2) First Citizen

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Yeah, what was up with that? That makes me more nervous about this project than ever. One would think that that if they were beginning tower construction that they'd have an updated architectural rendering than that one from circa 2001. That image just made it clear they only have one to work with.

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you've gotta love how 3 upscale projects - The Park, EpiCentre and The Ritz - are surrounding the CATS bus terminal.
Yeah, I think that's pretty cool too. Most importantly, these three projects are not just upscale, but they are very dense. This puts a lot of people close to the very heart of Charlotte's public transportation system.

The bus terminal will eventually be redeveloped, probably as an air rights deal. At the moment, a large portion of Charlotte's population views the bus station as a crime-ridden hellhole, and a gathering place for unsavory characters - but in time, Charlotte may just become a place where everybody (even the well-to-do at Epicentre, Ritz, and Park) considers the bus system as a convenient amenity.

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The Park has new construction updates from April 6th. These are the funniest yet. About half the pictures are dedicated to showing pedestrians utilizing the covered walkway, and one was a blimp flying overhead.....it's really really sad.

In other Park related news. They've applied for their structural building permits and have so far been denied on 35 items that didn't meet code...and that was just the backflow prevention and fire reviews......they haven't been reviewed yet for plumbing, mechanical, elictrical, and general stuructural issues. It's a slow, hard road for the Park.

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In other Park related news. They've applied for their structural building permits and have so far been denied on 35 items that didn't meet code...and that was just the backflow prevention and fire reviews......they haven't been reviewed yet for plumbing, mechanical, elictrical, and general stuructural issues. It's a slow, hard road for the Park.
For reference, how many items do most projects of this side get before approval? Are these items each specific locations in the building (like "A backflow prevention device must be installed for unit 1208") or is each item something large that applies throughout the entire building (such as "Emergency egress from floors 15 and up is inadequate").

Your post makes it seem that these 35 code violations are out of the ordinary, but can you enlighten those of us not familiar with the business as to whether this is the true or not?

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For reference, how many items do most projects of this side get before approval? Are these items each specific locations in the building (like "A backflow prevention device must be installed for unit 1208") or is each item something large that applies throughout the entire building (such as "Emergency egress from floors 15 and up is inadequate").

Your post makes it seem that these 35 code violations are out of the ordinary, but can you enlighten those of us not familiar with the business as to whether this is the true or not?

i can tell you the backflow preventer is for the entire unit. I know that from being a plumbing/mechanical designer.

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I doubt it's unusual. Inspectors find stuff. If they didn't, it would look like they're not useful.

Half the time when I've pulled a permit for some work on a house, the inspector finds *something* and I have to call the contractor back.

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It's probably a little high, but I'm certainly not writing off the project because of it.....what actually has me more concerned and disturbed is that a lot of the permitting staff's notes were.....changes should be made as was noted in the first review process.....that process happened last June and it appears they have made almost no corrections to the blueprints that were rejected then.

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