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SKYE Condominiums and Hyatt Place Hotel

monsoon

By monsoon
in Charlotte

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nonillogical Burg

nonillogical

Posted
Posted

awesome.

you know, every time i pass by The Park i am actually somewhat impressed with how snugly fit in with the street and adjacent building it is, kind of hanging over caldwell. was there any original intent for 1st floor retail? i'm guessing we probably won't get any but it could have been a decent streetscape even though its a bland building from a distance.

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atlrvr Metropolitan Area

atlrvr

Posted
Posted

There was originally planned a small (~2,000 sq ft) retail space, I believe at the corner of Caldwell and 3rd.

As far as deposits, I'm sure the info will come out, but there is no reason to assume that a full credit couldn't be applied. It really depends on the competitive bids, but if I were bidding on this thing, I would discount my offer by the full amount of every deposit made on the building, and try to maintain those contracts. I'm not sure how a lender would view that strategy, but I would think it would be about the only thing to get any buyers in at this point.

Also, consider that over $25M was spent on this project that was picked up for probably under $10M, so there will probably be lots of wiggle room as far as pricing/incentives/etc, as there has been probably less than $15M in deterioration/market depreciation.

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dubone Megalopolis

dubone

Posted
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I rode down the newly bidirectional Caldwell today and was pleasantly surprised at how much sidewalk space they were able to fit between the road and the Park building. I had imagined that it would be as tight as the 5th St sidewalk by Latorres, but it is maybe 8 or 10 feet, which is decent.

I can't wait to get the news that they'll improve the design, retain the old buyers, and finish it by next summer. Time will tell, though.

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Guest

Guest

Posted
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until the final nail is pounded into the wall, I'll believe it when I see it.

For the original buyers, aren't they basically screwed over?

The Park rises like a Phoenix from the earth. I could really use a cryptic statement from NVQ about now, but I guess that won't ever happen. Good to hear something about this eyesore.

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jednc Burg

jednc

Posted
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The article in the Observer today says construction could start (aka "resume") in about 6 months.

Observer

Just to chime in with everyone else. Really glad to see this result. This is the most logical outcome. I wonder why it's going to take 6 mos to get things going again though? I understand they can't start tomorrow...but 6 mos?

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tozmervo Metropolis

tozmervo

Posted
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^

There is probably going to be an extensive inspection and rehabilitation process to make sure the built structure is still sound, followed by updating and revising plans, followed by rebidding the new construction work. (They would be insane to not rebid the project, they could get the rest of it built for food scraps compared to the cost of construction this time last year).

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Guest

Posted
Posted

^

There is probably going to be an extensive inspection and rehabilitation process to make sure the built structure is still sound, followed by updating and revising plans, followed by rebidding the new construction work. (They would be insane to not rebid the project, they could get the rest of it built for food scraps compared to the cost of construction this time last year).

The building will be completed by Cleveland Construction Company which is owned by the Developer who bought the building.

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atlrvr Metropolitan Area

atlrvr

Posted
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Just to chime in with everyone else. Really glad to see this result. This is the most logical outcome. I wonder why it's going to take 6 mos to get things going again though? I understand they can't start tomorrow...but 6 mos?

Mostly logistics (scaffolding, city approvals to close traffic, etc), but also financing. I assume they have some sort of financing plan in mind, but they will need detailed cost estimates before they can really get through that process. Six months is about as optimistic as I can imagine. That said, I'm sure they want to get started sooner rather than later to minimize deterioration.

I assume price points (and building specs) will be moderately reduced from what Verna imagined.

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dubone Megalopolis

dubone

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http://charlotte.bizjournals.com/charlotte...24/story12.html

The CBJ article adds that the buyer says the project is 70% complete and that they do plan the project as for-sale condos.

It is good to see that the company that bought it has so much construction experience, so I guess they'll be inspecting it for damage and then working very quickly to build the facade, which is the primary concern for most of us.

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  • 1 month later...
HopHead City

HopHead

Posted
Posted

The deal to buy the Park condo tower has closed. Small Brothers closed on the $4.535 million dollar deal... Which is a significant discount compared to what the bank paid during foreclosure proceedings +$14 million. The good thing is that construction should be imminent now.

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jednc Burg

jednc

Posted
Posted

The deal to buy the Park condo tower has closed. Small Brothers closed on the $4.535 million dollar deal... Which is a significant discount compared to what the bank paid during foreclosure proceedings +$14 million. The good thing is that construction should be imminent now.

That's great news. I was beginning to hear rumblings that this deal might not go through. It was probably based on nothing more than assumption, but it's still nice to put those rumors to rest.

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sleightofhand Hamlet

sleightofhand

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The deal to buy the Park condo tower has closed. Small Brothers closed on the $4.535 million dollar deal... Which is a significant discount compared to what the bank paid during foreclosure proceedings +$14 million. The good thing is that construction should be imminent now.

So that's the going rate on a half finished high rise condominium these days? Seems like a bargain!

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atlrvr Metropolitan Area

atlrvr

Posted
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I've seen people climbing all over the building over the last couple of weeks since they closed on the property. I assume they are inspecting it and determining what work remains.

Actually construction is scheduled to resume in February (so I would guess that really means March or April)

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  • 3 weeks later...
dubone Megalopolis

dubone

Posted
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Looks like the new owners are looking into the possibility of making part of the tower hotel rooms. There seems to still be a market for hotel rooms (case in point Hotel Sierra construction), especially with The Park being just a block from the Nascar Hall of Fame. So if they find that the configuration could work, Expect to see The Park being part condo, part hotel.

At this point, I am glad to see them getting creative. I'm not sure anyone is thrilled with the idea that another 106 condos could flood the market, although it'd be great if they could retain some of the buyers they have had for years for some of those.

http://charlotte.bizjournals.com/charlotte/stories/2009/11/30/tidbits1.html

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orulz City

orulz

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There's nothing inherently wrong with a building that's half hotel, half condos. That would go over just fine in Charlotte.

It's condo-hotels that don't make any sense outside of big tourist locales. It's an important distinction. In a condo hotel, you own the unit and pay basically for its maintenance and cleaning (what amounts to a HOA fee that includes maid service) and can live there whenever you want without paying any more than that. However, if you're not living there you can also put your unit into the pool of hotel rooms being rented out for vacationers, and you get the income from your unit.

They're generally best as vacation homes that generate income for you when you aren't there but don't make you worry about upkeep or dealing with a realtor or anything to rent it out. Doesn't make much sense in Charlotte, since who would own a vacation home there?

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