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SKYE Condominiums and Hyatt Place Hotel

monsoon

By monsoon
in Charlotte

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Spartan Gigalopolis

Spartan

Posted
Posted

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

No, there's nothing wrong with it. I just personally wouldn't invest in that, considering there are other condo towers in town that are >90% condo (plus retail, etc). There's a high amount of transient population.

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Urbanity Burg

Urbanity

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No, there's nothing wrong with it. I just personally wouldn't invest in that, considering there are other condo towers in town that are >90% condo (plus retail, etc). There's a high amount of transient population.

Actually it is something I personally might consider as it is a smart economic model for HOA maintenance fees depending on the building's operation structure.

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palmetto75 Whistle-Stop

palmetto75

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The splitting the building into half condos / half hotel doesn't seem too bad. The units that are condos would never be used as hotel rooms. However, the condo owners still get to use the hotel ammenities at a price of course. Although it seems like a small amount of units to effcetively run as a hotel.

I agree, the pure condohotel economic model by in large part has proven to be grossly flawed for the condo owners where the hotel operator simply sees the condo owners as way to dump expenses in slow times and provide excess capacity (at steep price) in good times. Basically just another way to spin timeshares. Even in popular tourist spots.

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dubone Megalopolis

dubone

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I wonder if they have the ability still to change the configuration a bit and add more units. There were a significant number of two story condos in The Park as memory serves. They were basically lower level with a kitchen, living room, bedroom, and big balcony, and then an upper level with a master bedroom, bathroom and smaller balcony. They should still be at a point in the construction where they could divide those into two different hotel rooms, or a hotel room and a condo. The upper level would be a normal hotel room without a kitchen while the other becomes simply a smaller condo or one bedroom hotel suite.

Also, The Park had ridiculously large balconies on the skyline side, that were ten feet or more deep. In the case of hotel rooms, where balconies are rarely expected, they could incorporate the space that would have balcony space into the room. This would allow for either a larger room, or a tweaked floor plan to add another room or even a kitchenette in the upper floor of the two story condos I described above.

Those changes could increase the number of total units available for hotel rooms, and increase the total interior square footage.

I suspect there are other changes they could make to save money and increase usefulness of the building, even possibly just having hot tubs on the roof instead of a full pool. Verna made so many odd choices and thought this project was going to be some nice luxury building.

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HopHead City

HopHead

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A rezoning petition is out now for this property, and they mention possible uses of 148 hotel rooms, and 74 condos, as well as a rooftop garden and restaurant......hmmm.

Very interesting... Though, weren't there only going to be about 106 (don't remember the exact number) condos? How would they get 148 hotel rooms out of roughly 32 condos?

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dubone Megalopolis

dubone

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Please let them announce a new name as soon as possible. I've always hated the name of this project. I love the idea of a rooftop restaurant, as it does have great views. Hopefully they can keep the original buyers for those 78 condos. Surely they got the project at enough of a discount that they can make it feel like they are crediting the buyers for their past deposits or something.

I notice also that they plan a minimum of 1400sf of ground floor lease space.

http://ww.charmeck.org/Planning/Rezoning/2010/025_030/2010-029%20site%20plan.pdf

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Charlotteman Burg

Charlotteman

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Who would want to live in a building that is part hotel in this city?

I think a better question would have been : " Who in Charlotte wouldn't want to live in a place with room service a call away....with maid service.....with the ability to rent out your unit if you're away....."

Also I think the elevators and entry areas are different for owners and hotel guests in these mixed buildings. The two would only mix in the restaurant or bar.

I'm no real estate expert, and I don't know the Charlotte market as well as most of you folks. But this seems like an all-win idea to me.:)

edited for typos.

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HopHead City

HopHead

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Anyone have thoughts on which hotel would be a part of this? Obviously, we're not expecting anything in line with the Ritz, but was curious. I saw that the rezoning petition was filed and will be voted on in April. There is already a bid listing out on BidClerk for it as well...

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atlrvr Metropolitan Area

atlrvr

Posted
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BidClerk is funny....some of the leads are legitimate. Others, like this, are generated by a person scanning rezoning petitions and making best estimates for construction dates.

I have no guesses on the hotel, other than to say, they will almost certainly be a hired flag/paid operator, rather than an actual investor in the project. My guess is that Small will condo off the hotel separately and retain ownership, and hire a brand to run the place for them. Not a bad project for one of Kimpton Hotels' brands.

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dubone Megalopolis

dubone

Posted
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It looks like they have pretty planned just what I wrote. The previous plan for the Park had 105 condos. The new plan is to have 74 condos and 104 hotel rooms. My guess is that they'll be eliminating most or all of the 2 story units that were in the Park breaking those into 2 units. They may even be resizing some of the larger units down to smaller single room or studio condos. Hopefully with 74 smaller units, tailored to be modestly priced based on the current market, combined with the hotel units, this project will have a higher density of people. That would be good thing for the neighborhood.

I am pretty optimist about this project right now. I feel like the new owners will have a fairly straightforward shot at getting the hotel signed up, as it is very good hotel location. Being a block from the Nascar Hall, a block from the arena, a block from Epicentre, two blocks from the Lynx, two blocks from the convention center, and then all the other downtown draws.

I'm starting to think that the $4.5m was a steal, and considering they'll also get profits from the construction work, this thing is certain to be completed as soon as possible. I personally believe them on their 6 month estimate for starting work.

I wonder if they have the ability still to change the configuration a bit and add more units. There were a significant number of two story condos in The Park as memory serves. They were basically lower level with a kitchen, living room, bedroom, and big balcony, and then an upper level with a master bedroom, bathroom and smaller balcony. They should still be at a point in the construction where they could divide those into two different hotel rooms, or a hotel room and a condo. The upper level would be a normal hotel room without a kitchen while the other becomes simply a smaller condo or one bedroom hotel suite.

Also, The Park had ridiculously large balconies on the skyline side, that were ten feet or more deep. In the case of hotel rooms, where balconies are rarely expected, they could incorporate the space that would have balcony space into the room. This would allow for either a larger room, or a tweaked floor plan to add another room or even a kitchenette in the upper floor of the two story condos I described above.

Those changes could increase the number of total units available for hotel rooms, and increase the total interior square footage.

I suspect there are other changes they could make to save money and increase usefulness of the building, even possibly just having hot tubs on the roof instead of a full pool. Verna made so many odd choices and thought this project was going to be some nice luxury building.

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uptownliving Town

uptownliving

Posted
Posted

Some notes from a recent community meeting concerning the Park:

http://ww.charmeck.org/Planning/Rezoning/2010/025_030/2010-029%20community%20report.pdf

-Preliminary discussion with several higher-end hotel "flags" - nothing has been finalized.

-Preliminary discussions with several potential restaurants - the restaurant is planned for the rooftop.

-The possibility of a penthouse condominium located above the rooftop restaurant.

-A single retail space located on the corner of 3rd and Caldwell streets.

-The owners are encouraged by the initial structural review. Further structural analysis is under way.

-Currently the project is moving through the rezoning - site plan amendment process.

-18-20 month construction period. Construction start is not known. The rezoning process and selection of a hotel flag must be finalized.

-It will be mixed use. The number of hotel rooms or condominium units is not known until the hotel flag is selected. Once the hotel flag is known then the finishes and style of the condominiums will match.

-The owners are currently studying other materials and do not plan to have a stucco finish.

-There will be no major demolition of the existing building. The existing "skin"(metal studs, sheathing, and windows) will be removed, and there will be some existing interior demolition.

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Guest

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Posted
Posted

Some notes from a recent community meeting concerning the Park:

http://ww.charmeck.o...ty%20report.pdf

-Preliminary discussion with several higher-end hotel "flags" - nothing has been finalized.

-Preliminary discussions with several potential restaurants - the restaurant is planned for the rooftop.

-The possibility of a penthouse condominium located above the rooftop restaurant.

-A single retail space located on the corner of 3rd and Caldwell streets.

-The owners are encouraged by the initial structural review. Further structural analysis is under way.

-Currently the project is moving through the rezoning - site plan amendment process.

-18-20 month construction period. Construction start is not known. The rezoning process and selection of a hotel flag must be finalized.

-It will be mixed use. The number of hotel rooms or condominium units is not known until the hotel flag is selected. Once the hotel flag is known then the finishes and style of the condominiums will match.

-The owners are currently studying other materials and do not plan to have a stucco finish.

-There will be no major demolition of the existing building. The existing "skin"(metal studs, sheathing, and windows) will be removed, and there will be some existing interior demolition.

FABULOUS NEWS! I am happy this will no longer be stucco! Can't wait to see this done in a year and a half or so!

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