Charlotte Residential Tower Rumors

[UptownJ]

If you look at what they are doing to the building it looks like they are fitting it for balconies all the way around just like condo's.

I would really like to see something done and completed already... I know they've started on courtside but haven't really seen much action at the other sites even though permits have been granted for most. I know it takes time but I want to by a condo and don't really want to wait three years to move in

[49er]

maybe wachovia will turn that building over to residential and build higher at their proposed project.

This could be the ugly building at 4th and tryon as well....Spectrum redeveloped south tryon square next door, not sure if they own it. im sure they could work out a parking deal with themselves! from my dealings with that property owner i know they at least started asbestos removal, not sure if it was ever finished.

[uptownliving]

Hmm...well since now it looks like Wachovia Main is going to be condos...how do you think this will affect "4 Wachovia"...will they bump it up some?

[UptownGrrl]

This could be the ugly building at 4th and tryon as well....Spectrum redeveloped south tryon square next door, not sure if they own it. im sure they could work out a parking deal with themselves! from my dealings with that property owner i know they at least started asbestos removal, not sure if it was ever finished.

<{POST_SNAPBACK}>

Oh yeaaahhhh.... I remember that being mentioned about 2-3 years ago -- that building was garnering a lot of interest for a condo conversion. I forgot all about it. This is the one on the same block as B of A plaza, across from the Dean & Deluca, right? And, its just sort of been sitting there for awhile?

[uptownliving]

Yes...the old Home Federal Savings & Loan building. At one time CATS was looking at it for their HQ.

[rockhilljames]

Cranes for Park! - permits approved expect to see cranes go up in the coming weeks.

Cranes for Epicentre! - site prep underway.

Cranes for Vue! - has not even opened a sales office yet.

Cranes for Trademark! - permits approved 2 weeks ago, site prep already started.

Cranes for Avenue! - started permiting process 3 weeks ago.

<{POST_SNAPBACK}>

You see...that's why I post on this board, info I just can't get anywhere else. As a side note, I did see a good bit of activity on the top of the parking deck that the Park will go on last week. I was hoping that was a positive sign.

As for the other Spectrum project, the Wachovia refit would make a lot of sense. As I recall, they were not even using that building. Could be interesting.

[atlrvr]

maybe wachovia will turn that building over to residential and build higher at their proposed project.

<{POST_SNAPBACK}>

Since it looks like it will be a rehab project, this would be the best case possible IMO.

[Miesian Corners]

I still say Carillon site. Been told by two real estate analysts that it's the spot.

Two Wachovia and Wachovia Main are attatched on all floors. It doesn't make sense to me that this would be a residential building. By the time the refit is completed next year, Wachovia will need the office space.

[dubone]

Trademark is 70% reserved. Not sure where you got the less than 50% figure from....but if they really were less than 50% then construction would not have begun on it.

<{POST_SNAPBACK}>

I haven't been on for a bit, so this thread has already moved on since this question, but just wanted to point out my source. It came from bork's post yesterday in the Trademark thread that said "~50-60% of this place is left".

You are much more authoritative, so that is good news that it is much further along.

I think i'm going to have to reread all these posting again later when i have more time. i'm having a hard time sorting out what is definitely happening and what is speculation. but it is all delicious !!! . keep it coming.

Thanks u/l on the updates for when construction was starting. i was beginning to get nervous that things were delayed. I guess when i read about an "april" start date, i think about how soon april begin, but of course, they usually turn out to mean the end of april.

[A2]

A2 what section is all of this in? I can't find it anywhere in the CBJ??

<{POST_SNAPBACK}>

p. 36 bottom portion of the article.

Here is the qoute:

"As this point there is no definate plan for that lot, although IT WOULD MAKE A FANTASTIC RESIDENTIAL LOCATION, says Gray.

One thing is for sure, he says of the site: "It's NOT GOING TO BE A NICE PARK FOREVER"

Sweeeeet

A2

[50State]

Again one more update based on the CBJ's Friday edition. The Avenue, now under construction, plans to be ON Schedule for an early 07' completion and remarked that they are not the least bit concerned of the Vue's sales center opening at the same time that their offices will in September. The comment made is that The Center City Charlotte market is much deeper than even the most optomistic of uptown booster had realized. Also the lot right beside the Carrilon was mentioned. It looks as though that will be the home of a future tower. Cornerstone Real Estate Advisors now own the lot, and were qouted asa saying that the lot has serious potential for another residential component to Uptown. WOW !!! I would think things would settle down a bit, but not a chance ! Bring in the cranes baby ! 

A2

<{POST_SNAPBACK}>

Nice work on the updates this morning, Vitale, I mean, A2.

Isn't Cornerstone the group that originally wanted to build a 28 story office tower next the Latta Pavillion shops?

Maybe not the right thread, but did you (or anyone) see the CBJ article a few months ago about the twin tower condos that were going to be built by the Argonaut Development Group?

Still learning the rules (and the coding), but I think I can post the link here:

http://www.bizjournals.com/search/bin/sear...%22&t=charlotte

Anybody have any scoop on this one?

[atlrvr]

Yes, Cornerstone is the group that owns the lot next to Latta Arcade. They are the commercial real estate arm of Conn. Mutual, and Spectrum Properties is their local development partner.

Cornerstone bought the Mass Mutual building, and Spectrum is doing the conversion. Cornerstone bought the Carillon building, so it would make sense that Spectrum do something with the building pad there.....but for the love of God please no more fake stucco.

Anyway.....The Avenue should sell out in a couple of days IMO, and hopefully we will see another Novare Tower announced within the next years.......just cross our fingers on the interest rates.

[A2]

Yes, Cornerstone is the group that owns the lot next to Latta Arcade.

[dubone]

i didn't know where to put this question, and it didn't seem to be worth its own thread.... but with all the developments in the area, when do you guys think we'll see something happen with the block bounded by 4th, 3rd, trax, and brevard?

It is between two light rail stops (3rd and Transit Center stops), katykorner from Epicenter, a block from the Arena and the park, a block from the potential NHOF, just a couple blocks from most major office towers, next to a transit center, and is on the planned brevard street pedestrian improvements corridor.

i don't know why i keep wondering about this block, but it just seems to me with epicenter on the rise, that this block is ripe for a major development. any thoughts?

[A2]

i didn't know where to put this question, and it didn't seem to be worth its own thread.... but with all the developments in the area, when do you guys think we'll see something happen with the block bounded by 4th, 3rd, trax, and brevard?

It is between two light rail stops (3rd and Transit Center stops), katykorner from Epicenter, a block from the Arena and the park, a block from the potential NHOF, just a couple blocks from most major office towers, next to a transit center, and is on the planned brevard street pedestrian improvements corridor.

[dubone]

although the block across the arena and between CTC and the Fed is another block that i'm curious when will take off.... the block i was referring to is between the hilton and CTC. It is just across the trolley tracks from Charlotte Plaza.

[atlrvr]

I hate that block so much.....the sidewalk along brevard dead-ends into an enbankment....

I have heard nothing about that site except that someone who was considering buying a condo at either courtside or The Park last summer asked Furman about The Park, and Furman's response was...."It sure would be a great place for someone to build a tower across the street and block the Park's view".

Anyway, I do agree that block will see some action, though it is still temporarily isolated from the rest of "the financial district". The HOF will make this site happen, and if we get it, I can see the block developing something similar to EpiCentre, though more restaurant and toursit oriented.....possibly high-rise apartment potentail, though for some reason I see this block staying in the 8-12 story range.

[dubone]

that embankment really does hurt the continuity in that area. perhaps i just need to wait until the pedestrian enhancements are actually approved/funded, as that will likely be the impetus for something to happen. obviously with nothing happening on that block, i'd be happy with the 8-12 stories you mention, but it definitely seems like a block with enough surrounding infrastructure to support a super-high density project, or multiple towers, etc.

i agree that the success of epicenter and the NHOF will make a big difference.

[A2]

that embankment really does hurt the continuity in that area.  perhaps i just need to wait until the pedestrian enhancements are actually approved/funded, as that will likely be the impetus for something to happen.  obviously with nothing happening on that block, i'd be happy with the 8-12 stories you mention, but it definitely seems like a block with enough surrounding infrastructure to support a super-high density project, or multiple towers, etc.

i agree that the success of epicenter and the NHOF will make a big difference.

<{POST_SNAPBACK}>

Give me height darn it....

A2

[dubone]

i just looked and half the block is owned by NCRR and the other half is owned by norfolk southern....

as a result, i'd put this at NO chance of anything happening this decade . usually the railroads are in this land for next to nothing, and are holding it for the long term... the only exception would be if they feel like the momentum in the area makes the value ripe for a sale... but with so much other semi-vacant land around, that may not be the case either.

[skylinedrive]

i just looked and half the block is owned by NCRR and the other half is owned by norfolk southern....

as a result, i'd put this at NO chance of anything happening this decade .  usually the railroads are in this land for next to nothing, and are holding it for the long term... the only exception would be if they feel like the momentum in the area makes the value ripe for a sale... but with so much other semi-vacant land around, that may not be the case either.

<{POST_SNAPBACK}>

Thats weird. I wonder if there used to be a train station or rail yard a long long time ago...otherwise why would they own a full city block downtown?

[dubone]

there were railroad-related activities all along the line there. the current convention center used to be a rail yard. who knows, it might have been from the original land from when the line was built...

[Sabaidee]

Since NCRR is controlled by the State of North Carolina, a transfer of land to the City of Charlotte would be easier though, and since it's technically owned by the state via NCRR, it's not generating any tax revenue, I think, someone correct me if I'm wrong. State and Federal properties can't be taxed by local government property tax, but since NCRR is not a state agency, it's a Real Estate Investment Trust controlled by the state would it still be considered State of North Carolina property?

[dubone]

does norfolk southern pay taxes on their part? (they own the north eastern half of the block). or is there some old exemption for non-state railroads?

if they do pay taxes, they might be inclined to sell the land to avoid the taxes, since they'll never need it again for freight operations.

[atlrvr]

[Mod Edit: moved from here: http://www.urbanplanet.org/forums/index.ph...ndpost&p=233974 ]

Speaking of uptown apartments, I heard a rumor today that Spectrum's next project is going to be apartments........my guess is that they will dust off the plans for the 20-25 story tower over at Church and 3rd.