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The Edison

Gard

By Gard
in The NC Triangle

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Spatula Whistle-Stop

Spatula

Posted
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I think more importantly than that Berlin Wall of text vita posted, whenever something really bad happens to some sector in the economy, banks get hit too. It's good to have a few other industries as a bit of a buffer, chasing headquarters only for banks is like flying a single-prop plane.

That said, we're not really in a good position to pick and choose right now. Luring tech firms seems like a great idea, but we don't have particularly much to offer them compared to competing markets like San Francisco and Boston. Though I suppose we could hold our own against Austin.

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RALNATIVE Burg

RALNATIVE

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Now, I may offend some people saying this (especially the Charlotteans that contribute here), and I really don't mean to. What I am about to say is not a judgment on whether Charlotte is a nice city to live in or not, or any of that. It is based entirely on logic.

The only reason BofA is still headquartered in Charlotte is because of Hugh McColl. He is a good ol' boy, and he doesn't care too much for San Francisco or California. But I would bet at least half the farm that when he goes, the bank goes back to San Francisco. At least the CEO and the boardroom. Sure, they'll keep plenty of backoffice operations in Charlotte. There's no reason not to. But the executive corps will return to California post haste. And it has nothing to do with Charlotte.

My bet is on NYC. Afterall, BOA is currently building their tallest tower in Manhattan, and furthermore, their biggest competitor is there. BOA has reached the size where their execs really do need to be in the mix of Wall Street and where the action is. I can only think that they are missing out by being headquatered down in Charlotte. San Fran is also a possibility, but either way, I think that they must make a move at some point.

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plus2 Whistle-Stop

plus2

Posted
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My bet is on NYC. Afterall, BOA is currently building their tallest tower in Manhattan, and furthermore, their biggest competitor is there. BOA has reached the size where their execs really do need to be in the mix of Wall Street and where the action is. I can only think that they are missing out by being headquatered down in Charlotte. San Fran is also a possibility, but either way, I think that they must make a move at some point.

I'm not going to pretend to be knowledgeable about the banking industry, but it seems like the more computerized our banking and stocks become, the less important it is to be centered in one spot like Wall Street. Technology should make things easier to operate in different locations.

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RALNATIVE Burg

RALNATIVE

Posted
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I'm not going to pretend to be knowledgeable about the banking industry, but it seems like the more computerized our banking and stocks become, the less important it is to be centered in one spot like Wall Street. Technology should make things easier to operate in different locations.

It's not about technology. It's about the day to day interactions that executives of large corporations have in the financial industry. It's about being able to get in a limo and take 10 mins to get to an important business meeting rather than have it take 2 or more hours by jet. It's about the global exposure, image, and name recognition which NYC (or SF for that matter) provides that Charlotte does not.

These are some of the more key reasons why the "headquaters" needs to be in NYC, not necessarily the operations centers. Charlotte could very well remain a regional or north american headquaters.

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RALNATIVE Burg

RALNATIVE

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Yeah, but I still think technology is reducing the importance of the limo ride and face-to-face meeting. 50 years ago that was essential. Now its substantially less so. And the trend is towards less face-to-face interaction.

We are talking about execs running mega billion dollar corporations, not mid level managers. They handle things very differently.

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49er Hamlet

49er

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this thing is way off topic, but it seems that with BoA building and financing a Ritz Carlton hotel tower and 32 story bank occupied office tower across from their headquarters in Charlotte, why would they be planning to leave?

The Edison sounds like a great project, need to see renderings!

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CHGuy Whistle-Stop

CHGuy

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Here is the site plan submittal:

http://www.raleighnc.gov/publications/Plan...n/SP-057-07.pdf

470' Residential/Hotel tower with 270 condos and 270 hotel rooms. 410' office tower with 500,000 sq. ft. of office space. Also, included in the project is 75,000 sq. ft. of retail. Total sq. ft. is 1,275,000. Pretty impressive. Would sure like to see what this looks like!

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DwnTwnRaleighGuy Hamlet

DwnTwnRaleighGuy

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Here is the site plan submittal:

http://www.raleighnc.gov/publications/Plan...n/SP-057-07.pdf

470' Residential/Hotel tower with 270 condos and 270 hotel rooms. 410' office tower with 500,000 sq. ft. of office space. Also, included in the project is 75,000 sq. ft. of retail. Total sq. ft. is 1,275,000. Pretty impressive. Would sure like to see what this looks like!

How do you get only 60ft between 24flrs and 38flrs?

RBC would still be the offical winner!

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CHGuy Whistle-Stop

CHGuy

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How do you get only 60ft between 24flrs and 38flrs?

The difference is in the floor to floor heights required for residential/hotel construction and for office construction. Typically, residential/hotel floor to floor heights are only around 11 to12 feet while it is around 14 to 15 feet for offices.

I also just realized that the submittal is for the 34 story residential/hotel tower. They are going to revise that to 38 stories. So, the residential/hotel tower could be around 525' based on a calculation of 470'/34 x 38.

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DwnTwnRaleighGuy Hamlet

DwnTwnRaleighGuy

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The difference is in the floor to floor heights required for residential/hotel construction and for office construction. Typically, residential/hotel floor to floor heights are only around 11 to12 feet while it is around 14 to 15 feet for offices.

I also just realized that the submittal is for the 34 story residential/hotel tower. They are going to revise that to 38 stories. So, the residential/hotel tower could be around 525' based on a calculation of 470'/34 x 38.

Gosh!

Why can't they make it 539ft tall just to edge out RBC by one ft? :wacko:

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urbanesq Hamlet

urbanesq

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Highwoods should be the ones not putting an architecturally unnecessary spire on their building.

"spire" is generous. I think the "dunce cap" description is much more accurate. Looks stupid and shame on Highwoods for not insisting on something more integrated with the design of what is otherwise a decent-looking building.

Edison is great news, Gregg is a smart developer, and Cherokee's involvement in downtown Raleigh can be nothing but a good thing. I think the name totally suggests a Progress involvement, and I wouldn't be surprised if the merged entity occupies much of the office space. Toss in a couple of law firms that want to be close to the power company and you've got an ever-taller tower. And yes, it's almost certain to grow and/or shrink over the next 5 years as it moves toward completion, but who knows. Maybe it'll end up being the most attractive building in downtown irrespective of the height. That's not a high threshhold, ya know...

I look forward to seeing it rise out of he dirt, even if that's not for another couple of years.

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Jones_ City

Jones_

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I look forward to seeing it rise out of he dirt, even if that's not for another couple of years.

Its good to keep getting a steady stream of things in the development pipeline. A couple of biggies coming out of the ground every year plus some smaller stuff around the edges and downtown will keep on flourishing...

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ChiefJoJo Town

ChiefJoJo

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FYI, the large parking deck was approved last week. The agreement has an impact on the Edison project:

Under the terms of the approval, construction on the buildings wrapping the northern and/or southern side of the parking deck [Edison] must be completed within two years after a certification of occupancy is issued for the parking deck.

I wonder how Sandreuter/Cherokee will proceed since the Edison isn't supposed to get started until 2009, and yet I believe RBC needs some parts of the deck for it's parking allotment sometime around fall 2008. Maybe the agreement is actually for the construction to be *started* within two years.

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