Jump to content

Center Pointe


cityboi

Recommended Posts

As CenterPointe has not been able to cross the 50% threshold in sales for the past 3 years, and since the housing market in Greensboro remains gloomy, I wouldn't hold my breath for any announcements of new residential construction downtown. Even the new building on South Elm and the Southeastern conversion have been placed on very slow tracks.

The housing market everywhere is gloomy, although I would argue it's better here than in other places. Existing home sales have increased for the past 3 months (big improvement from a few months ago) and Greensboro is one of only a handful of metros that are projected to see home values increase this year, albeit a small increase.

You may be right. But I think it's unwise to made broad generalizations based on one project. How many people are willing to buy before seeing what they get for their money through advanced sales? Also, center pointe is at the high end of the downtown market. $160k + for a 700 sq condo is probably too expensive for most buyers.

I would expect/hope to see future residential development downtown to focus on affordable housing.

Link to comment
Share on other sites


  • Replies 245
  • Created
  • Last Reply

the housing market is improving in Greensboro but at this time its mainly home sales outside of downtown in single family homes. Some in Washington are already saying everything is leveling off and we are out of the recession. I think in the next two years we'll see downtown housing pick back up. If you look at the target market for downtown condos, they are young professionals and empty nesters. It has been difficult because ever since the housing and bank crisis, people have been having difficulty getting approved for loans to buy homes and condos.

Link to comment
Share on other sites

I'm no economist, but I seriously doubt we're out of this recession. I actually wouldn't be surprised if it got a tad bit worse before it got better. But anyway, Greensboro didn't really have a bunch of speculative overbuilding, so the housing market should show relative stability over time.

Link to comment
Share on other sites

  • 2 months later...
  • 3 months later...

Any word on the 30 story tower that was supposed to be built?

I don't think the 30 story tower was ever confirmed. But if it does ever get built, I wouldn't expect it to occur for several years, at least. Roy Carroll needs to sell the remaining units in Center Pointe, and I imagine he would probably pursue other opportunities downtown, especially on the large former Northstate Dealership lot that he owns.

Link to comment
Share on other sites

I agree with beyonce. the 30-story tower is under consideration by Roy Caroll but there arent any concrete plans. The housing crisis probably set this back for a while. If Roy considers a 30-story tower in the not too distant future im sure plans will change and this potential project wont be entirely residential. He still has units in Center Pointe that have not sold yet and he is not going to start another project until those units are sold. Roy mentioned he wanted to build a hotel but he didnt say where in the city. I think a 30-story condo/hotel/office project would be more feasible than just a 30-story condo tower. It would be less of a risk. Maybe Roy will consider something of that nature next to Center Pointe if he sticks to the concept of a 30-story tower. In any case it may be 2 to 5 years before we see a signifcant growth in the downtown housing market. Towers are built based on market demand and not based on looks but symbolically Greensboro needs another tower. Downtown has seen the construction of a "brand new" tower in 20 years and a city's skyline does become rather boring after going that long without highrise construction. Center Pointe has given new life to Greensboro skyline but Id like to see more. My concern is that our new conservative mayor will hinder efforts to give incentives for potential developers that may consider future highrise projects. Hopefully Bill Knight wont be mayor for Greensboro long, no offense to anyone here who may have supported him. While he has no real power, he has a vote on the city council that could make or break a project. He has already hinted that he would not support giving extra money to the swim center project at the coliseum. That pretty much lets you know where his head is and direction he wants to take this city. Sorry but I dont want to take Greensboro back 30 years.

Link to comment
Share on other sites

does anybody here honestly think there is pent up demand for a 30 story tower in this market? that just seems way out scale for this market even in good economic times... how many square feet of lease able space does a proto-typical 30 story tower have? might this just be another case of developer/promoter hyperbole?

While he has no real power, he has a vote on the city council that could make or break a project.

^ ummm?

Link to comment
Share on other sites

  • 1 year later...

Developer Roy Carroll is having a major press conference about the future of Center Pointe. Maybe he will announce that Center Pointe is almost fully occupied. It could be that hes announcing his move into the extravagant penthouse or maybe he will make an announcement about the rumored second phase which included a 30-story tower. We'll find out after 2 pm. If he does announce the next phase and its residential my guess is that they would be apartments. I don't think the housing market is ready for a major condo project but I could be wrong. Apartment units are still in high demand for the center-city. CityView at Southside stays occupied at about 100% and construction on the next phase of CityView will begin soon. I hope the announcement is about the second tower. The financial meltdown and poor housing market has put downtown Greensboro in a development drought over the past two years. In any event I hope the announcement is good news. I know in the past they've had problems filling the building up but I haven't been keeping tabs on the occupancy numbers lately.

http://www.news-record.com/content/2011/03/17/article/center_pointes_future_subject_of_news_conference_this_afternoon

BTW a new restaurant in Center Pointe replaced "Avenue". Its called Nico's Restaurant and Bar.

The north side of the building was built without balconies which was purposely done so that a second tower could be built next to it.

center+pointe.jpg

5814_134437165694_134389200694_3290968_74317_n.jpg

Link to comment
Share on other sites

looks like the news is that Roy Carroll is paying off the loan for Center Pointe..no announcement for future phases. Not sure why he called a press conference for that but at least he paid the loan off. Its still appears that the recession has taken a hard hit on sales. The economic climate nationally has not been good over the past two years and its kinda hard to sell units starting at 700 square feet at the price of $220,000 in this economy. Thats why I stated if he were going to announce a future phase they would have to be apartments because rental units are in demand in the center-city. Banks would feel more comfortable backing a rental complex.

http://www.news-record.com/content/2011/03/17/article/center_pointes_future_subject_of_news_conference_this_afternoon

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.