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Belk Place: Carolina Theater and Hotel Intercontinental


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An air right sale? Just making sure I understand it all. The plan for many years has been a 420’ tower, which they started construction on finally at the end of 2018 (I think) and are above ground now with both a concrete core and a steel frame now being erected but they don’t have air rights secured yet? They are going to build up to encapsulate the 5 or 6 story concrete core and stop? Then pick back up again in 2022? (Although, the speed this project has been going maybe it’s perfectly paced and work won’t stop at all, hahaha! ;-)
Does this happen often - tower construction without air rights ?
How are some coming by their construction progress timetable/info for this tower?
(The beer bug put a damper on several hotels to be built. Is it really an air right thing or is it more to do with pacing based on how the bug phases out or not?)


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This is the up to date one

Got a better view for y'all from the 5th 3rd building 

Today 11:00 a.m.

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I mean, you don't actually buy the air rights until the supporting structure is there.  I believe a letter of intent to purchase would be in place.

If I'm the hotel developer, I'm not paying you $5mm today for the air rights (or maybe it's an air rights lease say $200k per year for 99 years? ) and just hope you build the theatre/my hotel base.

 

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I mean, you don't actually buy the air rights until the supporting structure is there.  I believe a letter of intent to purchase would be in place.
If I'm the hotel developer, I'm not paying you $5mm today for the air rights (or maybe it's an air rights lease say $200k per year for 99 years? ) and just hope you build the theatre/my hotel base.
 

Gotcha. So the tower needs air rights because it will cantilever over the theater, correct?
Which is where they stopped with the concrete core.
I had assumed that the theater and the tower were by the same owners/developers so that air rights wouldn’t be a thing here. It seems not.


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I just find it strange that they chose a tower crane instead of a mobile crane just to build the lobby and a couple of floors. I am not very knowledgeable in construction methods but it just seems a little overkill if they are not planning going vertical with the hotel. Then again the convention center is using cranes for its renovation and it’s only about 3 stories. This project is a haze.


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On 11/11/2020 at 10:05 AM, 49er said:

It seems incredibly costly to finish construction and then come back in a year or two to complete. Wouldn't they need to remove the elevator and put the crane back in? Would the crane be located in the street instead? 

Exactly my point. It would be like construction, then a year later  somewhat deconstruction of the top, then shutting the streets down all over again, and possibly closing the bottom half down then constructing the hotel. Seems pricey and a waste of time. 

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32 minutes ago, j-man said:

Exactly my point. It would be like construction, then a year later  somewhat deconstruction of the top, then shutting the streets down all over again, and possibly closing the bottom half down then constructing the hotel. Seems pricey and a waste of time. 

But, if I recall, isn't the hotel a separate project and developer? So, really that would be if they had the same contractor. Not sure if that plays a factor in this project or not. 

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They have the same contractor Cleveland Construction. I don't see any way they stop construction and then restart again on the hotel portion. The hotel developer has been holding out to make a decision which I think is why it has dragged on so long but the way this country has been treating Covid I think the odds it gets built this time around keep getting worse and worse

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1 hour ago, Rufus said:

But, if I recall, isn't the hotel a separate project and developer? So, really that would be if they had the same contractor. Not sure if that plays a factor in this project or not. 

But even then. This projects was always planned to be built with the hotel at the same time. This is not like the Mint Museum and Museum tower where the plans were for construction of one and the other can just be added with no interruption. This is the complete opposite. 

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Don't know if this belongs in Bad News or here: https://www.bizjournals.com/charlotte/news/2020/11/20/intercontinental-atop-theater-on-hold.html

Construction of InterContinental Hotel atop historic theater in uptown on hold

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By Erik Spanberg  – Managing Editor, Charlotte Business Journal
Nov 20, 2020, 3:30pm EST
The start of construction for the planned, 257-room InterContinental Hotel atop the renovated Carolina Theatre in uptown has been indefinitely delayed, the Charlotte Business Journal has learned.
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