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Belk Place: Carolina Theater and Hotel Intercontinental


Andyc545

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On 1/14/2023 at 1:31 PM, Mid South NC said:

Yes, but construction work has been heavily concentrated on the interior for the past year. 

And when you look inside through the glass, you see nothing but the metal frames, no walls, and no floor. Barely any lights. What interior work are you referring to? inside the older portion?

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5 hours ago, j-man said:

And when you look inside through the glass, you see nothing but the metal frames, no walls, and no floor. Barely any lights. What interior work are you referring to? inside the older portion?

Yes. The front lobby is a cake walk compared to what's going on in the theater space. 

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14 minutes ago, RANYC said:

I didn’t think this was new, and given no dates were incorporated in the post, it felt like more of a reminder than a new “development.”

Considering that when I attended the "topping off celebration" (a year ago probably) as a member of the media the Project Supervisor  said they were not contracted for the hotel construction, this is a big departure from that stance. We shall see.

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6 minutes ago, CLT Development said:

Considering that when I attended the "topping off celebration" (a year ago probably) as a member of the media the Project Supervisor  said they were not contracted for the hotel construction, this is a big departure from that stance. We shall see.

I’m doom and gloom and doubtful anything like this gets financed until we’re past debt ceiling debate or debacle in mid to late summer.  I speculate we will continue to wait on construction on this.  I will celebrate if I’m wrong as I’d like an intercontinental in uptown. 

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1 hour ago, RANYC said:

I’m doom and gloom and doubtful anything like this gets financed until we’re past debt ceiling debate or debacle in mid to late summer.  I speculate we will continue to wait on construction on this.  I will celebrate if I’m wrong as I’d like an intercontinental in uptown. 

The debt ceiling issue pertains to whether the federal government will pay its creditors.  How does that impact this project?  Is federal funding involved in this hotel project?  (Sorry if I have missed some of the conversation.)

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14 hours ago, JacksonH said:

The debt ceiling issue pertains to whether the federal government will pay its creditors.  How does that impact this project?  Is federal funding involved in this hotel project?  (Sorry if I have missed some of the conversation.)

If the US defaults on its debt, and the 23 trillion dollar US treasury securities market can no longer be perceived as risk-free, it will potentially have a ripple effect on funding markets and Main Street, the likes of which we’ve never seen before.  Treasuries are held by every bank, money market funds, pensions, insurance companies, individuals, foreign governments and banks, central banks, and so many others.  They’re held as collateral on so many lending transactions.  

The carrying values of treasury securities assume their risk-free nature, and yields implied by their cash flows become reference rates on most types of borrowing that happen in our economy.  Embedded or inherent in the interest rate on almost any kind of loan is a risk-free rate  that then layers on premiums depending on the riskiness of the borrower and the loan's lifespan. 

Do those assumptions get thrown out the window with a US default? Do banks have to write down the value of their loan assets because the baseline rate on which they set loan rates is now premised on a false assumption?  Treasury yields are referenced everywhere in capital markets, and if the assumptions underlying them are called into question with a default event, it potentially freezes capital used to finance everything you see around you.

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