Misc. Uptown Projects/News

[kermit]

1 hour ago, go_vertical said:

I believe that block is owned by one of the RR companies and they're in no rush to sell. 

It is. It was part of the switching yard that allowed freight to be transferred from the NCRR to the Charlotte and South Carolina RR. You can still see some rails in the parking lot pavement.

They (the NCRR) was told by their owners (the state of NC) that they needed to sell a specific list of 'non-core assets' about 7-8 years ago. This parcel as well as the one at 3rd street on the tracks were included in that list and it is clear that they no longer have any value to railroading (as the ROW was transferred to CATS). Interesting that nothing has happened to these two lots in that time.

Edited July 24, 2022 by kermit

[atlrvr]

Technically the northeastern 1/2 of the block was owned by N&S, but was sold to White Point Partners 3 years ago.

 

[KJHburg]

2 hours ago, gsutton5 said:

 

Mon that topic, why aren’t there any new condos in Charlotte?

 

I will answer this question.  There is a general reluctance of buildings large number of condos here in Charlotte since the 2 spectacular make that 3 huge failures of condos towers here about 12 years ago.  One was 210 Trade 50 story condo tower at the Epicenter where everyone who had a deposit lost it.  And it was 75% or so presold with deposits.  The Vue was built as condos sold some then the real estate depression of 2009-2010 (and yes it was a depression for the real estate industry deep recession for everyone else) they could not sell all their units went into foreclosure or loan problems and was bought up by Northwood Ravin and turn into rentals.  Some of the few people who bought in there was offered the opportunity to sell back to the new owner and most did but not all.   3rd big condo tower flop was where Skye condo is now.  Lots of people lost money here too.    So only a small boutique low unit number of condo buildings have been built in the last 10 years mainly in Eastover Myers Park and one complex up at Lake Norman in Cornelius.    Rendering of 210 Trade condo tower never built now the site of the AC by Marriott and Residence Inn at the Epicenter 

Edited July 24, 2022 by KJHburg

[gsutton5]

6 hours ago, KJHburg said:

I will answer this question.  There is a general reluctance of buildings large number of condos here in Charlotte since the 2 spectacular make that 3 huge failures of condos towers here about 12 years ago.  One was 210 Trade 50 story condo tower at the Epicenter where everyone who had a deposit lost it.  And it was 75% or so presold with deposits.  The Vue was built as condos sold some then the real estate depression of 2009-2010 (and yes it was a depression for the real estate industry deep recession for everyone else) they could not sell all their units went into foreclosure or loan problems and was bought up by Northwood Ravin and turn into rentals.  Some of the few people who bought in there was offered the opportunity to sell back to the new owner and most did but not all.   3rd big condo tower flop was where Skye condo is now.  Lots of people lost money here too.    So only a small boutique low unit number of condo buildings have been built in the last 10 years mainly in Eastover Myers Park and one complex up at Lake Norman in Cornelius.    Rendering of 210 Trade condo tower never built now the site of the AC by Marriott and Residence Inn at the Epicenter 

Thanks. I’ve heard something to this effect before, I guess I just don’t understand. It feels as though smaller condo units would be popular amongst young folks looking own property in uptown rather than rent. If there’s such a huge demand to rent in south end / uptown / noda, why wouldn’t there be demand to buy smaller units? Idk

[DMann]

KJH, you may have forgotten One Charlotte (?) where the Regions building.

[Blue_Devil]

9 hours ago, gsutton5 said:

Thanks. I’ve heard something to this effect before, I guess I just don’t understand. It feels as though smaller condo units would be popular amongst young folks looking own property in uptown rather than rent. If there’s such a huge demand to rent in south end / uptown / noda, why wouldn’t there be demand to buy smaller units? Idk

Yah, I think we are starting to see smaller condos go up in SouthEnd, but there are just a lot of for sale townhomes as well, many of which offer more for less. 
 

There are new condos going up next to the Burger King in SouthEnd, across the street. I imagine we see more of this scale in SouthEnd filling smaller lots.

[KJHburg]

37 minutes ago, DMann said:

KJH, you may have forgotten One Charlotte (?) where the Regions building.

well that one never got off the ground.   I don't think anyone lost deposits there.   The others started construction and stopped then continued like the Vue and the Skye (which was the only one completed but its first go at it by Pete Verna failed)    Some have said NC has liability laws that make a contractor liable for any defects or damages for a couple of years but that does not explain why condos are built more in the Raleigh Durham market with the same state laws. 

Meanwhile in Durham they are getting a 27 story condo and apartment tower with the condos on the upper floors.  They just completed the One City Center which was the same way condos on top, then apartments and a few floors of office space.  This is the Novus in downtown Durham https://www.thenovus.com/  by the same developer who built One City Center.   Developer website  https://www.austinlawrencepartners.com/portfolio

I think a few condos on top of an apartment tower or hotel would do good in uptown you dont have to build 100s just 20-30 to test to the waters.  But why could we not have a tower like these in Durham??

One thing I would do if I was proposing a condo building here in Charlotte:  set up all the deposits in certified NC trust account with real estate broker or attorney which is what was not done with these big failures in Charlotte (nor it is required to be done that way in NC)  (Plenty of builders take the deposits in their own name)   This way if the condo tower is cancelled or never built people get all their money back.  Pretty sure the Fulcrum condo building on S Tryon which was cancelled no one lost any money on their deposits. 

 

Edited July 25, 2022 by KJHburg

[KJHburg]

Believe me this will happen in the next 5 years in uptown Charlotte.   Somewhere uptown an office building with do a partial or full conversion to residential. 

Taking 10 floors in this 50 story office tower in downtown Dallas and converting to apartments.  

https://www.connectcre.com/stories/dallas-thanksgiving-tower-to-undergo-major-conversion/

[gsutton5]

59 minutes ago, KJHburg said:

Believe me this will happen in the next 5 years in uptown Charlotte.   Somewhere uptown an office building with do a partial or full conversion to residential. 

Taking 10 floors in this 50 story office tower in downtown Dallas and converting to apartments.  

https://www.connectcre.com/stories/dallas-thanksgiving-tower-to-undergo-major-conversion/

Honestly, I think it’s a no brainer, and would be a massive win for the city. I work for Wells Fargo in uptown. The amount of empty space is mind boggling. No idea why they bought the Duke building. The juke box is vertically empty.

[Matthew.Brendan]

1 hour ago, gsutton5 said:

No idea why they bought the Duke building.

Wells Fargo owns (from the beginning) 550 S. Tryon and were leasing it to Duke. Duke has their own building across the street now. WF exited "One Wells Fargo Plaza" aka Jukebox last year.

[Blue_Devil]

2 hours ago, gsutton5 said:

Honestly, I think it’s a no brainer, and would be a massive win for the city. I work for Wells Fargo in uptown. The amount of empty space is mind boggling. No idea why they bought the Duke building. The juke box is vertically empty.

Yah, Wells got the Duke building back in 08 during the Wachovia merge. They were leasing space in 1 Wells Fargo. They also own 2 and 3 Wells and Brevard St.

[gsutton5]

2 minutes ago, Blue_Devil said:

Yah, Wells got the Duke building back in 08 during the Wachovia merge. They were leasing space in 1 Wells Fargo. They also own 2 and 3 Wells and Brevard St.

No wonder my badge didn’t work. Any idea who is now the tenant of the jukebox?

[KJHburg]

4 minutes ago, Blue_Devil said:

Yah, Wells got the Duke building back in 08 during the Wachovia merge. They were leasing space in 1 Wells Fargo. They also own 2 and 3 Wells and Brevard St.

the former Duke Energy Center was started as the Wachovia Corporate Center when that bank merged with Wells Fargo it was the new owner of the building.  But it was built for Wachovia and not anyone else.   Wells put a pause on the occupying most of the space and it was meant for the top execs at Wachovia on the top floors.  So Duke leased space.  But this was built for Wachovia/Wells not anyone else  and as Duke moves out they will take over all their space.  One Wells Fargo has not been owned by the bank in years and years and they had a sweetheart deal on lease rates and when it ran out they moved out LOL.  301 South College aka jukebox is a great class A building that I believe will remain office.  Others may not but that one will.   Wells does indeed own 2 and 3 Wells Fargo towers.  

Edited July 27, 2022 by KJHburg

[CLT Development]

Very Misc, because there is no South End high rise thread, but I now know of 20 buildings in various stages of planning that have not made it to the media yet for whatever reason. Time will tell what happens with them though, because the market is definitely slowing.

Edited July 28, 2022 by CLT Development

[KJHburg]

Here is the One Wells Fargo now known as 301 South College which is about half full with Wells emptying out of many of the lower floors.  However the refresh there are doing makes it look great.    Even the Back to the Future clock tower is getting some kind of makeover.  

[atlrvr]

WF extended their lease for 200,000 sq ft through 2032, but yes, a significant downsize from the 685k they had a few years back.

[CLT Development]

3 hours ago, KJHburg said:

Here is the One Wells Fargo now known as 301 South College which is about half full with Wells emptying out of many of the lower floors.  However the refresh there are doing makes it look great.    Even the Back to the Future clock tower is getting some kind of makeover.  

 

 

Its getting torn down for a mature tree, the entire plaza will be getting a giant makeover.

[CharlotteWkndBuzz]

Delete. Topic was discussed in Photos

Edited July 28, 2022 by CharlotteWkndBuzz

[JRCLT]

Its getting torn down for a mature tree, the entire plaza will be getting a giant makeover.

Rip clock. It isn’t making to the future.

[KJHburg]

6 hours ago, CLT Development said:

Its getting torn down for a mature tree, the entire plaza will be getting a giant makeover.

something like this found this on Loopnet

[j-man]

9 hours ago, KJHburg said:

something like this found this on Loopnet

This is definitely needed. That area looked so depressing and nasty. 

[CLTProductions]

3 hours ago, j-man said:

This is definitely needed. That area looked so depressing and nasty. 

Where do those stairs go? 

[Guest]

28 minutes ago, CLTProductions said:

Where do those stairs go? 

Our new subway of course 

[kermit]

8 hours ago, CLTProductions said:

Where do those stairs go? 

Quote

Trade Street Subway. Board here for:

• Silver Line to Belmont (via Airport, Terminal A) - Stallings 
• Gold Line to I-85 - Eastland Commons 
• Purple Line to Hoskins (via Seversville) - Derita (via Graham st) 
• Grey Line to Ballantyne Commons (via Southpark) 
• Transfer at Gateway for Red Line to Mooresville - Clover (via Rock Hill)
• Transfer at Gateway for Yellow Line to Shelby (via Kings Mountain) - Spencer
• Transfer at Gateway for Green Line to Lincolnton (via Mount Holly) - Monroe (via Matthews)
• Transfer at CTC for Blue Line to Ballantyne Commons (via Pineville) - Speedway (via UNCC)
• Transfer at CTC for Aquamarine line to Matthews (via Cotswald) - Carowinds (via Airport Terminal B and River District)
• MetroRapid to N. Meck Communities at street level

CATS pass valid on any line. CATS pass may also be used on Amtrak to Greenville, Columbia, Greensboro and Hickory (via Salisbury)

Bike racks available on all service

Quoted from the sign on the obelisk above the staircase (you gotta zoom wayyyy in and say ‘computer enhance’ out loud several times).

Edited July 29, 2022 by kermit

[Reverie39]

On 7/28/2022 at 10:25 AM, CLT Development said:

Very Misc, because there is no South End high rise thread, but I now know of 20 buildings in various stages of planning that have not made it to the media yet for whatever reason. Time will tell what happens with them though, because the market is definitely slowing.

We do have one actually