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33 minutes ago, KJHburg said:

This is BIG news uptown.  This is owned by Wells Fargo and could lead to redevelopment of the 1970s 32 story formerly Two Wells Fargo building.  Hopefully into residential and this whole block is for sale! 

""A 3.4-acre block of uptown Charlotte is for sale in what could be a prime redevelopment opportunity for the city's central business district.

Dallas-based real estate firm CBRE was hired to market Two Wells Fargo at 301 S. Tryon St., which includes a 30-story office tower currently occupied by Wells Fargo & Co. (NYSE: WFC), as well as an 11-story office building, the plaza fronting the tower and the building atrium. The property, totaling 834,563 square feet, hit the market yesterday.""

https://www.bizjournals.com/charlotte/news/2023/06/01/wells-fargo-looks-to-sell-prime-uptown-property.html

if only biz would credit the people who actually broke the story :(

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2 hours ago, RANYC said:

Are we sure biz doesn’t have its own direct line of communication with CBRE and received the info at same time as a certain instagrammer?  Having perhaps a slower process to post doesn’t necessarily mean you were slower to get the info from transaction participants.

It was dug up, not received, and CBJ reacted many hours later, so that's how he knows. 

Edited by CLT Development
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16 hours ago, RANYC said:

Are we sure biz doesn’t have its own direct line of communication with CBRE and received the info at same time as a certain instagrammer?  Having perhaps a slower process to post doesn’t necessarily mean you were slower to get the info from transaction participants.

Nah, in this particular instance it wasn't a press blast or anything. It was definitely a reaction story and CBJ is pretty notorious for posting 'after the fact' stories that they had to jump on cause they were late to  but give no credit. 

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49 minutes ago, J-Rob said:

I don't think this is posted elsewhere, but forgive me if I missed it. We will see if this competition makes a difference, but @KJHburg, it seems like CCCP agrees with your thinking.

I appreciate them acknowledging the problem and trying something new.

reimagining-uptown.PNG.6d31c596a57b8cf349c953eec0624da6.PNG

https://www.bizjournals.com/charlotte/news/2023/06/02/center-city-partners-uptown-office-plans.html

I am glad CCCP  is doing this as they realize their is an issue.  I would be contacting all those Dallas developers who are doing this and have done this in many office towers in downtown Dallas built in the 1970s and 1980s.  I read biz news from all over especially in our peer cities as trends hit and problems hit Dallas and Atlanta before they do here and we can learn from them.   First up it seems the Wells Fargo tower and then maybe others.    I wish UNCC would take a block of space in one of these office towers for classrooms as it would be cheaper than building a new building.  

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On 6/1/2023 at 3:06 PM, KJHburg said:

This is BIG news uptown.  This is owned by Wells Fargo and could lead to redevelopment of the 1970s 32 story formerly Two Wells Fargo building.  Hopefully into residential and this whole block is for sale! 

""A 3.4-acre block of uptown Charlotte is for sale in what could be a prime redevelopment opportunity for the city's central business district.

Dallas-based real estate firm CBRE was hired to market Two Wells Fargo at 301 S. Tryon St., which includes a 30-story office tower currently occupied by Wells Fargo & Co. (NYSE: WFC), as well as an 11-story office building, the plaza fronting the tower and the building atrium. The property, totaling 834,563 square feet, hit the market yesterday.""

https://www.bizjournals.com/charlotte/news/2023/06/01/wells-fargo-looks-to-sell-prime-uptown-property.html

That building is really like 3 in one. Weird floorplan, somebody is going to get creative. The A and B section is the taller tower.

 

 

2WFC cropped.png

Edited by Desert Power
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6 hours ago, CharlotteWkndBuzz said:

Where the new residential tower is proposed above…is the current parking deck capable of being built on to support a tower or would they have to demolish that first?

this is all conceptual but I would say the deck would come down when anything new rises there.  This is not the final plan just a concept to show potential investors what could be here. 

 

5 hours ago, Desert Power said:

Thanks for posting that rendering. Hopefully there is still a carve-out for Mimosa to remain there.

that is all to decided and I do think this could years off especially new construction but maybe not for the residential conversion of the office tower.  

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Apparently, demolition of Uptown's main library will begin in late July, with vertical construction starting in January.  The library is targeted to open in 2026 now, but the article in Axios shares the possibility of delays.  The article also mentions no comments have been received from Metropolitan Development Partnership.  The new library's costs have now ballooned to nearly $200 million, and additional funding will be requested in the 2024-2028 capital plan.

Libraries are certainly nice, and NC State's library which focuses on research and quiet spaces for study is one I'd love to model in Uptown, but at nearly $200 million, does anyone else feel that these funds might have been better spent on Discovery Place?  Or perhaps smaller, themed Uptown Libraries, like a Science Library versus a Business and Industry Library versus an Arts and Humanity one?

Also, does anyone else share my growing doubts about Metropolitan and whether it will follow through on 7th and Tryon?

Edited by RANYC
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9 hours ago, KJHburg said:

Story about the efforts to start converting un-used office towers uptown to residential.  I am glad we are getting on top of this finally as it is a problem but also an opportunity.

https://charlotte.axios.com/324795/charlotte-uptown-office-residential-conversion-housing/  from Axios Charlotte

 

Dallas is a leader in this in terms of same era of office buildings being converted to residential.  It is easier to convert older historical properties to residential but we are talking 1970s to early 90s building which is what Dallas is doing.

https://www.axios.com/local/dallas/2022/08/17/downtown-dallas-offices-apartments

https://therealdeal.com/texas/dallas/2023/03/17/office-to-resi-bringing-1500-homes-to-dallas/

examples in downtown Dallas https://www.gables.com/communities/texas/dallas/gables-republic-tower/   36 story 602 foot tall tower built in 1954

they have multiple others in progress including the 56 story Renaissance Tower.   Some of the office building they are converting some of the floors to apartments but not all. 

 

I am glad Gensler has come up with a way to evaluate this towers for conversion which can help building owners make decisions.  

I hope Gensler's algorithm also advises on the optimal financing plan and financing providers for a potential conversion project!

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19 minutes ago, RANYC said:

I hope Gensler's algorithm also advises on the optimal financing plan and financing providers for a potential conversion project!

that maybe beyond their wheelhouse but would be good to know.  I say CCCP should contact some of those developers in Dallas.  

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1 hour ago, KJHburg said:

that maybe beyond their wheelhouse but would be good to know.  I say CCCP should contact some of those developers in Dallas.  

Is Dallas giving incentives?  

No offense, but our downtown is so much more of a draw than Dallas'

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