Misc. Uptown Projects/News

[ES Charlotte]

I just discovered this too, its cut my productivity almost as much as this forum has. If only it was that easy to create buildings here in CLT.

 

In other news, a few uptown projects seem to have fallen completely silent, which is a bit of a bummer, but does anyone know if there are any updates:

- 5th St. building outside of Connelly's

- Boutique hotel in the Ivey

- BofA Plaza retail retrofit

 

- not sure about connelly's

- Demolition is happening a the Ivey

Spoke with the owner of the 4th ward bread co recently. They're looking at a February/March opening

[CLTProductions]

- not sure about connelly's

- Demolition is happening a the Ivey

Spoke with the owner of the 4th ward bread co recently. They're looking at a February/March opening

Great news about 4th ward!!! Are you sure about Ivey? I feel like its been under "demo" for years.

[ES Charlotte]

Great news about 4th ward!!! Are you sure about Ivey? I feel like its been under "demo" for years.

I know, I need my office back at the bread co!

 

Confirmed it earlier this week with a friend who was discussing permitting. You can also see a bit of work going on when you walk by. I've seen a dump truck on the street once or twice in the last week.

[CLTProductions]

I know, I need my office back at the bread co!

 

Confirmed it earlier this week with a friend who was discussing permitting. You can also see a bit of work going on when you walk by. I've seen a dump truck on the street once or twice in the last week.

That's awesome news as well, I am assuming 4th ward bread co is reopening in the same spot right? They just had to do major renovation work??

[ES Charlotte]

That's awesome news as well, I am assuming 4th ward bread co is reopening in the same spot right? They just had to do major renovation work??

Yeah, they will be in the same spot which is clutch.

[CLTProductions]

Urban Sip at the Ritz is being replaced by The Punch Room, meh I've always felt that space was under utilized but we will see with this one. I guess you can only do so much when the place seats 40.

 

http://www.bizjournals.com/charlotte/news/2015/01/08/uptown-s-ritz-carlton-to-debut-new-nightspot-on.html

Edited January 8, 2015 by Jayvee

[ScottCLT]

Urban Sip at the Ritz is being replaced by The Punch Room, meh I've always felt that space was under utilized but we will see with this one. I guess you can only do so much when the place seats 40.

 

http://www.bizjournals.com/charlotte/news/2015/01/08/uptown-s-ritz-carlton-to-debut-new-nightspot-on.html

I always thought Urban Sip was an afterthought. It just seemed like a couple of hotel rooms with a decent view combined and turned into a bar. That being said, I did love their presentation of whiskey when you ordered one. You order a whiskey, and it comes neat as a decent 2+ oz serving in a glass on a wooden tray with a few large ice cubes and a Voss water also on the tray. So you fix it how you like, not how the bartender thinks you like. I hope they keep this up when the concept changes.

[HopHead]

An article in today's Charlotte Biz Journal talks about the ongoing need for a 1,000+ room convention size hotel.. No real new information other than the fact there is no appetite from local businesses to use tax payer money to get one off the ground (not really a surprise). However, Charlotte, particularly in uptown, has little vacancy during the week. So there is an obvious need for more. While all these 200-300 room hotels that are going up are nice, it does take away from the need for a single large hotel that can accommodate large numbers of people for conventions or events where the employer or sponsor of the event would like everyone under one roof. Given my line of work, I always attend at least a few of these per year. It's much easier from a planning perspective when everyone is in one location versus several. Coordinating receptions, going back to the room during lunch or breaks, etc. This makes places like Indianapolis more appealing in the winter...

 

http://www.bizjournals.com/charlotte/print-edition/2015/01/09/reservations-on-large-hotel-for-uptown-charlotte.html?page=all

[Dale]

An article in today's Charlotte Biz Journal talks about the ongoing need for a 1,000+ room convention size hotel.. No real new information other than the fact there is no appetite from local businesses to use tax payer money to get one off the ground (not really a surprise). However, Charlotte, particularly in uptown, has little vacancy during the week. So there is an obvious need for more. While all these 200-300 room hotels that are going up are nice, it does take away from the need for a single large hotel that can accommodate large numbers of people for conventions or events where the employer or sponsor of the event would like everyone under one roof. Given my line of work, I always attend at least a few of these per year. It's much easier from a planning perspective when everyone is in one location versus several. Coordinating receptions, going back to the room during lunch or breaks, etc. This makes places like Indianapolis more appealing in the winter...

 

http://www.bizjournals.com/charlotte/print-edition/2015/01/09/reservations-on-large-hotel-for-uptown-charlotte.html?page=all

 

Seems like Charlotte has hemmed itself in on convention business. No money to expand the convention center. No money for the kind of hotel the convention business dictates.

[js4life]

^^This is what intrigues me about the observer property, it is big enough to put the 1,000 room hotel& still have room to put significant retail to help subsidize the cost of running it. This property could also be a catalyst to jump start the gold district

[HopHead]

^^This is what intrigues me about the observer property, it is big enough to put the 1,000 room hotel& still have room to put significant retail to help subsidize the cost of running it. This property could also be a catalyst to jump start the gold district

 

Bingo!!

[Guest]

^^This is what intrigues me about the observer property, it is big enough to put the 1,000 room hotel& still have room to put significant retail to help subsidize the cost of running it. This property could also be a catalyst to jump start the gold district

It is almost 3x the size as the Duke Energy Center Site. You can fit a whole hell of a lot on that plot of land.

[15895]

Here is a question for some real estate peeps.

So Lincoln Harris, they bought the land. Now,'typically, when reliable developers like Lincoln Harris purchase a valueable piece of property. Do they buy it with a pretty detailed plan of what they want, do they go in there while in the midst of getting designs And such or do they generally purchase it and start from scratch?

[Dale]

I hope they build something Colonial like they are in SouthPark!

 

*runs away*

[dcharlotte]

Here is a question for some real estate peeps.

So Lincoln Harris, they bought the land. Now,'typically, when reliable developers like Lincoln Harris purchase a valueable piece of property. Do they buy it with a pretty detailed plan of what they want, do they go in there while in the midst of getting designs And such or do they generally purchase it and start from scratch?

 

Something that large they should have a very detailed plan put together. They may be able to purchase the property with their money, but they will need major financing to get anything out of the ground. That said, they are in the business of making money. When the Observer moves out and the building is empty, they will be paying much higher insurance on the property and will have every incentive to get this thing moving. 

 

I wouldn't expect them to close on the building without some firm commitments from financing partners, joint development partners, and a good idea about what exactly they plan to put on the site as given by real estate consultants who are forecasting the market (how much retail, office, hotel, housing, etc. the area and site can support).

 

Then again, this could be a longer term play for them and they just want to get the land for the future. Not likely, but always possible.

 

It also wouldn't surprise me if the article that ran in the BizJournal today about the need for a convention hotel was their working to try to bring attention to this need in the area. They could already be working on a large hotel that wants to come to the site and they need just a little more money to make the numbers work. Most of the conceptual work takes little time to hammer out - it is getting commitments that can take an eternity. 

[kermit]

^ I agree that the Lincoln Harris purchase of the Observer site plus the CBJ hotel article are too symbiotic to be a coincidence.

[HopHead]

My personal dream would be something along of the lines of a Hyatt Regency New Orleans, JW Marriott Indianapolis or Gaylord Hotel in DC...

[pgsinger]

For the 1,000 room requirement and the convenience factor of everyone under one roof that has been mentioned, what do people think about something like Le Meridian and the Sheraton on this or another site?  Specifically, two related brands sharing conference center resources.  Two towers one with 600 room and one with 400 rooms, next to each other but connected by the conference areas.  It would allow to different price points though I imagine you lose some economies of scale. 

 

Clearly the Observer site would be large enough for this...it is also walking distance from BOA Stadium...

[Guest]

For the 1,000 room requirement and the convenience factor of everyone under one roof that has been mentioned, what do people think about something like Le Meridian and the Sheraton on this or another site?  Specifically, two related brands sharing conference center resources.  Two towers one with 600 room and one with 400 rooms, next to each other but connected by the conference areas.  It would allow to different price points though I imagine you lose some economies of scale. 

 

Clearly the Observer site would be large enough for this...it is also walking distance from BOA Stadium...

I'd rather a 1,000 room hotel and a 250 room hotel. The point is being able to reserve a full block of 1000 rooms.

[RiverwoodCLT]

I think you will see 1,000 hotel in the next 2years.   Charlotte wants a NBA all star games here and 2020 RNC convention.   I stay at the Gaylord Opry Land hotel in Nashville last month and it has over 2,950 rooms.  It is 95% booked year round. On the Friday I was there 1,700 checked in.  If Charlotte wants to take the next step to host large events, it will need a 1,000 room + hotel.

[tozmervo]

...and hopefully in a better location than off a suburban freeway connected to a Mills mall. #oprylandslam

[kermit]

The downside of the Observer site for a convention hotel is that it is a sub-optimal distance from the convention center. On the plus side, it could funnel LOTS of pedestrians through the Crescent project as people amble between the hotel and the convention center (if Crescent designs the retail space appropriately).

[Dale]

The downside of the Observer site for a convention hotel is that it is a sub-optimal distance from the convention center. On the plus side, it could funnel LOTS of pedestrians through the Crescent project as people amble between the hotel and the convention center (if Crescent designs the retail space appropriately).

 

Isn't it like a three minute walk ? I realize that's a long way for some people.

[tozmervo]

Corner of Tryon & Stonewall to corner of College and Stonewall (major convention center entrance): 600 feet.

[kermit]

^ yup, just a block (more if hotel on the Church st side). But the inability to market the convention hotel as 'next to' or 'attached to' the convention center will be an issue for some (lots of convention events have shockingly old demographics). Add in the risk of weather (something that event organizers will always consider) and this is not a non issue (even at 600 feet)