Misc. Uptown Projects/News

[CLTProductions]

http://www.bizjournals.com/charlotte/blog/real_estate/2015/01/charlotte-center-city-partners-expanding-extending.html

 

I thought we already knew this but whatever, CCCP is expanding and extending in 200 S Tryon.

[rugger62]

Yesterday's Charlotte Talks was titled Charlotte's Urban Core And Economic Development. 

 

Guests
Michael Smith - President and CEO, Charlotte Center City Partners

Tom Murray - CEO, Charlotte Regional Visitors Authority

John Boylan - President, Spectrum Carolinas

Terry Shook - Partner and Principal, Shook Kelly

They were discussing the state of the center city report. Good 51 minute listen. 

[15895]

Yesterday's Charlotte Talks was titled Charlotte's Urban Core And Economic Development.

Guests

Michael Smith - President and CEO, Charlotte Center City Partners

Tom Murray - CEO, Charlotte Regional Visitors Authority

John Boylan - President, Spectrum Carolinas

Terry Shook - Partner and Principal, Shook Kelly

They were discussing the state of the center city report. Good 51 minute listen.

Anything of interest during it?

[rugger62]

Anything of interest during it?

Nothing special for UP'ers. It was nice listening to them talk about development in general. I still don't think there is a real vision for the city right now, but these guys seem to be at least steering us in the right direction and making sure that we are addressing areas of opportunity (hotel development & convention center were topics of discussion).

 

The best part was talking about the number of developments going on in South End and Uptown this year - I think they said 28 projects with construction in 2015. Crazy. 

[pgsinger]

I listened to this at lunch.  It was 51 minutes and pretty interesting.  Below are some highlights with estimated time marks for each comment.

 

18:00  - Hotels/Conventions

- Discussion on the lack of hotel rooms and its impact on getting conventions.  

- Due to not enough available rooms we lost "120 convention projects" that would have accounted for "198,000 hotel rooms."

- We need larger blocks of rooms, and there is tremendous demand for hotel rooms.

- We do not lose conventions due to a lack of retail, but it is a critique that we frequently get from convention reps.

- (Discussion of 1,000 room hotels at 49:00.)

 

20:00 - NASCAR HOF

- Over 300 events last year at the NHOF.

- "Almost every convention had their signature event there."

- 93% of the debt is still being paid via the Convention Center Tax (I believe they are referring to the entire redevelopment of this area, including the addition to the convention center).

 

28:02 - Office Space

- 5.8% office vacancy, most CBD's have 10-14% vacancy in office.

- Not enough vacancy to win relocations.

- Discussion of 300 S. Tryon (29:30).

- 300 S. Tryon will be open Q1 or Q2 of 2017.

 

35:00 - Retail in Uptown

 

38:00 - Parks & Rail Trail

- General discussion of parks in Uptown and the Rail Trial.

 

41:00 - Residential Development in Center City

- 28 projects under construction or announced.

- Pressure for condos and owned units is returning (44:30)

 

 

46:00 - Next Frontiers

- West Side

- Applied Innovation Corridor (N. Tryon, between the Blue and [proposed] Red lines).

Edited January 31, 2015 by pgsinger

[dubone]

I don't think they even want to pretend those neighborhoods exists until Michael Smith can get tax revenue from them.  Gotta have those special tax districts to fund CCCP.  

I'm not sure Michael Smith has ever heard of 4th or 1st Wards, and they do collect a special tax from us.  They even tried to wipe the neighborhoods off the map with their terrible renaming schemes.

 

In fact, the only upgraded signage  4th Ward had was the nice little street signs and they have been slowly removed by Pike/Duke when they replace the streetlight poles with plastic ones and "do not allow street signs on them".  so they literally removed and threw them away.    The corner at Al Mikes now has no signs showing street names, let alone of the pretty framed ones.   

 

That type of upgraded neighborhood identity upgrades were originally were the what CCCP and Historic South End Partners were there for.  

[CLTProductions]

http://www.bizjournals.com/charlotte/blog/real_estate/2015/01/charlottes-apartment-vacancy-rate-increases-to-5-1.html

 

Apartment vacancy has increased to 5.1% in the 4th qtr. About 1% higher than the national average, but this is clearly due to the amount of units coming online vs absorption. Still worries me for the future with ALLLLLLLL the units coming online.

[RaleighHeelsfan]

"- 5.8% office vacancy, most CBD's have 1014% vacancy in office"

 

This blows my mind. This is exactly why companies are coming to the suburbs and not uptown.  We need someone to build large office towers uptown. The rest will fall in place. Build them and they will come.

[tozmervo]

^^ I saw some note recently that it was anticipated apartment vacancy rates would peak between 9-10%, but would get absorbed quickly with continued population growht

Edited January 29, 2015 by tozmervo

[CLTProductions]

"- 5.8% office vacancy, most CBD's have 1014% vacancy in office"

 

This blows my mind. This is exactly why companies are coming to the suburbs and not uptown.  We need someone to build large office towers uptown. The rest will fall in place. Build them and they will come.

I thought that this was maybe a typo and meant 10.14 lol but maybe not

[RaleighHeelsfan]

I thought that this was maybe a typo and meant 10.14 lol but maybe not

 

 

I am sure that is a typo. But still, companies are not relocating uptown because there is no where to relocate to. But there is in South End, Ballantyne, etc.

[dubone]

http://www.bizjournals.com/charlotte/blog/real_estate/2015/01/charlottes-apartment-vacancy-rate-increases-to-5-1.html

 

Apartment vacancy has increased to 5.1% in the 4th qtr. About 1% higher than the national average, but this is clearly due to the amount of units coming online vs absorption. Still worries me for the future with ALLLLLLLL the units coming online.

That's not ideal, but it could be that rents could come down a bit with competition and keep the absorption strong. 

[Guest]

I thought that this was maybe a typo and meant 10.14 lol but maybe not

SUPPOSED TO BE 10-14%

[CLTProductions]

There was something submitted to Accela at 214 N TRYON ST & 204 N Tryon Street

 

204 North Tryon Restaurant
upfit 

&

Sea Level Restaurant
patio addition and upfit

 

This is that empty space between RiRa and Sip. I am excited this is going to be a restaurant WITH a patio YAY! But does anyone know what this is???? not really sure where they could or would add a patio as the 214 address is the Hearst plaza type thing....maybe it wraps around?

Edited January 29, 2015 by Jayvee

[dcharlotte]

That's not ideal, but it could be that rents could come down a bit with competition and keep the absorption strong. 

 

Wait until May and June when kids from every college in the state graduate and need a place to live in the city - many are choosing Charlotte over suburban Raleigh. 

[InitialD]

...choosing Charlotte over suburban Raleigh.

You should hop over to the Raleigh forum and see the ton of downtown residential developments going on in Raleigh.

[Windsurfer]

Anyone have any idea what's going up next to YMCA on Morehead?  We just had a prospective tenant currently renting there who was given a notice that the building will be demolished soon.

[Guest]

Anyone have any idea what's going up next to YMCA on Morehead?  We just had a prospective tenant currently renting there who was given a notice that the building will be demolished soon.

This bad boy.

[Niner National]

Wait until May and June when kids from every college in the state graduate and need a place to live in the city - many are choosing Charlotte over suburban Raleigh. 

My experience is that NC State kids tend to stay in Raleigh. ECU kids mostly stay in Raleigh too.

 

Charlotte kids stay in Charlotte. UNC kids move to Charlotte. Clemson and USC kids largely come to Charlotte as well (or Atlanta).

 

Regardless, there are thousands of kids that will be looking for places to live in the city in the near future.

[CLTProductions]

I've been keeping up the List of tallest buildings in Charlotte section on wiki, and just looking at the Planned section has me SOOO excited. It's amazing how many buildings we got coming our way!! (feel free to correct my heights if I'm off)

 

1. Tryon Place - approx. 460 ft

2. 300 S Tryon - approx 500 ft

3. Epicentre Hotel - approx 284 ft

4. Portman Office - approx 300 ft.

5. The Bearden - 328 ft 

6. Mint Museum Apartments - approx 460 ft

7. Skyhouse II - 273 ft 

 

 

BRING ON THE CRANES

[atlrvr]

http://www.charlotteobserver.com/2015/02/02/5489121/cmpd-central-division-to-relocate.html

 

^  Very interesting.  BofA is not renewing the lease for the Central district police office.  This is in the blue/grey building mid-block surrounded by surface parking along 7th betweeen Tryon and College.

 

Sounds like something is in the work here.  Clearly this is the best site for a new office builing north of Trade st.....hope that's whats in the works.

[Miesian Corners]

My experience is that NC State kids tend to stay in Raleigh. ECU kids mostly stay in Raleigh too.

 

Charlotte kids stay in Charlotte. UNC kids move to Charlotte. Clemson and USC kids largely come to Charlotte as well (or Atlanta).

 

Regardless, there are thousands of kids that will be looking for places to live in the city in the near future.

My experience is that college graduates go where jobs are.  Charlotte, Raleigh, Austin, Dallas, Ft Worth, Washington, DC

[CLTProductions]

http://www.charlotteobserver.com/2015/02/02/5489121/cmpd-central-division-to-relocate.html

 

^  Very interesting.  BofA is not renewing the lease for the Central district police office.  This is in the blue/grey building mid-block surrounded by surface parking along 7th betweeen Tryon and College.

 

Sounds like something is in the work here.  Clearly this is the best site for a new office builing north of Trade st.....hope that's whats in the works.

Wow! Very interesting, that would certainly be a FANTASTIC location. I always feel that lot is such a waste, and thats interesting BofA had the lease on it, rather than...oh I dunno, the city lol.

[atlrvr]

^ BofA owns the land and building (which also used to contain an art gallery, but that closed a while ago)  BofA leased the building to the City, but is no longer will to extend that lease.  I think that indicates they suspect that either the building will get demoed relatively (within a couple of years) soon, or the City wanted a longer term lease, and BofA wanted the flexibility to do something sooner if they found someone interested in the land.

 

I'm actually optimistic that they themselves are considering anchoring more office space.  This is the last bit of land they control that is suitable for office, except for some of the massive parking decks fronting the LRT.  I would be somewhat suprised for them to sell it to an investor, because in the grand scheme, it's relatively meaningless in terms of $$$, but highly valuable as maintaining that option if they ever wanted to either expand, or just shuffle/condense employees in Charlotte.

[RugbyPike#11]

My understanding is that the big banks don't tend to own much real estate anymore.  Illiquid assets like uptown real estate aren't good for the ol' Basel capital ratios.

 

They might finance and anchor a new office tower, but they would probably sell the property and sign a long-term lease.