Who is going to buy all the Condos, (Part II)

[Niner National]

That's like the exact size of the 1st ward urban village... Only other thing I could think of is the Village at Lake Norman, and I'm not sure if thats within the Charlotte City Limits.

Would be nice to knock out all those parking lots in First Ward.

[dubone]

First Ward Urban Village is like clean coal technology. It will always be a couple of years away.

[SmellyCat]

I hear you. I'm hoping patience pays off and it's done correctly - "build it and they will come" has proven not such a great strategy. And look at what happens when things built when the market isn't so hot - they get value engineered and disappoint, like the Vue.

[HopHead]

CK Mint Street LLC has bought a piece of uptown property near Bank of America Stadium. It's listed at: 355 Martin Luther King Blvd. If Google Maps is correct, this is the parking lot next to the Catalyst apartment tower (where the hotel building was supposed to go?). The group is said to be "studying" the piece of land for multi-family uses. Based on the size of the lot, I suspect we could get a nice apartment tower out of it...

EDIT: I saw another article in the Charlotte Biz Journal today that indicated they will be building an 11-story apartment building on this site (yawn). A little disappointing as I think they could build something at least twice that size and still fill it up without much of a problem. Construction to start later this year.

Edited January 13, 2012 by dbull75

[kermit]

I have lost track of new apartment announcements here so forgive me for duplication. The same CBJ article that dbull refers to also discusses a purchase by Faison adjacent to Gateway center (West 4th and Johnson and Wales way) where they plan a "$2.3 million 250 unit complex"

The article also recaps some other multi-family projects most of which we have already discussed in the Southend midrise thread:

Southline apts: 11 acres, 280 units

Woodfield Silos (the old Silos site) 280 units

Fountains at New Bern: 208 units

Colonial Partners South blvd and Poindexter site (which just got permits according to atlrvr) 353 units

If all this actually gets built we are looking at an additional 2 - 3 thousand new people living in uptown / Southend from these projects.

Edited January 13, 2012 by kermit

[HopHead]

I finally read through the article. Apparently there are plans for over 7,200 more units in Charlotte according to Real Data. Charlotte absorbed 5,000 units in just the last year, with vacancy down to 7.2%. The big national trend is "core urban infill" type developments from what some developers were quoted as saying, which is perfect for uptown given the abundance of land. It will be nice to see some parking lots disappear.

[Niner National]

I have lost track of new apartment announcements here so forgive me for duplication. The same CBJ article that dbull refers to also discusses a purchase by Faison adjacent to Gateway center (West 4th and Johnson and Wales way) where they plan a "$2.3 million 250 unit complex"

If they're building 250 units on $2.3 million, they must be building it out of used card board boxes.

[kermit]

If they're building 250 units on $2.3 million, they must be building it out of used card board boxes.

my bad, they purchased the lot for $2.3 million, there was no construction cost provided.

[DCMetroRaleigh]

yep, seems like there is a nationwide apartment booming going on now

[Guest]

Can someone compile a list of the apartments being developed?

[Guest]

Man, Woodfield seems to be going crazy lately. I have heard about at least 4 projects with their name tagged on. Now they are partnering with a Orlando Developer to buy 13 acres "SOMEWHERE IN CHARLOTTE" to develope 297 multifamily garden style apartments. Makes me go HMMM, everything else so far is not a secret, so its weird to find out about another piece of land going to multifamily. Anyone have a scoop?

http://cltdevelopment.blogspot.com/2012/01/more-apartments-planned-for-charlotte.html

[CLTNative]

Could this be Morningside? Woodfield seems to like Plaza Midwood. Plus the property is primed and ready for construction. Didn't someone involved with the Sunnyside apartments previously post on here?

[Guest]

Could this be Morningside? Woodfield seems to like Plaza Midwood. Plus the property is primed and ready for construction. Didn't someone involved with the Sunnyside apartments previously post on here?

It could be, however Woodfield has been involved in one new Downtown project (Stonewall and McDowell) and two SouthEnd Projects (woodfield silos and another one (name escapes me)) a lot lately and 13 acres would only take up 1/3 of the Morningside Village Land. I would definitely LOVE to see Morningside Village pop up again! With that said, I would expect new residential to center around the South End area for the time being.

[southslider]

With that said, I would expect new residential to center around the South End area for the time being.

I'd say the new wave centers around Uptown in many of the "first-ring" neighborhoods, not just South End.

NoDa has new rezonings all over the place, most notably the Mercury NoDa, which will be apartments, instead of condos.

Elizabeth has Elizabeth Square (2008) and Metro 808 (2011), plus Winter Elizabeth (2013) and Grubb Elizabeth Village (?).

Midtown just saw the announcement of Levine (2013) joining the Met.

Dilworth has Latta (2005) and Camden (2007).

Wesley Heights/Bryant Park has a new rezoning off West Morehead.

North End also has many rezonings, though Double Oaks appears to be the only project moving forward anytime soon.

Edited January 26, 2012 by southslider

[Urbanity]

^^^ I agree with Southslider.

[Guest]

I'd say the new wave centers around Uptown in many of the "first-ring" neighborhoods, not just South End.

NoDa has new rezonings all over the place, most notably the Mercury NoDa, which will be apartments, instead of condos.

Elizabeth has Elizabeth Square (2008) and Metro 808 (2011), plus Winter Elizabeth (2013) and Grubb Elizabeth Village (?).

Midtown just saw the announcement of Levine (2013) joining the Met.

Dilworth has Latta (2005) and Camden (2007).

Wesley Heights/Bryant Park has a new rezoning off West Morehead.

North End also has many rezonings, though Double Oaks appears to be the only project moving forward anytime soon.

In the list above there is only one a couple of projects in the current apartment boom in the city. I do agree that all of the inner ring suburbs in Charlotte are ripe for development. All I am saying is there is a TON of spaces in South End that have changed hands because the projects that were supposed to be built on them have failed. We have had 4 spaces in South End Change hands to Apartment Developers in the past 6 months (Southhaus is going to be an animal hospital ). There are 6-7 apartment projects in the works along the LRT, and more to come. Thats the only reason I made the statement above.

[southslider]

^Sure, South End has the most projects, all within a fairly short time frame. But that's also due largely to the availability of land, or ease of site assembly, combined with an ease in entitlements, or the City's support and approval of many TOD rezonings.

It would be short-sighted to think it's because South End is greatly more desirable than the other "first ring" neighborhoods. Elsewhere in that "first ring," rezoning can be more controversial, and land assembly more expensive.

Of course, South End's abundance is also its risk. The other "first-ring" areas, by having fewer deliveries, then also have faster absorption and fewer vacancies.

And since there was pent-up demand for urban product before the Great Recession, it's hard to tell, right now, if even all of these deliveries in South End are too many or too few. Additionally, current demand is likely even more inflated by the home ownership crisis.

Ultimately, this recent explosion of multi-family could speed up gentrification and the inversion of Charlotte. However, too much supply may also quickly filter, once the housing crisis stabilizes.

Edited January 26, 2012 by southslider

[kermit]

I do recognize that it is an entirely different market but Raleigh appears to have worked through its glut of downtown condos.

http://www.bizjournals.com/triangle/news/2013/04/18/supply-of-downtown-raleigh-condo-falls.html?ana=e_du_pap&s=article_du&ed=2013-04-18&u=jDmEk+CKbYnAvaVfOFOlFGXcGSC

 

Absorption is currently between 8-9 units per month and inventory is down to four months.

 

I wonder if condo demand is about to turn in uptown.

[Guest]

From what i understand demand has already made that turn. 

I do recognize that it is an entirely different market but Raleigh appears to have worked through its glut of downtown condos.

http://www.bizjournals.com/triangle/news/2013/04/18/supply-of-downtown-raleigh-condo-falls.html?ana=e_du_pap&s=article_du&ed=2013-04-18&u=jDmEk+CKbYnAvaVfOFOlFGXcGSC

 

Absorption is currently between 8-9 units per month and inventory is down to four months.

 

I wonder if condo demand is about to turn in uptown.

[kermit]

From what i understand demand has already made that turn. 

 

I love it when news breaks here.....

[Guest]

I love it when news breaks here.....

LOL, I'm not breaking any news, but demand for condos is on the upswing, inventory is selling well at least from what I've gathered from Friends in Real Estate in Charlotte.

[go_vertical]

So is it reasonable to think that we might start to see some small scale condo projects announced in the near future or will it still be a while before the shell shock wears off?

[Guest]

So is it reasonable to think that we might start to see some small scale condo projects announced in the near future or will it still be a while before the shell shock wears off?

They are already out there, with places like the townhomes on euclid, and these will probably be the norm for a couple years. Its going to take a lot of confidence for people to start building highrise condos again.

 

But, IMHO thats not at all bad news. As much as us urbanophiles want big skyscrapers and the likes, really healthy urban neighborhoods are filled with this kind of development. 

[go_vertical]

I agree completely. I'll take a beautiful, gleaming tower any day of the week, but the much more human scale neighborhoods with 5 - 10 story buildings are almost always where the vibrancy is.

[dubone]

... (Southhaus is going to be an animal hospital ).

 

 

The site that Southhaus was once planned to is an expansion of Long Animal Hospital, that appears to be nearly finished with its structure and some facade.  I am a resident of uptown, but we do not have that service within uptown, so this is my vet.  Certainly there is a small vet in Plaza-Midwood, and some others in the middle suburbs.  We do need to keep these types of services in the inner ring, and the facilities at Long were vastly outdated (hehe, literally everything from tile to furniture to building facade were beige).  Once some of the terrible old commercial buildings that represented the 'corridor of crap' as Patty McCheese used to call it are vacated and upgraded with pedestrians and affluent customers in mind, it will be a much more aesthetically improved area of town.   Their old/current place is across from the planned Publix, so it could potentially be swooped up and combined with other underutilized parcels for related retail growth and revitalization.

 

 

EDIT: Teehee.  Dang slow-loading browser, I didn't see that was from 16 months ago.