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SouthEnd Midrise Projects


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So the "Ribbon Cutting Ceremony" of the new SouthEnd Park will be October 25th.

 

Confused_dog.jpg

I wasn't aware that it was finished? 

 

​Oh never mind... Its a ceremony to celebrate the official naming of the parking, which will be "Wilmore Centennial Park" Weird, why would they have a ribbon cutting for something that hasn't started being built yet. 

Confused_dog.jpg

 

Even weirder than that, the park won't be built for another 2 years according to this.

http://www.historicsouthend.com/ai1ec_event/wilmore-centennial-park-at-south-end-ribbon-cutting/?instance_id=

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I always thought this was a very odd project. It has an extremely long construction timeline, the plot it's on is tiny, it's not exactly surrounded by the best area. Maybe the 2 years makes sense for completion as it allows the area to continue to be cleaned up?

Edited by Jayvee
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I always thought this was a very odd project. It has an extremely long construction timeline, the plot it's on is tiny, it's not exactly surrounded by the best area. Maybe the 2 years makes sense for completion as it allows the area to continue to be cleaned up?

Could be, but like RDF said it's kind of strange. They're already having a ribbon cutting ceremony for the name of a park that construction isn't even expected to start for another 2 years. Maybe construction will start sooner? We'll see what happens with it.

Edited by NCMike1990
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I went to a launch party a couple of weeks ago for a new development breaking ground over by Unkown Brewing. Luxury units, 3 bedrooms, start in the high $300ks.


Below is a link to a new townhome project I'm involved with in Southend. Lumina Townhomes on Church is a 13 unit project that includes 3 bed 3 bath, 2 car garage and all are over 2000 square feet. The townhomes start at 395k with construction starting in a few months and completion in Summer of 2015. The project was just announced and interest is already very high. 

 

http://www.luminatowns.com

 

yeah. Thats the party I went to. Very cool. I will definitely have clients interested in this when it nears completion.

Edited by kateinuptown
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I went to a launch party a couple of weeks ago for a new development breaking ground over by Unkown Brewing. Luxury units, 3 bedrooms, start in the high $300ks.

 

yeah. Thats the party I went to. Very cool. I will definitely have clients interested in this when it nears completion.

Count me in as one of the interested parties. Any idea how easily town homes like these tend to Rent in Charlotte? I've been considering purchasing one as an investment. 

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Count me in as one of the interested parties. Any idea how easily town homes like these tend to Rent in Charlotte? I've been considering purchasing one as an investment. 

 

We currently have 4 out of the 13 under contract.   They are now in the permitting phase and hope to begin construction soon, with completion in Summer 2015.

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Count me in as one of the interested parties. Any idea how easily town homes like these tend to Rent in Charlotte? I've been considering purchasing one as an investment. 

 

This is just my opinion, as no one can predict what will happen, but with the number of people moving into Charlotte and the amount of rentals I am doing, the rental market seems to be going strong. That being said, three bedroom condo/townhome units, except in high-rises, haven't seen that much rental demand IN MY EXPERIENCE. Most of my clients in the market for a three bedroom either want the luxury penthouse experience, or they want a single family home.

 

Other brokers may feel differently about the rental prospects of a three bedroom townhome. I will say the layout on the floorplan I saw was very conducive to a roommate situation. However, it's my opinion that a TRUE two bedroom (not bed and tiny office you're calling a bedroom) in uptown or southend will get snapped up more quickly, provided you don't grotesquely overprice.

Edited by kateinuptown
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Count me in as one of the interested parties. Any idea how easily town homes like these tend to Rent in Charlotte? I've been considering purchasing one as an investment. 

 

We haven't had any investors purchase yet but we are confident we can get around $2500 per month for one of Lumina Townhomes. Our property management services around 600 homes in the uptown and surrounding areas and this is what we're getting for comps. It's really tough to find a 3 bed 3 bath, 2 car garage, over 2000 square foot home this close to uptown with a price tag around 400k. I could certainly see an investor purchasing one, renting out for a few years at $2500 per month and then selling for a nice profit. 

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It looks like the piece of land on Ideal Way behind Long Animal Hospital is getting prepped for something. No equipment on site as of the other day but there is one of those two foot plastic retaining walls and it appears that cables have been partially dug up. Isnt this the site with the proposed townhouse project a few months back that was shot down due to neighbor opposition? Is that back on or is this something else?

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It's a David Weekly townhome project.  The neighborhood fought this pretty hard, but the only concession was a reduction of 2 units or so.  Not bad design, will be full brick.

 

http://www.davidweekleyhomes.com/new-homes/nc/charlotte/charlotte/central-living-at-ideal

 

There were better renderings in the rezoning application.

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I still have about 8 of those along with a dozen or so Silos koozies. I worked for the developer and yes that project was going to be really cool. I was quickly taking reservations for the condos at the Silos and it was clear we were going to have half under contract in no time. Not sure if this board ever caught wind of it but the 22 story residential high rise that was a part of phase 2 of the Silos would have been something else. 

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I still have about 8 of those along with a dozen or so Silos koozies. I worked for the developer and yes that project was going to be really cool. I was quickly taking reservations for the condos at the Silos and it was clear we were going to have half under contract in no time. Not sure if this board ever caught wind of it but the 22 story residential high rise that was a part of phase 2 of the Silos would have been something else. 

 

Silos originally was supposed to be condos instead of rental apartments? 

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I still have about 8 of those along with a dozen or so Silos koozies. I worked for the developer and yes that project was going to be really cool. I was quickly taking reservations for the condos at the Silos and it was clear we were going to have half under contract in no time. Not sure if this board ever caught wind of it but the 22 story residential high rise that was a part of phase 2 of the Silos would have been something else. 

219097172.jpg

YES IT WOULD HAVE BEEN :-( instead we got what we got.

Silos originally was supposed to be condos instead of rental apartments? 

Condos, Retail, Rentals, Office, everything.

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219097172.jpg

YES IT WOULD HAVE BEEN :-( instead we got what we got.

Condos, Retail, Rentals, Office, everything.

 

 

wow.................. That would of been very nice. We just moved out of Silos and loved living there. SouthEnd really doesn't have much to purchase along the light rail. Tonsssssssssssssssss of rentals but not much to purchase. More options to purchase would of been really great. 

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Honestly, as nice as this would have been, it would have been pretty odd to have a 22 story building that far out.  The area is getting super dense in a great way now, 22 story's would have eaten up a lot of the future demand and build we have gotten.

 

I'm happy with our end result.  If we can get something with some retail along the bottom of it across from Mac's at that corner, that area will be solid.

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Honestly, as nice as this would have been, it would have been pretty odd to have a 22 story building that far out.  The area is getting super dense in a great way now, 22 story's would have eaten up a lot of the future demand and build we have gotten.

 

I'm happy with our end result.  If we can get something with some retail along the bottom of it across from Mac's at that corner, that area will be solid.

Well there was another 20 floor building across south blvd where the Pet Hospital is. It was called Southhaus, in the end it was reduced to 11 and then to 8 foods. Then it became an animal hospital.

http://www.dasarchitecture.com/projects/ret-southhaus.asp

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Since we are going down memory lane I'll ask the question. If a large portion of the proposed office / condo  / retail space that was proposed for Southend to Scaleybark actually got built would it have ever have been absorbed? Could that critical mass have reoriented the growth of the city?  What would that overhang looked like? (the tiny amount of office space at Southborough / Lowes appeared to be vacant for a longgggg time).

 

Would Ballantyne have skipped its spec buildings?

 

Sorry, I know what ifs are kinda pointless, but it really is startling to think back to what was proposed for the corridor just 6-7 years ago.

 

(Silos, Southhaus, the Carson site (which blocked views from the pink building), Scaleybark, the Crossland project across from Scaleybark, Design Center and I am sure I forgot a few)

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Since we are going down memory lane I'll ask the question. If a large portion of the proposed office / condo  / retail space that was proposed for Southend to Scaleybark actually got built would it have ever have been absorbed? Could that critical mass have reoriented the growth of the city?  What would that overhang looked like? (the tiny amount of office space at Southborough / Lowes appeared to be vacant for a longgggg time).

 

Would Ballantyne have skipped its spec buildings?

 

Sorry, I know what ifs are kinda pointless, but it really is startling to think back to what was proposed for the corridor just 6-7 years ago.

 

(Silos, Southhaus, the Carson site (which blocked views from the pink building), Scaleybark, the Crossland project across from Scaleybark, Design Center and I am sure I forgot a few)

We probably would have had a really dramatic oversupply of everything.

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We probably would have had a really dramatic oversupply of everything.

 

Sure, but the cities that crazy overbuilt (Miami) have basically worked through the oversupply. I know its apples and oranges but I gotta wonder if oceans of dirt cheap residential and office space in Southend would have been a (long-term) positive outcome for the city.

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I'll add a capital markets perspective, and say that it would have buried a few more local banks had they all been built since that' who was providing the financing.  To the extent they actually failed and the FDIC entered into a loss sharing arrangement, they would have been quickly sold at market clearing prices, and there would have been cheap condos for everyone (including major national Private Equity firms) that would have become homes or rental units.....to the extent the banks didn't fail, they would have kept them and not liquidated them at the depths because they couldn't afford to admit reality (that they were technically insolvent).  So they short answer is, depends on who ended up doing the financing, so case by case.

 

I think the shame of the last cycle is we saw some pretty interesting architecture that you could pull-off when charging $375/sf for a condo (SouthHaus) that we of course have no hope of seeing in SouthEnd now given the glut of cheap(ish) land. 

 

Probably for the city overall, it would have been a positive for all of it to have been built/foreclosed/liquidated cheap/absorbed.....for the financial community (big and small) plus wealthy individuals/pensions funds, etc contributing the equity, its a blessing very little of that happened

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