SouthEnd Midrise Projects

[Spartan]

^  Even at $2mm, I think Publix at $1mm and Spectrum and Junction at $1/2mm apiece, the increase in revenue (at Publix) and average rents (at the apartments) alone make that a profitable investment. 

 

On the apartment rent side, if they increased revenues $5/month/unit with a 6% cap rate, that's $300,000 (assuming 300 units).  I think these aparment communities are a little bigger than that, so they really only need to charge $6-7 per month to make it profitable to kick in $500k each....I think tenants would pay much more than that if they had a bridge.

 

On the grocery side, I would assume average grocery cost per person is $4,000.  If they are able to grab 25% additional share of that (given that the new Teeter will be equally as convenient if you have to drive or walk down to Remount) then you are increasing sales by $600k-$700k per year...assuming 10% margin, and again, you have a 6% cap rate on profits, which seems reasonable for the grocery space.

 

Great points. I'm just opposed to CATS's hardheadedness on a common sense issue. A $2m bridge shouldn't even be a discussion topic. I'm glad to hear that they are at least evaluating a new station. Hopefully common sense will prevail and at a minimum allow a crossing (though a station would be awesome).

[Prodev]

Does anyone know if Publix has an opening date yet? I know it was supposed to be January but that's long since pushed.

Article in the Observer today says that Publix should open in either late March or early April. 

[js4life]

The Sedgefield redevelopment is a game changer for that portion of south blvd IMO. The HT is rumored to provide both outdoor & roof top seating areas & is the first large scale urban centered development in SouthEnd

[kermit]

I guess somebody has to be the last in the cycle (apartments 'under evaluation' for South and Remount)

 

 

A Terwilliger Pappas spokesman says the development plans have been accelerated by the momentum of the neighborhood, including a new Publix store that is under construction and plans for a new Harris Teeter store at a mixed-use project in Sedgefield.

......

In a year-end story about the Charlotte apartment market, developers told me that despite the influx of apartment units in uptown and South End, projects in those submarkets have been performing well.

 

"Everybody thought that South End would be a bloodbath by now, and it's not," said Chad Hagler, a partner with Woodfield Investments.

 

http://www.bizjournals.com/charlotte/blog/real_estate/2015/01/terwilliger-pappas-planning-new-apartment-complex.html?ana=e_clt_bn_newsalert&u=jDmEk+CKbYnAvaVfOFOlFGXcGSC&t=1422577444

Edited January 30, 2015 by kermit

[ah59396]

Good. I want that empty lot to die a terrible death more than any other in Southend.

[tozmervo]

If I'm not mistaken, that lot is a brownfield. Glad it'll finally be remediated and developed

[ScottCLT]

As I was driving to the town home I just sold today to pick up some mail, I noticed that the spot where Dharma used to be is being uplifted to a new joint called BrassTap - Craft Beer + Fine Wine. Of course, right as I leave the 'hood, a new craft beer bar and a new brewery (Wooden Robot) are going to be opening soon, both a block away from my old town home. If that happened a few years ago, I'd be so giddy. Now I'm just kinda pissed (though I wish them both success), because they aren't within a 3-minute walk from me anymore.

Anyway, aside from my dismay, Brass Tap is a small chain (20 locations) out of Florida and will serve food and have 300+ craft beers available. I looked at the menu for some of the other locations today and it looks tasty! That prime rib sandwich has my name written all over it, as a self-proclaimed French dip connoisseur.

http://www.brasstapbeerbar.com/

[CLTProductions]

As I was driving to the town home I just sold today to pick up some mail, I noticed that the spot where Dharma used to be is being uplifted to a new joint called BrassTap - Craft Beer + Fine Wine. Of course, right as I leave the 'hood, a new craft beer bar and a new brewery (Wooden Robot) are going to be opening soon, both a block away from my old town home. If that happened a few years ago, I'd be so giddy. Now I'm just kinda pissed (though I wish them both success), because they aren't within a 3-minute walk from me anymore.

Anyway, aside from my dismay, Brass Tap is a small chain (20 locations) out of Florida and will serve food and have 300+ craft beers available. I looked at the menu for some of the other locations today and it looks tasty! That prime rib sandwich has my name written all over it, as a self-proclaimed French dip connoisseur.

http://www.brasstapbeerbar.com/

Yeah this was posted a page back or so on this thread or the drinking beer thread, cant remember. Seems like it would be decent, but I don't expected anything

 

In the realm of more of the more apartments, I want that lot to die too, but I still can't believe these developers think there is room to build more. I reposted the article, but I guess its not subscriber only so I deleted it.

Edited January 30, 2015 by Jayvee

[MilZ]

^lol shared just a few posts back.

[CLTProductions]

^lol shared just a few posts back.

Yeah I know, when I tried looking at it yesterday it was subscriber only, now its not. I took out the repost link

Edited January 30, 2015 by Jayvee

[Dub_Ag]

New retail space coming:

 

Publix: I've heard that the retail space out front of Publix is going to include a BB&T, cleaners (yawn) and an ABC liquor store (it's about dang time!)

 

David Furman's office: does anyone have any updates on signed leases for the retail space at his office building on Camden?

 

Camden Gallery: i've heard rumors of a couple different tenants floating around this space, but no signed leases as of yet. Does anyone else have any insight?

[15895]

Is Pepsi Looking to sell its property in SouthEnd? There is a gallery focused on it in the aerial helicopter section of clearskyimages. I actually like it.

Edited January 30, 2015 by AirNostrumMAD

[ScottCLT]

New retail space coming:

 

Publix: I've heard that the retail space out front of Publix is going to include a BB&T, cleaners (yawn) and an ABC liquor store (it's about dang time!)

 

Yeah, a while back I was at the ABC store at Cherry/3rd Street. They were taking people's zip codes when they checked out and when I said 28203, they said, "There are a lot of people from 28203 that shop here." That's good, though, that SouthEnd is finally getting one. I agree - about dang time! And of course, announced two weeks after I move out of the neighborhood...

[Prodev]

Is Pepsi Looking to sell its property in SouthEnd? There is a gallery focused on it in the aerial helicopter section of clearskyimages. I actually like it.

Yes. C&W is bringing it to market very soon. 

[Dub_Ag]

Yes. C&W is bringing it to market very soon. 

[RugbyPike#11]

The original station plan for New Bern Station called for Main Street style development on that portion of New Bern Street.  I wonder if the buyer will reference that plan or if the market has changed too much for those plans to have much value.

 

If I remember correctly, the New Bern Station plan also called for a mini-park where that Wells Fargo currently sits.  Would that branch would move across the street into the Pepsi development so that park could be developed?

[atlrvr]

I had completely forgotten that this will be right directly across from the redeveloped Sedgefield shopping center.  Could be a nice little neighborhood there if this is broken up into a couple of building on the main plant site.

 

Also, at one point in time, the Wells Fargo branch was supposed to be razed and a small park was going to go on that parcel at New Bern and South...not sure if that is ever going to happen or not.

 

The separate 0.9 acre parcel up at Poindexter is nice and narrow (where Pepsi now has overflow truck parking)....should be a good site for a row of townhomes fronting Poindexter.

 

Edit: RugbyPike and I had the same fond memory of the small park.  With all the residential units coming on line, it would be great to see neighborhood amenities come to this part of South End.

[Guest]

I had completely forgotten that this will be right directly across from the redeveloped Sedgefield shopping center.  Could be a nice little neighborhood there if this is broken up into a couple of building on the main plant site.

 

Also, at one point in time, the Wells Fargo branch was supposed to be razed and a small park was going to go on that parcel at New Bern and South...not sure if that is ever going to happen or not.

 

The separate 0.9 acre parcel up at Poindexter is nice and narrow (where Pepsi now has overflow truck parking)....should be a good site for a row of townhomes fronting Poindexter.

 

Edit: RugbyPike and I had the same fond memory of the small park.  With all the residential units coming on line, it would be great to see neighborhood amenities come to this part of South End.

I can imagine a day where there is solid development from New Bern all the way to uptown. That would be so great.

[Guest]

I had completely forgotten that this will be right directly across from the redeveloped Sedgefield shopping center.  Could be a nice little neighborhood there if this is broken up into a couple of building on the main plant site.

 

Also, at one point in time, the Wells Fargo branch was supposed to be razed and a small park was going to go on that parcel at New Bern and South...not sure if that is ever going to happen or not.

 

The separate 0.9 acre parcel up at Poindexter is nice and narrow (where Pepsi now has overflow truck parking)....should be a good site for a row of townhomes fronting Poindexter.

 

Edit: RugbyPike and I had the same fond memory of the small park.  With all the residential units coming on line, it would be great to see neighborhood amenities come to this part of South End.

I think the .91 acres gets snapped up pretty quickly. I can see two options for it. 

• 25 for sale townhomes

• 2 floors podium parking, 4 floors apartments/condos. 18 units a floor, 72 total units. 

[rickrodewd]

Are they going to keep the Pepsi building, or will they raze it?  I think it has a unique look to it.

[go_vertical]

I'm sure that will go. I doubt any purchaser would find it useful for whatever purpose they intend for the site.

[Guest]

Are they going to keep the Pepsi building, or will they raze it?  I think it has a unique look to it.

I'm sure it will be kept and stay in operation until it is sold, then it will be Razed. It doesn't have much value as is, wouldn't make enough money per sq. foot in the current size.

Edited February 2, 2015 by Guest

[nonillogical]

Demolition has apparently started on the flower shop building on Summit Ave. This is the site listed as 145 W. Summit Office Project on the development map. Are there details out there for this? Summit has a lot of exciting development opportunities, I hope they are not squandered. 

[atlrvr]

BTW....steel is going up for the office builing on Camden.  This is probably my favorite non-Uptown project in the city right now.

[Guest]

BTW....steel is going up for the office builing on Camden.  This is probably my favorite non-Uptown project in the city right now.

Should actually be pretty tall too. It will be taller than Camden Gallery and Park & Kingston, because of the office floor heights.