SouthEnd Midrise Projects

[krazeeboi]

Taken 10/24:

[dubone]

Is that Millenium? It seems very bland, but I guess that fits with its location.

[NCMike1990]

Its 1225 South Church St. Web Cam

Edited October 25, 2009 by NCMike1990

[HopHead]

Drove by the Silos site this morning and noticed some construction equipment there was pulling up the remaining pavement and were moving the dirt around. Does anyone know what may be going on here? The sign for the apartment homes (Colonial Reserve or something) is still there....

[tozmervo]

I have a hunch they're just selling off some of the soil and gravel. Periodically another pile of gravel disappears. Sure would be nice to see that site developed, though.

[kermit]

Drove by the Silos site this morning and noticed some construction equipment there was pulling up the remaining pavement and were moving the dirt around. Does anyone know what may be going on here? The sign for the apartment homes (Colonial Reserve or something) is still there....

Tim Crawford was featured on the cover of the Business Journal at the end of August discussing the bankruptcy of Citiline and begging to sell the parcel while he still controlled it:

End of the Citiline - Charlotte Business Journal:

I had heard that the parcel attracted some interest but I was not aware that any agreement to sell the property has been reached. No indication of a sale on Polaris either.

[tozmervo]

I totally take back what I said. On second drive by, they've not only installed new silt fencing around the site, but a port-a-potty has shown up. I don't know what's going on, but here's hoping!

(btw, we're referring to the site between South and the LRT marked for Colonial, not the Silos site across the LRT)

[Forrest]

A leasing agent from Circle was giving out free coffee mugs at Einsteins on South this AM. Nice mug and a smart marketing move, and even better she had arranged for all the patrons to get a dollar off their bagel purchase Finally, I have good timing, I usually miss everything!

[HopHead]

Found an interesting project listing on BidClerk.com: "Site work and new construction of a multi-residential development in Charlotte. Design plans call for the construction of a 302-unit apartment complex, on 6.4 acres." Construction is slated to start in July 2010.

This is pure speculation on my part, but I wonder if has anything to do with the Colonial spot. If they are putting porta-potties and clearing dirt now on that site, I would tend to say that this is for something else. Anyone else have thoughts?

[tozmervo]

That's entirely possible. Assuming that the Poindexter extension is still going to occur (and I hope that it does), that many apartments would entail at least a 4-5 story structure.

[atlrvr]

I dunno....Colonial South End applied for building permits over a year ago, and since then hasn't resubmitted plans as requested by the County. Not to say they aren't working on them but I had heard about 8 months ago that the project was 100% dead, and that the former development manager for Colonial in Charlotte who was laid off tried to do the project himself but couldn't get it going either.....he has since moved on to a job that would preclude him from working on this site. Colonial could be ramping back up and taking another look, but I doubt it.

I believe the Bidclerk posting is in reference to Winter Elizabeth on 7th St. (right parcel size, right unit count, and from what I heard not too long ago, right timing)

[HopHead]

There is definitely some movement at the Colonial spot. Heavy construction equipment on site and they've leveled a good chunk of land there as well. Crews were there this morning as I was driving home from an errand. That Colonial Apts sign is still up...

[tozmervo]

I was going to DAS Architecture's website related to the CLT Airport thread, but saw that they have an elevation rendering and plans for a new parking deck in Southend.

http://www.dasarchitecture.com/projects/tra-design-center-parking.asp

[NCMike1990]

It's nice that they're going to make the one end a lawn with trees and sidewalks until the new showroom/office building is built.

Overall, I think one of the better looking designs for a parking deck. It really does fit in with the South End very well.

Edited November 12, 2009 by NCMike1990

[uptownliving]

I could not really tell from the rendering...but would that go where the Vespa store is now?

[tozmervo]

I was just trying to figure that out. I believe the site is where the existing surface lot at the corner of Hawkins and Doggett street is. It wraps around the existing building at the corner of Hawkins and Worthington.

Actually, it's a pretty good site for a parking deck if there ever was one.

[ScottCLT]

There is an upfit going in the space beside Dharma Lounge on Summit. It definitely doesn't look like it will be a bar - anyone know what is going in here?

[southslider]

Actually, it's a pretty good site for a parking deck if there ever was one.

True, the site is mid-block and across from industrial today. But long-term, the industrial is supposed to be replaced with TOD. Blank parking-deck walls along this section of Doggett Street could discourage a residentially mixed TOD project opposite the street.

[HopHead]

Work continues at the South and Remount location. Anyone have news as to what's going on? Is Silos back on? Is it Colonial that's moving forward?

Edited November 17, 2009 by dbull75

[atlrvr]

Work continues at the South and Remount location. Anyone have news as to what's going on? Is Silos back on? Is it Colonial that's moving forward?

Ok.......it took a bit of digging but I have the complete answer for you.

In October, Pepsi sold the parcel just to the north of the Colonial apartment site to Colonial Properties. Colonial then subdivided the parcel, and sold the land back to Pepsi minus the portion that will be required for the Poindexter St extension (which Colonial Properties will build and then turn the street over to the city). Pepsi then granted Colonial Properties an easement for construction staging and utilites on that parcel.

The easement is valid assuming construction commences on the Poindexter extension and the Colonial South End apartment project by April 5, 2010.

In case you are wondering why Pepsi bought back the portion NORTH of the future Poindexter extenion which is disconnected from their bottling plant, the plan is for there to be a driveway connecting them that will go between the LRT tracks and future apartments. The parcel north of Poindexter will be used for Pepsi truck parking.

About the actual apartments, it will be 335 units on about 4.8 acres. Their will be a curb cut to access the wrapped parking deck from both South, and either Poindexter or the new driveway that Pepsi is building. I'm 99% certain there is no retail.

So....I assume what is going on based on the extensive grading, is that both projects (Poindexter extension and the apartments) will be starting in the next couple of months.

Hope that helps

[HopHead]

Ok.......it took a bit of digging but I have the complete answer for you.

In October, Pepsi sold the parcel just to the north of the Colonial apartment site to Colonial Properties. Colonial then subdivided the parcel, and sold the land back to Pepsi minus the portion that will be required for the Poindexter St extension (which Colonial Properties will build and then turn the street over to the city). Pepsi then granted Colonial Properties an easement for construction staging and utilites on that parcel.

The easement is valid assuming construction commences on the Poindexter extension and the Colonial South End apartment project by April 5, 2010.

In case you are wondering why Pepsi bought back the portion NORTH of the future Poindexter extenion which is disconnected from their bottling plant, the plan is for there to be a driveway connecting them that will go between the LRT tracks and future apartments. The parcel north of Poindexter will be used for Pepsi truck parking.

About the actual apartments, it will be 335 units on about 4.8 acres. Their will be a curb cut to access the wrapped parking deck from both South, and either Poindexter or the new driveway that Pepsi is building. I'm 99% certain there is no retail.

So....I assume what is going on based on the extensive grading, is that both projects (Poindexter extension and the apartments) will be starting in the next couple of months.

Hope that helps

Ahh, thanks atlrvr. As usual, you come through

[tozmervo]

Excellent! I'm glad there's real work on the way. I hope the Pepsi truck parking (which, if I understand correctly, will be directly across from McDonalds) gets some decent site treatment and doesn't come off as a crap surface lot. New Bern Street can get pretty ugly with trucks coming in and out of the warehouse.

As for retail, at that location I can get over it. There is already a broad cross section of business in the area (and walkable!). I wouldn't want to see all of those parcels developed without any additional retail, but I think it's 'safe' for now.

...I wish there was a doing-a-jig smiley.

[dubone]

That is great news. In the assumption I was making at everything is dead, I kind of just thought they were grading and removing any pollutants from the trucking facility there before so they could raise the land value to resell or something. But I am very glad to hear they have an interesting idea for letting Pepsi build a new facility and have residential units by the light rail station.

I have always been happy with the plans to extend Poindexter across the tracks. This area has tremendous potential for a quasi-grid street network if these kind of key connections are built. It will serve the area very well in the long term when the economy regrows and more development occurs.

[kermit]

About the actual apartments, it will be 335 units on about 4.8 acres. Their will be a curb cut to access the wrapped parking deck from both South, and either Poindexter or the new driveway that Pepsi is building. I'm 99% certain there is no retail.

So....I assume what is going on based on the extensive grading, is that both projects (Poindexter extension and the apartments) will be starting in the next couple of months.

Hope that helps

First, this is great (and surprising) news. I do hope this (and all other South End residential projects) succeed.

Second, Why? Vacancies in the submarket appear to be astronomical (based on the number of lights on). There is little visual evidence of absorption. A substantial overhang of (unexpected) rental space looms uptown. And there appears to be little possibility of entry level job growth from the bank(s). Given all that, who do they plan to rent to? And how would they convince a lender that this is a sensible risk?

I don't mean to be a recreationally pessimistic, I am just asking what I am missing.

[HopHead]

First, this is great (and surprising) news. I do hope this (and all other South End residential projects) succeed.

Second, Why? Vacancies in the submarket appear to be astronomical (based on the number of lights on). There is little visual evidence of absorption. A substantial overhang of (unexpected) rental space looms uptown. And there appears to be little possibility of entry level job growth from the bank(s). Given all that, who do they plan to rent to? And how would they convince a lender that this is a sensible risk?

I don't mean to be a recreationally pessimistic, I am just asking what I am missing.

Well, keep in mind that this apartment development probably won't be complete until early to mid-2011 at the earliest. By that point, we should be in recovery mode. But I agree there are already a ton of apartment vacancies b/c of the mass supply that has recently come online and will in the not too distant future. They will have to be at a reasonable price point to succeed. As far as entry level job growth from the banks, there will still be some of that. I think atlrvr pointed out in another forum that BofA for instance is adding to their entry level IB analysts locally. Also, Wells is going to be growing that business here as well. That doesn't count the other companies around town that would be bringing college grads in for jobs. The good thing about this development is that it's almost in the middle of uptown and south Charlotte where a lot of these people may work.