SouthEnd Midrise Projects

[mallguy]

a contact revealed the following details. The 15% vacancy rate includes Southend, uptown and Southpark.

Ashton is 56% full

Circle is 49% full

Millenium is 90% full

Spectrum is 68% full

Catalyst (just for fun) is 64% full

Those are appallingly low occupancy rates. Out of curiosity, is that source available online?

I saw an article on Costar.com that was very optimistic for the Charlotte apartment market overall, with high growth in demand.

Does anyone have figures for Southend condo developments? I walked by most of them in the past few days and they look very nice, but I noticed a bunch of "For Sale" flyers. Are the condos next to the Lowe's faring well, and the development to its north (the live/work development)? Thanks for sharing.

[nonillogical]

Circle seems MUCH fuller than that, as does Ashton, but thats just anecdotal.

I also wonder about 1225 Church. It seems the emptiest but is also maybe the newest. Given current prices its at the top of my list of places to move in the Spring.

Edited November 30, 2010 by nonillogical

[kermit]

Those are appallingly low occupancy rates. Out of curiosity, is that source available online?

Nah, its a common proprietary source which I briefly had access to but don't feel comfortable posting (sorry).

I saw an article on Costar.com that was very optimistic for the Charlotte apartment market overall, with high growth in demand.

I agree, there is a great deal of optimism about rentals in the market which does not match what I see on the ground -- then again I rarely have the best vantage point. I think many bets are being placed on Charlotte returning to its pre-2008 growth rates -- something that is far from certain.

Does anyone have figures for Southend condo developments? I walked by most of them in the past few days and they look very nice, but I noticed a bunch of "For Sale" flyers. Are the condos next to the Lowe's faring well, and the development to its north (the live/work development)? Thanks for sharing.

I posted a link to a recent business journal article in the It said that the developer, Conformity corp, sold all the unsold condos (46 units out of a total of 68 -- only 22 were sold) to a vulture investor (for an average of $110,000 each) Are the other condos you are asking about the Tremont?. I think two of the business units in the Tremont have been leased for office space but the first floor is mostly vacant. I don't have a good feel for residential occupancy, there are some people there but I usually looks like fewer than half the units are lit at night.

[mallguy]

I posted a link to a recent business journal article in the It said that the developer, Conformity corp, sold all the unsold condos (46 units out of a total of 68 -- only 22 were sold) to a vulture investor (for an average of $110,000 each) Are the other condos you are asking about the Tremont?. I think two of the business units in the Tremont have been leased for office space but the first floor is mostly vacant. I don't have a good feel for residential occupancy, there are some people there but I usually looks like fewer than half the units are lit at night.

Great- thanks very much. Southborough looks very nice, and I was surprised to see sales ads plastered on a few of the units.

The other live/work condos- the Village at South End. Another nice-looking development- actually, all of the buildings I saw looked very nice. Surely if no new supply comes on the market, these developments should perform well- they are all very nice looking.

[Scoopbth]

a contact revealed the following details. The 15% vacancy rate includes Southend, uptown and Southpark.

Ashton is 56% full

Circle is 49% full

Millenium is 90% full

Spectrum is 68% full

Catalyst (just for fun) is 64% full

I do not know about the other SouthEnd Apartment apartments but Circle is over 90% full not 49%, I know the leasing agents and was able to confirm this statistic with them.

[hambone931]

Does anyone know what is going on at this site? The Simpson Lighting sign was removed yesterday and there is a dumpster outside.

[kermit]

The CBJ reports that Boulevard has sold 1227 S Church to Mid America Apt communities (an REIT) for $27.5 million (196 units). Mid America plans expansion:

Mid-America expects to start development of the second phase this year. It bought the second-phase property for an additional $9.7 million. All told, the project is expected to total 406 units.

Good to see some optimism in the Southend apartment market.

http://www.bizjournals.com/charlotte/print-edition/2011/01/14/Investors-purchase-several-key-complexes.html

[nonillogical]

The CBJ reports that Boulevard has sold 1227 S Church to Mid America Apt communities (an REIT) for $27.5 million (196 units). Mid America plans expansion:

Good to see some optimism in the Southend apartment market.

http://www.bizjourna...-complexes.html

i'm currently apartment hunting in the area (1225 is a strong contender) and let me tell you, it hasn't been a cakewalk, they are feeling pretty full. particularly in the realm of 1 bedrooms, there is a LOT of demand and not as much supply as one would think right now.

the leasing agents at 1225 claimed late march/early april as the start date for the 2nd phase, which will do a lot to make that development feel more connected to the others

[tozmervo]

The site for "Southhaus" has a rezoning app in to become a veterinary clinic. I'm afraid the elevations in the app (which, to be fair, I'm sure are very preliminary) are disappointing from a pedestrian standpoint. I guess I can at least look forward to an upgrade to the terrible state of the sidewalks in that area.

[krazeeboi]

Too bad. Southhaus or a similar project would have made for a great gateway into Southend from that intersection.

[kermit]

So every time I drive down South blvd from Bland towards town I am overwhelmed by 1) the remarkable urban potential of the area and 2) the degree to which South blvd sucks for pedestrians.

Given this I was wondering if it would ever be possible to give South a road diet (a la East blvd). More on street parking and some pedestrian refuge medians would really change the nature of the area.

I am sure its impossible (too much traffic, state route etc.). But it would certainly make Southend / Wilmore / Dilworth more of a unified neighborhood.

[tozmervo]

I am in full agreement that Southend badly needs more protected crossings over South Blvd. Some time back I sent CDOT an email about doing something at Rensselaer Ave, where there is a pretty constant stream of pedestrian crossing activity, especially at lunchtime. I think crossings should also be added at McDonald and Magnolia, where traffic congestion and a stupid distance between signaled intersections is going to get people killed.

[kermit]

^ I completely agree about the McDonald / Magnolia area as well. Perhaps we should head out there one night with some concrete, paint and a twelve pack of beer. I'll bet we could have the median's done before we finished the beer. I'll bring the beer and cement if you can bring the paint.....

Slightly different note, I wonder if The Towns (9 unit townhouse complex at Bland St station beside the Trolley Museum) is a model for future Southend development. Its on a tiny parcel (so small that I do not think it is possible for some of the residents to pull into their individual garages), does a reasonable job of interfacing with the neighborhood (the balcony space on each unit encourages interaction with pedestrians) and it appears (according to Polaris) that 8 of the 9 units have sold in the 8 or so months since its completion. Plenty more parcels for this sort of project in Southend (and along the pending streetcar route).

[tozmervo]

Hah, I'm game for a little guerilla crosswalking: http://www.treehugger.com/files/2010/08/brazilian-activists-paint-guerrilla-pedestrian-lines-photos.php

What I'd really like to see is more crosswalks like the one installed in front of the YWCA on Park Rd. For those who haven't gone through there in the past few months, it's basically a pedestrian activated red light. It's one of the precious few cases where pedestrians are actually given some control* over vehicles.

* Caveat: I'm an especially aggressive pedestrian and will put my crosswalk right of way to work without much thought.

[Spartan]

So every time I drive down South blvd from Bland towards town I am overwhelmed by 1) the remarkable urban potential of the area and 2) the degree to which South blvd sucks for pedestrians.

Given this I was wondering if it would ever be possible to give South a road diet (a la East blvd). More on street parking and some pedestrian refuge medians would really change the nature of the area.

I am sure its impossible (too much traffic, state route etc.). But it would certainly make Southend / Wilmore / Dilworth more of a unified neighborhood.

Yeah South Blvd has way to much traffic for a road diet. Ped refuges would be nice though.

I am in full agreement that Southend badly needs more protected crossings over South Blvd. Some time back I sent CDOT an email about doing something at Rensselaer Ave, where there is a pretty constant stream of pedestrian crossing activity, especially at lunchtime. I think crossings should also be added at McDonald and Magnolia, where traffic congestion and a stupid distance between signaled intersections is going to get people killed.

Crossing South Blvd is definitely a challenge. Just remember that having a crosswalk by itself doesn't make a crossing the street safer. I'm more of the opinion that in an urbanizing part of town like South End, more traffic signals need to be installed to better facilitate pedestrian and bicyclist crossings in addition to slowing traffic down.

[southslider]

^I believe a signal is indeed planned at Carson-Lexington. Too bad, though, that its implementation was basically dependent upon redevelopment of the Simpson Lighting site.

Long-term, I'd also like to see elimination of the two-way center left-turn lane and that space given to pedestrian islands and/or bike lanes. But until driveways are cleaned up via redevelopment on the Dilworth side of South Boulevard, I can see such a "road-diet" (from 5 to 4 lanes) being difficult.

[Spartan]

But in the mean time, I can see a ped and bike-friendly crossing at Carson/South (albeit unsignalized) using the existing median.

[dubone]

I'm glad Long Animal Hospital will get a better facility, but it is such a shame that such a prominent corner will get a much lower density project than Southhaus, albeit something is better than nothing. The design isn't spectacular, but at least following the plans for a pedestrian-supportive siteplan.

[kermit]

Real Estate Bisnow reports that 1225 Church will begin its 210 rental unit expansion in June (the existing phase is 196 units).

[nonillogical]

Real Estate Bisnow reports that 1225 Church will begin its 210 rental unit expansion in June (the existing phase is 196 units).

Yes I live there and heard the same thing. I'm not looking forward to the construction noise but filling that gap will be great for connecting this part of Southend, which has lots of potential and is a pretty great, peaceful few blocks right now. We've been using that empty lot for dogs to run in...I'll miss that but definitely welcome the added density.

[kermit]

A very upbeat business journal article about TOD quotes Tracy Dobson (of CCCP) that she expects: "1,000-1,500 new apartment units along the blue line in the next two years"

http://www.bizjournals.com/charlotte/print-edition/2011/04/29/Development-along-transit-line-ready.html

[nonillogical]

The 2nd phase of 1225 S. Church will start construction this week, on the lot bounded by Winnifred, Wilcox, Lincoln, and the current parking lot. I live in the current building and we got notices about parking limitations the other day (we're actually pretty upset about it since those of us with more than 1 lessee have to have someone park outside). Anyway I don't know if the site plan they gave me is accurate since it looks SO similar to the current building, but I'm assuming it is since there were some slight differences. It will be a similar horseshoe shape with courtyard facing uptown, and surface-level deck with 4-5 floors on top. I think the parking deck entrance will be on the parking lot side.

I'm also told there will be no retail in this building, which is disappointing. The 2 spaces in our building still haven't leased but I would think some filling the gap to Tryon might have a better chance, even though Winnifred is lower traffic than Church.

[atlrvr]

Colonial Properties applied for building permits yet again (I think this is the 3rd time since 2007) for Colonial Grand at South End. My guess is this time is a go. Colonial is doing relatively well as a company, and financing should be available for multi-family development.

If I remember correctly, this is supposed to be 3-4 stores, clad in brick, and wrapping a parking deck. I'm fairly certain the site is where the old Bonded Distribution warehouse was, 1 block north of New Bern, on the dirt lot between Pepsi and Pepsi's new truck parking lot.

I don't recall the number of units, but I think it was in the 200 range.

[HopHead]

^atlrvr - is there a rendering for this building? If you google their web site it appears to a suburban looking apartment complex. I assume it's some sort of webshots photo or place holder (I hope anyways).

[atlrvr]

I don't see any rendering on their website. I read their annual 10-K filing, and they mention the project has 353 units.

I believe I saw the renderings many years ago, but there was so much proposed then, that they all kind of ran together. It was almost 100% brick and fairly modern in design. Certainly things could have changed in the last 4 years.