SouthEnd Midrise Projects

[kermit]

I thought the same thing would happen back in the last wave of apartment openings (Melinium, Circle, Spectrum etc.) but, as best I could tell as an observer, the Southend rental market was very strong during that time.

Its possible that there is plenty of pent-up demand for TOD living.

[atlrvr]

During the last wave, the new communities gave away HUGE leasing concessions (5 months free on a 2 year lease I think, 3 months free of a 13 month, etc). But the quoted rents never really "dropped". They all leased up in a moderate amount of time because of those concessions (and a lot of people moved in town from the suburbs to take advantage of the free rent).

That said, once the places got nearly full the concessions disappeared and the market has been very healthy since then. I suspect we will see the same thing again this cycle.

I don't think over-building is too much of a concern, as South End and Uptown will pull people from older or further-out communities when they offer big "free rent" offers. I suspect that once people get used to living close to Uptown, they really don't move further out until they are ready for a family.

[ScottCLT]

Does anyone know what is going on on S. Tryon in between Tremont and Doggett? There are several buildings there which look like they are getting ready to be torn down. Three excavators have been working on the lots to rip up the asphault parking lots and literally rip down the trees. I work across the street at 1927 S. Tryon and I can't figure out what is going on over there!

[southslider]

Does anyone know what is going on on S. Tryon in between Tremont and Doggett?

The site was zoned TOD-CD years ago by Chris Branch. The main condition of the generic site plan (linked below) was setting up a "half street" between Doggett and Tremont Streets. I assume a developer is finally getting ready to build 200-some, stick-built, deck-wrapped apartments.

http://ww.charmeck.o...d site plan.pdf

Edited June 19, 2012 by southslider

[atlrvr]

Building permits were issued several months ago....not sure who the developer is at this point. I believe there will be multiple buildings on the site.

I'm glad for the new street, but wish it lined up with Abbott St.

[Guest]

Its amazing to me that there is so much going on that there are under the radar projects coming online in South End. Weird. South End is on fire!

[ScottCLT]

Aha - I found it! It's the 330 W. Tremont Apartments. Looks like a 4-story, 184-unit apartment building. I'm guessing no retail since it lists the leasing office and the amenities room as the only thing other than the actual apartment units. Would be nice to see a rendering.

http://webpermit.mecklenburgcountync.gov/webpermit/default.asp?PossePresentation=Address&PosseObjectId=55811211

[Guest]

Being Designed by the same people who did 1225 South Church.

[nonillogical]

Being Designed by the same people who did 1225 South Church.

Hopefully it will be wrapped parking instead of podium like 1225 given the visibility from Tryon, but I can't really groan too much about the lack of retail here.

[kermit]

Aha - I found it! It's the 330 W. Tremont Apartments. Looks like a 4-story, 184-unit apartment building. I'm guessing no retail since it lists the leasing office and the amenities room as the only thing other than the actual apartment units. Would be nice to see a rendering.

http://webpermit.mec...jectId=55811211

CBJ has a story on this project today. They report 164 units of apartments in a four story building "on top of two levels of parking" initially. Additional phases include a "slightly smaller" multi-family building along with "a couple of commercial or retail outparcel buildings on the site."

http://www.bizjourna...s-tryon-at.html

Edited June 22, 2012 by kermit

[lewy2000]

Anyone know what the plan is for the old brick mill on W. Worthington Ave.?

Someone recently demolished the interior (including the smokestack) but kept the outer walls intact. Always thought this building had great potential for reuse which is maybe why they kept the walls.

Google Map of Location

[kermit]

Anyone know what the plan is for the old brick mill on W. Worthington Ave.?

Someone recently demolished the interior (including the smokestack) but kept the outer walls intact. Always thought this building had great potential for reuse which is maybe why they kept the walls.

Google Map of Location

I certainly hope its a new project, but the building has been literally falling down for the past five or six years. You can see the roof collapse in the google satallite image. Given its condition its possible that code enforcement forced some pre-emptive demolition and stabilization.

I also think this would be a tough retrofit, the single story brick structure does not seem well suited for a renovation that would be of sufficient density for this site.

[rooster8]

Based on the size of that tree, that hole must have been there a while.

[kermit]

As I drove by the Colonial project today, I was startled by the seven (7) story elevator shaft that has been errected on the site. The last rendering we have of Colonial we have here shows five stories.

Have they changed their plans?

EDIT: dubone, you are probably right \/ I didn't think of that.

Edited July 21, 2012 by kermit

[dubone]

It's probably just the stick-up part for the mechanical systems.

[Dub_Ag]

In case anyone was interested, Circle at SouthEnd will soon become a Post community.

[Prodev]

According to CBJ, Post paid just under $206k per door. Wow...

http://www.bizjournals.com/charlotte/blog/real_estate/2012/07/circle-at-south-end-sells-for-74.html

[dubone]

Clearly Post does not believe SouthEnd is being over-built with apartments.

[Guest]

That is a hell of a price. I can understand the Catalyst going for what it did, because it was built as condos, and at a PRIME DOWNTOWN LOCATION. While this is a wildly successful apartment community, with 99% occupancy, a couple retail spaces, and decent location, its was still built as apartments, and deserve a lower price per door, 150-175k is more like it. Doesn't leave much of a margin IMHO, unless they end up raising rents.

[Niner National]

That is a hell of a price. I can understand the Catalyst going for what it did, because it was built as condos, and at a PRIME DOWNTOWN LOCATION. While this is a wildly successful apartment community, with 99% occupancy, a couple retail spaces, and decent location, its was still built as apartments, and deserve a lower price per door, 150-175k is more like it. Doesn't leave much of a margin IMHO, unless they end up raising rents.

Can't imagine them getting away with raising rents too much (if at all) with all the other projects in Southend and the Uptown area coming online in the next couple years.

[nonillogical]

Can't imagine them getting away with raising rents too much (if at all) with all the other projects in Southend and the Uptown area coming online in the next couple years.

Exactly, and they've already raised their rents by something insane like 30% since opening (just like Millenium and 1225 did). I can't imagine them holding onto that 99% occupancy rate while going any higher, and the new buildings will certainly have lower prices for their first year.

[Prodev]

I drove by Yesterday and Post has already covered the Circle sign with a temporary Post South End sign on South Blvd. They move quick!

[Guest]

http://www.junction1504.com/

Now has a site up. Sounds dreadful... But at least its more residents for SouthEnd.

Also Axiom has new renderings for Fountains, too much surface parking for my taste, but once again... more residents for south end.

It includes some impressive renderings from new Bern station.

http://axiomarchitec...w-bern-station/

I don't go to Charlotte but once every couple of months, and next time will be for Giants v. Panthers Thursday NIght Football. Any way someone could post a photo update of the south end projects that are under construction?

Edited July 31, 2012 by Guest

[Dub_Ag]

Junction looks like it will be fairly nice, all things considered. It's a well done garden-style deal with nice finishes. Fountains, on the other hand, is a strange design and overall concept with the half surface half podium parking and 4 story buildings. I dont care too much for it.

[dubone]

I agree Junction has some positives to it. It is certainly nothing overly special, but then again, it is farthest from the Lynx station and being just two blocks from the horrifying Brookhill Village, it is decent.

The buildings are starting to get siding up (some brick and otherwise hardiplank siding), and don't look all that bad.