SouthEnd Midrise Projects

[kickazzz2000]

Any chance of hotel projects in South End?  Less so full service, but thinking Boutique Independent/Chains or Limited Service chains like Hampton?

[AuLukey]

Any chance of hotel projects in South End?  Less so full service, but thinking Boutique Independent/Chains or Limited Service chains like Hampton?

Or how about a hostel?

[atlrvr]

There is an interest rezoning this month for a townhome community across Youngblood from the Silos.  This woud be on the southern portion of the CHA office building property, which is just  park lot now.

 

http://www.charmeck.org/city/charlotte/planning/Rezoning/RezoningPetitions/2014Petitions/Pages/2014-047.aspx

 

It's 52 units on 3.5 acres.  Poindexter would be extended across Youngblood and serve as the private circulator street within this proposed project.

 

It looks like the developer (Hopper Communitites) is just preparing the site.  They've used Ryan Homes primarily it seems for the actual townhomes on other projects, so maybe something design-wise like the project and Church and Bland St ?

[kermit]

Minor construction updates:

 

Foundations (slabs) are done at Silos stage 2. (stage 1 looks to be 98% complete)

 

Framing is nearly complete on 1/2 of the rear portion of the apts beside Publix (I forgot the name)

 

About 1/3 of the Publix subgrade parking has been poured. The stairway reveals that it is two levels of below-grade parking.

 

No exterior progress (other than some minor brush removal) is evident at Sycamore Brewing

 

Camden Gallery does appear to be stalled (the site has been graded and excavated, about 1/2 (?) of the concrete pillars have been erected and lots of equipment remains on site)

 

The apartment site at Carson (again, forgot the name) has been excavated and concrete pillars are being poured.

 

Colonial is 100% complete

[nonillogical]

Camden Gallery does appear to be stalled (the site has been graded and excavated, about 1/2 (?) of the concrete pillars have been erected and lots of equipment remains on site)

I've noticed in the last week or so there are always workers on site, but just a few. Work is still happening just very, VERY slowly.

 

Also let me add to your list that framing is almost done at Summit & Church, and the project is looking quite good overall. They've started bricking up the bottom portion along Church and it is a pretty nice looking very dark brick.

 

Excavating for the apartments at Morehead & Church is underway and moving pretty quickly. 

[atlrvr]

Camden Gallery is most likely a labor shortage unless they found unstable soil and have to redesign the foundation. 

 

I agree that Summit & Church looks to be a really good project.

[Guest]

Camden Gallery is most likely a labor shortage unless they found unstable soil and have to redesign the foundation. 

 

I agree that Summit & Church looks to be a really good project.

The people 500 miles away would love photos ;-).

[kermit]

Until now when a new Southend apartment complex opened it was filled quickly. My last several trips past 300 w Tremont (I think that is the name, its at Tremont and Tryon) have revealed very few cars in the lot and very little balcony furniture. It looks like its about 80+% unleased. I could certainly be wrong about that figure, but appearances are not always deceiving.

The location could also be part of the problem, the building does feel peripheral to the remainder of Southend. Despite that, I am getting the feeling that the intown apartment market may be topped out.

[Niner National]

Until now when a new Southend apartment complex opened it was filled quickly. My last several trips past 300 w Tremont (I think that is the name, its at Tremont and Tryon) have revealed very few cars in the lot and very little balcony furniture. It looks like its about 80+% unleased. I could certainly be wrong about that figure, but appearances are not always deceiving.

The location could also be part of the problem, the building does feel peripheral to the remainder of Southend. Despite that, I am getting the feeling that the intown apartment market may be topped out.

With their location, they're going to have to offer better rent prices than all the others opening up in SouthEnd. I'd have to have $100+/mo in difference for me to even consider it.

[orulz]

I am getting the feeling that the intown apartment market may be topped out.

The next step is for the complexes to start reducing their rents in order to fill their unleased units. Better to get some revenue out of these units than none.

 

A drop in average rent due to competition for renters would probably put a halt to new construction for now but it will bring more people in and make the neighborhood livelier, to the point where demand increases and eventually rents come back up to a level that can support new construction. Such is the cyclical nature of real estate.

[nonillogical]

The next step is for the complexes to start reducing their rents in order to fill their unleased units. Better to get some revenue out of these units than none.

 

A drop in average rent due to competition for renters would probably put a halt to new construction for now but it will bring more people in and make the neighborhood livelier, to the point where demand increases and eventually rents come back up to a level that can support new construction. Such is the cyclical nature of real estate.

Yeah, I'm excited because I hope this eventual lull in the apartment cycle brings a spike in small infill office and especially retail construction/repurposing. My anecdotal experience is that our retail outlets and bars and restaurants, especially in Southend, stay packed compared to other similar sized cities, and there is certainly demand for a new wave. How many years do we need to see people crammed into Paper Skyscraper, Einstein's, Tupelo Honey (ok I know this ones new but its here to stay), Common Market and more shoulder-to-shoulder before somebody takes the leap of opening another similar spot nearby? 

Edited April 9, 2014 by nonillogical

[atlrvr]

I would agree that it is going to take generous concessions to fill intown and get them stabilized.  I suspect it will take 3-4 months free.  The properties to suffer will be older, slightly less central properties (Cotswold, Park Road, etc)

[Bikeguy]

Yeah, I'm excited because I hope this eventual lull in the apartment cycle brings a spike in small infill office and especially retail construction/repurposing. My anecdotal experience is that our retail outlets and bars and restaurants, especially in Southend, stay packed compared to other similar sized cities, and there is certainly demand for a new wave. How many years do we need to see people crammed into Paper Skyscraper, Einstein's, Tupelo Honey (ok I know this ones new but its here to stay), Common Market and more shoulder-to-shoulder before somebody takes the leap of opening another similar spot nearby? 

 

Good point on what is described as "Third Places".  The attached video was put together for the DNC,   I think it spot on.

 

 

[HopHead]

Until now when a new Southend apartment complex opened it was filled quickly. My last several trips past 300 w Tremont (I think that is the name, its at Tremont and Tryon) have revealed very few cars in the lot and very little balcony furniture. It looks like its about 80+% unleased. I could certainly be wrong about that figure, but appearances are not always deceiving.

The location could also be part of the problem, the building does feel peripheral to the remainder of Southend. Despite that, I am getting the feeling that the intown apartment market may be topped out.

 

Makes me feel even better about selling my rental. I was starting to worry when the market would top out... Even as fast as Charlotte continues to grow, a couple thousand units coming online within a similar time frame in one area of town would be hard to absorb in the near term without some incentives. But like anything else, they'll all get filled up again and the need for more residential will be needed in SouthEnd.

[TheBigShamrock8]

Camden Gallery is most likely a labor shortage unless they found unstable soil and have to redesign the foundation. 

 

I agree that Summit & Church looks to be a really good project.

Camden Gallery is at a standstill because A&P is having some serious issues.  I guarantee that Camden Southline will open 6-8 months before Camden Gallery, and Southline got a 1-2 month head start.

[ah59396]

Camden Gallery is at a standstill because A&P is having some serious issues.  I guarantee that Camden Southline will open 6-8 months before Camden Gallery, and Southline got a 1-2 month head start.

 

There is a rumor floating around that a worker died over at the Camden Gallery site and that halted the A&P work.  Any substance to that rumor?

[ah59396]

Camden Gallery is at a standstill because A&P is having some serious issues.  I guarantee that Camden Southline will open 6-8 months before Camden Gallery, and Southline got a 1-2 month head start.

 

There is a rumor floating around that a worker died over at the Camden Gallery site and that halted the A&P work.  Any substance to that rumor?

[Miesian Corners]

OK, it's the airline geek's turn to be lost.  What's "A&P" mean?

[kermit]

Aldolphon & Peterson, the general contractor. (I rode past the site today and saw the sign)

[SouthEndCLT811]

I drive by daily and I've seen maybe 3-4 workers out at Camden Gallery at 7:15-7:20ish every day.  I figured it was just early and the whole crew hadn't shown up yet.  But now that it is mentioned the project has been slow moving...

[atlrvr]

For what it's worth, in Camden's 10-K earning report in February, they estimated completion at Southline to be 3Q15 and Gallery at 4Q15. 

[ScottCLT]

The people 500 miles away would love photos ;-).

 

I've been meaning to take a picture of District Flats @ Summit and Church since I live right across the street from this place. Finally remembered to yesterday afternoon...

 

[atlrvr]

I drive by daily and I've seen maybe 3-4 workers out at Camden Gallery at 7:15-7:20ish every day.  I figured it was just early and the whole crew hadn't shown up yet.  But now that it is mentioned the project has been slow moving...

 

Mobile crane on site this morning assembling the parking deck.  So it looks like this is now moving forward again.

[TheBigShamrock8]

For what it's worth, in Camden's 10-K earning report in February, they estimated completion at Southline to be 3Q15 and Gallery at 4Q15. 

I can appreciate their optimism, but if you look at the two sites as they stand today, there's no way they could finish even 6 months apart, assuming Camden's delivery schedule is at the extreme ends of each quarter.

[TheBigShamrock8]

There is a rumor floating around that a worker died over at the Camden Gallery site and that halted the A&P work.  Any substance to that rumor?

A worker died up at A&P's Crescent University project back in October.  Maybe that's what you were thinking of?