Fifth and Poplar

[Miesian Corners]

Mark the date and time. I was wrong.

Look for an article in the Wed Charlotte Observer about Spectrum converting 5th and Poplar to condo.

[rockhilljames]

5th an Poplar?!

Whaaa....?

[dubone]

that basically means no new construction/renovation, just different marketing and ownership, etc.

[Norm2]

And through all of that hopeless speculation.....none of it came into fruition lmao.

[uptownliving]

What a letdown

Well, on the bright side...this only improves the chances of The Grand being built....as the downtown Apt markert will get really tight with 5th & Poplar being taken off.

[49er]

i dont see the strategy in that...maybe its the fact that they can beat all the other projects out of the gate b/c its already built...and they can snap up would be buyers of other projects.

someone at Pappas Properties told me about two years ago that the Cotton Mills apartments were a conversion candidate, but nothing ever happened.

[atlrvr]

Cotton Mills was supposed to be converted but then Summit paid a handsome price for it a few months ago.

[atlrvr]

The strategy is that this would raise them a tremendous amount of capital if they were to build on the Carillon site

The units at 5th & Poplar are laid out like tradional apartments. Even fitting them with nice furnishings isn't going to change that.......speaking of which, I bet if you want a good deal on mid-range GE appliances in white, spectrum will have the deal for you.

[ElricSeven]

The strategy is that this would raise them a tremendous amount of capital if they were to build on the Carillon site   

The units at 5th & Poplar are laid out like tradional apartments.  Even fitting them with nice furnishings isn't going to change that.......speaking of which, I bet if you want a good deal on mid-range GE appliances in white, spectrum will have the deal for you.

<{POST_SNAPBACK}>

Yeah, I'm guessing they'll have to upfit the place just like that place in Eastover.

[dubone]

if they kept them as they are, couldn't sell it at a lower price to undercut the other announced/underconstruction competition ? Maybe they don't have fancy appliances, but that is not a primary consideration for buying a place. it has quite a brand image from the location and the harris teeter.

[atlrvr]

The general belief is that granite counters, hardwood floors, and stainless appliances are value added luxury items.....meaning that they could sell the unit at a premium greater than the cost of adding these items. It's also a pride thing, they don't want to be the only one not doing it. My issue wasn't that they don't have these premium features, but that the actualy layouts are very apartment like (bedrooms side by side and sharing a bath in the hall, etc.) The building and common are ammenities are quite nice though, which would lead me to believe they will once again target the luxury segment.......though I say that with pause since Spectrum seems to find ways to cut corners.

[SmellyCat]

Cotton Mills was supposed to be converted but then Summit paid a handsome price for it a few months ago.

<{POST_SNAPBACK}>

Yeah in fact they mailed surveys to all the Cotton Mills residents about whether they would buy their units if a condo conversion was done. A majority voted yes, and then we were puzzled why they said they would keep them as rentals. Then we realized they got a sweeheart offer from Summit (now Camden).

Nothing says Camden wouldnt sell Cotton Mills to a condo converter if the price was right. It's all the rage amongst apartment REITs these days...

[UptownJ]

if all our apts are turned to condo's... developers really need to step it up on the apartment market because its all ready full

[ElricSeven]

Yeah in fact they mailed surveys to all the Cotton Mills residents about whether they would buy their units if a condo conversion was done.  A majority voted yes, and then we were puzzled why they said they would keep them as rentals.  Then we realized they got a sweeheart offer from Summit (now Camden).

Nothing says Camden wouldnt sell Cotton Mills to a condo converter if the price was right.  It's all the rage amongst apartment REITs these days...

<{POST_SNAPBACK}>

From a recent e-mail:

(snip)

Thank you for your patience. We just adjourned from our meeting with the Developer. You are the first few people to know that the NEW PROJECT is Fifth and Poplar!! This development is being converted into luxury condominiums. The finishes will include granite countertops, hardwood floors, stainless steel appliances, etc.

The letter to the current tenants will be delivered on April 20th, the tenants will then have 30 days in which to purchase their unit. Traditionally, only 5% of tenants purchase their unit, so we are collecting reservations from our Preferred List (you) until May 20th. On May 21st we will start our public sales campaign, and prices will go up.

Please let me know if you have any interest in this project, then I can give you contract documents, floor plans, pricing, etc. as soon as it becomes available in the next couple weeks. The deposit will only be 2.5% of the sales price.

You may visit the website at www.fifthandpoplar.com. This is still the apartment website, but you can get an idea of the floorplans. We are averaging $342/square foot (some less, some more), and will be able to deliver converted units as early as 90 days. This project beats out every other announced project in completion time, and price!!

I look forward to working with you. Please e-mail me if you are interested.

(snip)

[uptownliving]

$342 per sq ft.....holy shia! I hope that includes gold plated floors.

[ElricSeven]

$342 per sq ft.....holy shia! I hope that includes gold plated floors.

<{POST_SNAPBACK}>

Way too much in my opinion, but there's a thousand born every minute.

[SmellyCat]

$342/sf...holy f-ing schnikeys!!

[dubone]

that is outrageous for a low rise project.

could they mean 342/square furlong?

[atlrvr]

I've been in a few on these units.....like I've said before, the floorplans are definetly set up for apartments, and not condos......also, the interior finishes are pretty damn tragic, though it appears they will be doing the over-haul. The common areas are really nice, but I think the only way they are justifying the price is the timing......some people just want it now.......

[trader]

$342 seems outrageous. that does not beat out any project in price except the later sales of 230 S Tryon, some of the Park, and highest floors of trademark. They are asking for a premium for fast delivery. i noticed the floorplans online have no master baths with 2 sinks or shower stalls.... maybe they update this too. How did you get on the list E7? I was on the 230 S Tryon list

[peaceloveunderstanding]

Fitfh and Poplar is being converted into luxury condos.

This is the email I got.

Thank you for your patience. We just adjourned from our meeting with the Developer. You are the first few people to know that the NEW PROJECT is Fifth and Poplar!! This development is being converted into luxury condominiums. The finishes will include granite countertops, hardwood floors, stainless steel appliances, etc.

The letter to the current tenants will be delivered on April 20th, the tenants will then have 30 days in which to purchase their unit. Traditionally, only 5% of tenants purchase their unit, so we are collecting reservations from our Preferred List (you) until May 20th. On May 21st we will start our public sales campaign, and prices will go up.

Please let me know if you have any interest in this project, then I can give you contract documents, floor plans, pricing, etc. as soon as it becomes available in the next couple weeks. The deposit will only be 2.5% of the sales price.

You may visit the website at www.fifthandpoplar.com. This is still the apartment website, but you can get an idea of the floorplans. We are averaging $342/square foot (some less, some more), and will be able to deliver converted units as early as 90 days. This project beats out every other announced project in completion time, and price!!

[ElricSeven]

$342 seems outrageous.  that does not beat out any project in price except the later sales of 230 S Tryon, some of the Park, and highest floors of trademark.  They are asking for a premium for fast delivery.  i noticed the floorplans online have no master baths with 2 sinks or shower stalls.... maybe they update this too.  How did you get on the list E7?  I was on the 230 S Tryon list

<{POST_SNAPBACK}>

I have magical powers. Either that, or I got it from a friend who was one of the first to be denied on the 230 S Tryon list.

[peaceloveunderstanding]

hehe, you all were already talking about it, I shouldn't have posted it again. . I do think $342 sq/ft is rather expensive. BUT they wouldn't be selling for $342 unless they knew that they could IMO.

[ElricSeven]

$342 seems outrageous.  that does not beat out any project in price except the later sales of 230 S Tryon, some of the Park, and highest floors of trademark.  They are asking for a premium for fast delivery.  i noticed the floorplans online have no master baths with 2 sinks or shower stalls.... maybe they update this too.  How did you get on the list E7?  I was on the 230 S Tryon list

<{POST_SNAPBACK}>

Maybe beating out others in price means beating them out in how high the price is, sort of like the Park being sold out in "record time," meaning "record long time."

[SmellyCat]

just got this email:

wanted to update you on the status of 5th and Poplar. We have delayed the start of presales until the beginning of June just to give the current residents a bit more time to decide whether they would like to purchase the condo they are in. The developer has just given the finish selections to them and we are waiting on a couple more documents so that they will be able to sign and finalize their contracts by the end of May. So with that said we are looking at the beginning of June for the start of the pre-grand opening reservation period. This way we will start pre sales after Memorial Day weekend, which I would assume is much better timing for most people.

If you are interested in this property I recommend that you make offers on units during this presale period. It is restricted to those who have expressed interest in the project prior to the general public sales phase and will offer the widest selection of product.

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