Independence Corridor

[Niner National]

3 hours ago, cjd5050 said:

I don't think the construction on 74 has helped either.  

Does anyone know, even with abatement, is $23 per s/f a good price for office space so close to uptown?  

My company pays less than that in Plaza Midwood, although to be fair it isn't Class A office space or anything.

[kermit]

3 hours ago, cjd5050 said:

I don't think the construction on 74 has helped either.  

Does anyone know, even with abatement, is $23 per s/f a good price for office space so close to uptown?  

Cushman and Wakefield has the East Charlotte submarket average asking rent at $14.41 (Q2 2016). That said, the East Charlotte submarket is way too large and heterogeneous to serve as a useful analytical unit.

They also say the uptown submarket AAR is $28.31. I don't rent office space for a living, but I if I did, I would request way more than a $5 discount for the middle-of-nowhere Independence.

http://www.cushmanwakefield.us/en/research-and-insight/unitedstates/charlotte-office-snapshot/

EDIT: never mind, I misread the purchase/lease distinction following Niners post

Edited October 14, 2016 by kermit

[SgtCampsalot]

Edited October 14, 2016 by SgtCampsalot

[jwntim]

3 hours ago, cjd5050 said:

I don't think the construction on 74 has helped either.  

Does anyone know, even with abatement, is $23 per s/f a good price for office space so close to uptown?  

 

20 minutes ago, Niner National said:

My company pays less than that in Plaza Midwood, although to be fair it isn't Class A office space or anything.

 

11 minutes ago, kermit said:

Cushman and Wakefield has the East Charlotte submarket average asking rent at $14.41 (Q2 2016). That said, the East Clt submarket is too big to serve as a useful analytical unit.

They also say the uptown submarket AAR is $28.31. I don't rent office space for a living, but I would think most users woudl request way more than a $5 discount for the middle-of-nowhere Independence.

http://www.cushmanwakefield.us/en/research-and-insight/unitedstates/charlotte-office-snapshot/

They are talking about purchasing the building for $23psf ($850k/37k sf). 

$23psf is certainly cheap but you need to keep in mind all the time and future capital that will need to be invested into the building to make it leaseable. Currently the place is dump and would require significant investment just to get it to class B office space. That compounded by the fact that no traditional office user would want 37k sf of office space right off independence, make this deal really tough. If you look at $850k on a per acre basis (assuming you get both parcels) its ~$425k an acre.  

For reference, Coliseum Center sold for a little over $6m or $336k an acre and its already retail which feels like a much better use than office for the location.

Edit to add: If you held a gun to my head and told me I had to buy it and try and make as much money off the deal as possible I would raze the crappy small building, build a table top deck to try to juice the parking ratio as high as I could get it and then try and market the building to back office / call center users. This still probably doesn't hang together based on the numbers but just my thought. 

 

Edited October 14, 2016 by jwntim
adding my thoughts

[alb1no panther]

Yeah there's not way I see this happening.  A for effort, though.

[kermit]

^perfect site for the AvidExchange building

[Third Strike]

If this building is still around in twenty years, then maybe it could benefit from being across the street from the Amity Gardens Silver Line Station. The amount of asbestos in that building will still need to be addressed, and is probably the main reason why it's been in misuse for nearly a decade.

[Dale]

I know I'd be a happy camper if they repurposed this and the hideous gold building. Both make the drive to Uptown scream 70's.

[Crown]

Construction on the 2401 Sardis building is almost complete

http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article109381262.html

 

 

 

 

 

[kermit]

5 minutes ago, Crown said:

Construction on the 2401 Sardis building is almost complete

http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article109381262.html

 

 

 

 

 

The former Kmart?

[Crown]

1 minute ago, kermit said:

The former Kmart?

That's the one. 

[Niner National]

It's not urban, but It's a nice re-use of an otherwise worthless structure.

Also provides cheap new office space.

[KJHburg]

It was called American Fare when it opened which was a Kmart owned Hypermarket like those in Europe then it became just a Super Kmart. It hosted a few other retailers including Dave and Barrys over the years but mostly vacant recently. This is a great reuse. That is the kind of parking Red Ventures needs LOL 

[InSouthPark]

What a great re-use! Who ever designed that original Kmart (or whatever it was called) picked just about the worst spot you could think of. Down in hole hidden from one of the busiest roads in town.  I remember going into the Super Kmart one time and being like the ONLY person in the massive store (and it was a dump to boot). 

[Niner National]

9 hours ago, KJHburg said:

It was called American Fare when it opened which was a Kmart owned Hypermarket like those in Europe then it became just a Super Kmart. It hosted a few other retailers including Dave and Barrys over the years but mostly vacant recently. This is a great reuse. That is the kind of parking Red Ventures needs LOL 

Yep, I remember going there when it was still called American Fare. I was probably only 5 or 6 years old. I was intrigued by the shopping carts since they required a quarter to release them. I thought it was the coolest place because it was a full grocery store, but also had clothes, toys, shoes, and a Little Caesars.

[SgtCampsalot]

41 minutes ago, Niner National said:

Yep, I remember going there when it was still called American Fare. I was probably only 5 or 6 years old. I was intrigued by the shopping carts since they required a quarter to release them. I thought it was the coolest place because it was a full grocery store, but also had clothes, toys, shoes, and a Little Caesars.

The Little Ceasars!!! That was my jam when my parents took me shopping there

[Third Strike]

Rezoning petition has been filed for the Varnadore site. Hopefully they are able to redevelop this building and the surrounding area. Looks like they're aiming to make this an entertainment/office hub:

Link

[Dale]

Now if they can just do something with the gold building ...

[KJHburg]

This rezoning needs to be approved to jump start some redevelopment along the Independence corridor. If they have the financing let them build it. The Gold building is actually pretty occupied with lots of small offices. 

[Dale]

4 minutes ago, KJHburg said:

This rezoning needs to be approved to jump start some redevelopment along the Independence corridor. If they have the financing let them build it. The Gold building is actually pretty occupied with lots of small offices. 

I'm just hoping for a reclad.

[KJHburg]

Just now, Dale said:

I'm just hoping for a reclad.

everyone gives directions by the big Gold building it would cause confusion if they redid it LOL    But I see what you are saying. the old Coliseum shopping center where TopGolf once looked needs a major rehab. I cant believe a mixed use project hasnt gone up there like apartments, some retail etc. I hope someone is thinking about a big project there I heard it was owned by some investors maybe from NY 

[Dale]

Did Coliseum plans just fall through ? I thought there were firm plans to breathe life into it.

[Third Strike]

About ten acres of the site is going to be developed into an EchoPark, which is a used automotive dealer. Don't know about the rest of the site.

[Dale]

10 minutes ago, Third Strike said:

About ten acres of the site is going to be developed into an EchoPark, which is a used automotive dealer. Don't know about the rest of the site.

Git er done. It's a bombsite.

[Third Strike]

Another permit for this site has been submitted through Accela:

"Redevelopment of the old shopping center to include retail shops and outparcels."

Looks like the rest of the site will be developed for retail. I wonder if they'll preserve part of the site for the future light rail station.