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Silas Pointe

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Silas Pointe

900,000 sf mixed-use development

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Well what are the chances of this happening ANYTIME soon?? Bold plan, great location, terrible timing.

Granite Commercial and Broyhill Capital are teaming up to bring W-S her first large mixed-use development at the corner of Silas Creek Pkwy and Stratford Road. Silas Pointe would be located opposite Forsyth Medical Center, bordering the HMB loop.

The sales pitch in the .PDF says that Silas Pointe has attracted attention from retail and restaurants new to the W-S market.

http://www.granitecommercialsouth.com/PDF/SilasPointefinal.pdf

(why is there a renderning of Lexington, KY's CenterCourt in the file?)

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That's a lot of square footage for the market to absorb, especially with rental rates still falling and vacancy rates still rising in some areas. But it would take a while for the development to open up fully, even if they did it piece meal, so the risk of thousands of extra space dumped in the market isn't likely.

It's interesting that they included a "light rail sub-station. Do these developers know something we don't?

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The proposal fits perfectly with city's master plan to add residential and parking decks to the Hanes Mall MAC. I think the transit stop was included before the feasibility study determined that light rail is highly unlikely for the Triad anytime soon.

I’m not too worried about the office space, since the majority is being marketed for medical use. That’s about the best thing the city has going these days. I can imagine Novant and WFUBMC needing more space in the not so distant future. Both are close to this development.

The residential portion, I think may be too large for W-S to absorb right now. Hundreds of apartments around the South Stratford area are being constructed as well as a proposal by Freeman Commercial to add units to the rear of Shoppes on Little Creek. As for the condos...I’m assuming they’re aiming for hospital employees? Its a win-lose IMO. Live next to work with the convenience of a mega mall in walking distance...but the view sucks.

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Rendering

4154597030_8a381ef1ab_o.jpg

I guess this is for the future website.

-20 acres under contract

-CBL also involved? :D

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The rendering looks pretty good from what little there is from the screen cap. It's interesting the CBL will be involved. If they're being put in charge of leasing retail square footage, I wonder how, if at all, that would affect leasing at Hanes Mall?

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Who are the developers going to get to make them a loan in this current economic climate? Otherwise, looks like a great plan. If they haven't done so already, I think they're going to need to break it up into phases to get it off the ground, whenever that might be.

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Man! that looks great. I glad Winston landed this project. The light rail looks really cool!

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very nice! reminds me of the Village at North Elm in Greensboro and to some extent Jefferson Village.

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Today's journal briefly mentions Silas Pointe. The city is planning to use a portion of the $8 million stimulus dollars turned over by the county, to go towards the project. Im assuming for road improvements...maybe decorative lighting? That seems to be the norm with other mixed-use developments that received the city's help.

http://www2.journalnow.com/content/2009/dec/08/cash-will-go-to-city/

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Today's journal briefly mentions Silas Pointe. The city is planning to use a portion of the $8 million stimulus dollars turned over by the county, to go towards the project. Im assuming for road improvements...maybe decorative lighting? That seems to be the norm with other mixed-use developments that received the city's help.

http://www2.journalnow.com/content/2009/dec/08/cash-will-go-to-city/

It sounds more like there talking about low interest bonds, i.e. low interest loans. Presumably, the developer could use the funds for whatever they wanted (within constraints, of course), unless the city is planning on subsidizing this project. In that case, the city may be planning to assume the cost of repaying the bonds to fund infrastructure around and in the development.

How long has this project been in the works? It sounds like at least the mayor has known about it for a while.

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With the proximity of this project to Hanes Mall, I hope CBL has some sort of plan to integrate the existing retail and acreage at the mall into this new project.

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Heres a fly-through and a couple renderings that were released of the larger, but not so attractive development. Now Granite is saying over 1 million sf when built out.

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Heres a fly-through and a couple renderings that were released of the larger, but not so attractive development. Now Granite is saying over 1 million sf when built out.

98___selected.jpg

5792733818_c7e3ce741f_z.jpg

Maybe these aren't the final renderings. But this is indeed a very big development

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A presentation from this past winter surfaced on google re: what type of retail Broyhill is looking to bring to his "flagship" development. Here are the standouts from his list of prospective tenants new to the W-S market.

Nordstrom Rack

Off 5th

Bloomingdales (outlet)

Ulta

DSW

Harry & David

PF Changs

Cheescake Factory

Red Robin

California Pizza Kitchen

Benihana

Bertuccis

Z Pizza

Broyhill is in negotiations with Epic Theaters for the multiplex. Epic has one NC theater in Hendersonville. Most others are around Florida.

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