Skyhouse Apartments

[Jones_]

If I were King, I'd prefer a second Skyhouse to the Edison Apartments. 

 

If the economics work for Skyhouse developers, why not for Sandreuter?

This is a good question actually and doesn't get talked about enough. My thoughts are that the investors/financing behind these are wildly different. I get the feeling Sandreuter only has access to expensive money and that is part of why his projects take forever to break ground. Also Skyhouse house will have cheaper architectural costs, cheaper engineering both because its the same plan each time, and the construction labor is less because they build it so fast. Faster design and construction lower carrying costs quite a bit too which of course is stacked on the cost of the financing rate. The costs we read about for a project never include the finance terms and carrying costs which I am guessing can make or break a project. Selling these to a REIT at a profit is probably the goal of both projects (probably Skyhouse's main profit and new project leverage), but Skyhouse's developers just have a process that nets more profit per unit. 

[RALNATIVE]

Noticed last night that the top of Skyhouse is now lit. The green lighting does a lot to make this tower stand out in the skyline.

[RALNATIVE]

Residents have started moving into Skyhouse. The TBJ slideshow has some good images: http://www.bizjournals.com/triangle/gallery/180621?r=http%3A%2F%2Fwww.bizjournals.com%2Ftriangle%2Fblog%2Freal-estate%2F2015%2F04%2Fskyhouse-raleigh-nc-opens-23-story-view-downtown.html%3Fpage%3D2

 

 

A restaurant called "Provenance" will also occupy one of the retail bays along Blount street.

[RiverwoodCLT]

Have Skyhouse added any retail yet?

[Green_man]

Have Skyhouse added any retail yet?

 

1 restaurant: Provenance.  And sounds like Reliable Loan & Jewelry wants to relocate into one of the spaces (temporarily?) while the office tower is built next door?  I think that leaves one retail space left.

[RALNATIVE]

1 restaurant: Provenance.  And sounds like Reliable Loan & Jewelry wants to relocate into one of the spaces (temporarily?) while the office tower is built next door?  I think that leaves one retail space left.

 

That's nice. So now I can have some fine dining at Provenance and then walk next door and pawn my watch.

[Green_man]

Random thought:  With Skyhouse already around 70% leased, I wonder if there are thoughts of building another one?  Total, there have been 10 completed, and 5 still under construction; including the 3rd one in Houston and 4th one in Atlanta.

The 301 Hillsborough site seems perfectly suited for one.  The parking lot closest to Campbell is the exact dimensions for the building and then I guess the 4 or 5 level parking deck would be in the middle of the block (directly across Hillsborough street from Holiday Inn).

Developers are currently bidding on the land purchase and I think the current high bid is around $3.5 million?

[Jones_]

I think one of that style is plenty. There is an area of Atlanta with a Skyhouse and like 4 other buildings almost exactly the same style of exposed exterior columns and blue plate glass....it starts to feel like a fortress to me with so many in one spot. I realize you're suggesting one on the other side of our downtown, but I'd much prefer to see a ton of variety instead of getting mouth fed a second canned style of building. Here is a pic of the Atlanta area I'm referring to

[Green_man]

Update to my random thought...  Parking deck should front Dawson St and needs an amenity deck like the Skyhouse being built in Charlotte.  Putting the parking deck to the east keeps the view for the Holiday Inn and keeps the tower from blocking a view from the top of the parking deck.  Excuse the turrible paint editing.  Also excuse the super random and almost assuredly pointless thought.

[InitialD]

I'm not sure why they decided to build the Edison apartments. They could have built a second Skyhouse on the other side of the parking deck and still had land free that could be used for a future development (like Edison office tower will be next to skyhouse). Edison apartments was a waste of a large footprint of downtown land that should have been a lot taller.