First Ward Urban Village / North Tryon Vision Plan

[uptownliving]

Just a note about the firestation next to Quarterside and Renwick. For those of you worried about it negatively affecting your property value I refer you to the firestation smack dab in the middle of 4th Ward. It is on Church St at the 9th St intersection right across from the tony ChapelWatch condos. The firemen are sensitive to their neighbors and are pretty good about not turning on the siren until it is absolutely necesary. I am sure they will make the same effort to be as quiet as possible in 1st Ward.

[Charlotte_native]

Just a note about the firestation next to Quarterside and Renwick. For those of you worried about it negatively affecting your property value I refer you to the firestation smack dab in the middle of 4th Ward. It is on Church St at the 9th St intersection right across from the tony ChapelWatch condos. The firemen are sensitive to their neighbors and are pretty good about not turning on the siren until it is absolutely necesary. I am sure they will make the same effort to be as quiet as possible in 1st Ward.

Or live on Tremont Ave where I used to live. The firetrucks shot up and down the street many times per day, mostly with sirens on. You just get used to it and it isn't a big deal. Plus it is fun to listen to all the dogs howl.

[swh1972]

From today's Charlotte Observer...Commercial Real Estate transactions

$1,429,000; 0.907 acres at N. McDowell St. and E. Seventh St.; Fred Kennedy Sr.; Quarterside LLC; 080-096-02.

[dubone]

A key component of the Levine Urban Village (LUV) is the park going between Imaginon and the UNCC uptown building. In the CBJ this week, they mention that UNCC is pushing the county to move forward on planning a park on this land.

The talks are prelimary, but at least now there is a major governmental organization, UNCC, pushing for this, rather than a self-interested developer (or rather, land-banker ).

[dman379]

My former roommate went to contract on a penthouse unit at the Renwick back in the summer of 2004. Over the past two years, he's been licking his chops as Uptown real estate values soared, putting him on track for a $100K+ profit if he chose to flip at the time of completion. Then just the week before last, he received a letter from the Renwick's developer asking for his signature and agreement to be released from the contract. Apparently the Renwick's developer is attempting to have all existing long-term contracts canceled so that they can be reissued at current market values. If you figure 80 units at approximately $80K appreciation on each, the developer has $6 Million to gain if he's successful. My buddy was furious and put an immediate call into his lawyer, so we'll have to see how loose the contract was written and what power the contract owners have.

How would you like to have waited 2 years just for the Renwick to break ground, throwing your money into rent the entire time, just to lose your contract and all potential appreciation profit and find yourself right back where you started? Anyone else caught in this nightmare?

[ElricSeven]

My former roommate went to contract on a penthouse unit at the Renwick back in the summer of 2004. Over the past two years, he's been licking his chops as Uptown real estate values soared, putting him on track for a $100K+ profit if he chose to flip at the time of completion. Then just the week before last, he received a letter from the Renwick's developer asking for his signature and agreement to be released from the contract. Apparently the Renwick's developer is attempting to have all existing long-term contracts canceled so that they can be reissued at current market values. If you figure 80 units at approximately $80K appreciation on each, the developer has $6 Million to gain if he's successful. My buddy was furious and put an immediate call into his lawyer, so we'll have to see how loose the contract was written and what power the contract owners have.

How would you like to have waited 2 years just for the Renwick to break ground, throwing your money into rent the entire time, just to lose your contract and all potential appreciation profit and find yourself right back where you started? Anyone else caught in this nightmare?

I'm curious about the wording of that letter. Wonder what they'd do if the purchaser refused to sign?

[swh1972]

Not sure about the legal aspect of this, but the SEC filings by the developer (Colonial Properties Trust) show an increase in the estimated cost of the project from $18 MM to over $24 MM.

[ElricSeven]

Not sure about the legal aspect of this, but the SEC filings by the developer (Colonial Properties Trust) show an increase in the estimated cost of the project from $18 MM to over $24 MM.

My guess is that it all boils down to the language in the contract, perhaps there is something in there about cost overruns. My guess is that they're going to have a pretty big fight on their hands either way.

[dman379]

I didn't personally see the letter verbiage, but my buddy said that it wasn't very official and he is indeed refusing to sign it until he receives counsel from his lawyer. He looked back over his contract and said that the verbiage there around contract termination was written very loosely, stating acts of God and unforeseen circumstances as justification for termination. It will be interesting to see how the little guys fair against a developer with ~$6 Million in additional estimated costs to recover.

[MZT]

If they can do this, the people who have been in escrow at The Park for ...what.... 3-4 years?... will definately have something to sweat over. Locking in at the old price has probably had a lot to do with their patience.

Edited September 4, 2006 by MZT

[ElricSeven]

I didn't personally see the letter verbiage, but my buddy said that it wasn't very official and he is indeed refusing to sign it until he receives counsel from his lawyer. He looked back over his contract and said that the verbiage there around contract termination was written very loosely, stating acts of God and unforeseen circumstances as justification for termination. It will be interesting to see how the little guys fair against a developer with ~$6 Million in additional estimated costs to recover.

I just don't see how the developer is going to win this one. Usually, if I recall correctly, it is pretty tough to explain inflation as an "unforeseen circumstance." Especially when most of the delay leading to those costs is due to the developer's own slowness. Of course there might be some more specific language in the contract. Even then, the developer might win the battle but lose the war if their reputation gets trashed. I can just see the newspaper headlines about all the buyers being victimized. No one would ever buy anything from them again.

[SmellyCat]

Even then, the developer might win the battle but lose the war if their reputation gets trashed. I can just see the newspaper headlines about all the buyers being victimized. No one would ever buy anything from them again.

Unfortunately, Colonial is usually not in the business of developing for sale properties. It is a publicly traded REIT who owns and manages apartment complexes and some retail and office. This type of for sale product is done by its taxable subsidiary and is a one-off project, so the company's probably not too concerned about reputation risk compared to say a Blvd Centro. Maybe their inexperience here has something to do with the way they are handling this situation.

[moving uptown]

i believe this is the right topic for this but it looks like they have been moving dirt for quarterside. question though - next to quarterside is a community services building, across the street is a post office, and down the street is the fire station - is this a good area or could it be better?

[uptownliving]

I think its a pretty good area...and the addition of Quaterside and Renwick will make it even better.

[dubone]

This area is perfectly fine. I mean, if "good area" means racial and economic homogeneity, no noise, no cars, and so on, then it is a terrible area.

But this is definitely a nice part of downtown for most people who are interested in living downtown.

[kennethlin]

Does anyone know if construction has begun on those 10 SF homes that were supposed to be built on 8th Street right by the Renwick and Ledge? What was the project called....Garden something...

It's quite amazing the transformation that is occuring in the First Ward district. Can't wait to see how the area will take shape in the next couple of years. The development of the Renwick and the Ledge, along with the recent completion of M Street, Courtside and these residential homes could potentially create a new urban living quarters for residents that enjoy living close to the center city.

[uptownliving]

Construction on the SF homes on 8th St started a few months ago...the site has been graded and they are still installing utilities. I think all but 1 or 2 of the homes are under contract.

[kennethlin]

Construction on the SF homes on 8th St started a few months ago...the site has been graded and they are still installing utilities. I think all but 1 or 2 of the homes are under contract.

Really? I didn't realize that most have been sold already...that's pretty quick for something that hasn't even been propped from the ground yet and for the price they are commanding. I guess Uptown land is so valuable that people don't care what the finished product looks like, as long as they can say that they (or shall I say, the mortgage company) own a piece of Uptown land.

I drove by the site a few weeks back and it seemed like they haven't really done much to the land. I'm heard the developer say that they were planning on going vertical in early August, but I haven't seen any wood or even concrete at the site yet. Maybe my few weeks of absense have changed all that.

[swh1972]

Not exactly sure if this belongs here or not, but I've noticed that over the past few days, there has been utility work on E. 6th Street. Looks like they are cutting a trench in the road starting from McDowell, and look to be installing 10 foot sections of gray PVC pipe (about 4 inch in diameter). Would these be electrical lines, or something else. Would be nice to see them bury most of the above ground wires in and around Uptown.

Edited September 21, 2006 by swh1972

[uptownliving]

I noticed that as well. I know they have been working on 6th St for the past couple of months to construct a storm drainage project associated with the new Renwick Condos.

There is also a seperate project where they will be moving the utility lines on the Courtside part of 6th St across the street and then installing steel mast/pole stop lights at the 6th/Davidson and 6th/Caldwell intersections.

I also noticed they were working on 5th St...so who knows.

[graydog]

M Street is wrapping up construction this month. Before anf after pix posted below. We did our walk-through Thursday. Although this was planned to close in Q1 2006, we are not disappointed. The McDowell St. units look the best. The construction quality is very good. The city view is outstanding. Plus lots of development is happening all around us. I noticed the old 1st Ward Park and shopping center site is changing quickly. They are grading and installing culverts now.

E. 7th & N McDowell

E. 8th & N. McDowell

N. McDowell between E. 8th & E. 10th

[dubone]

My biggest problem with MStreet is that Furman didn't arrange for the power lines to either be burried or relocated to be behind the project.

To me, it greatly diminishes the whole project.

[Charlotte_native]

My biggest problem with MStreet is that Furman didn't arrange for the power lines to either be burried or relocated to be behind the project.

To me, it greatly diminishes the whole project.

I want to know who picks his colors, other than the power lines I think these places look great.

[dubone]

Those balconies remind me of the sunken eyes of Snuffleupagus from Sesame Street.

http://en.wikipedia.org/wiki/Aloysius_Snuffleupagus

[peaceloveunderstanding]

M Street looks great aside from those power lines. I think the lines will become less noticeable once the trees start to grow.

The view that comes with a skyline facing unit is terrific.

Edited September 23, 2006 by moonshield