First Ward Urban Village / North Tryon Vision Plan

[turbocraig]

Where is BofA here? Helloooooo? McFly?? With the flurry of activity squarely focused on S. Tryon these days, surely BofA sees the value in buying that land to control their destiny. And by that, I mean the destiny of N. Tryon, which everyone knows is Red Bank land. Maybe they're just waiting in the wings.

[RiverwoodCLT]

So much for anything happing on North Tyron, if Levine buys the Hal Marshall property. We may not live long enough to see what happens with this property.

[dubone]

Look at it this way, there at least won't be a flood of land on the market . He is suppressing supply, so at least other areas get built up higher. But seriously, hasn't he choked off first ward for long enough!?

Why can he not just get it together? Because he is a land banker, pure and simple. He doesn't really care about building anything. He only updates his plans to keep the perception that development is imminent, so people can build around him, and increase the value of his land. He doesn't care at all what happens to the area in the meantime.

[nowensone]

^ I am guessing there is nothing against the law with such a thing, but given his shear % control of properties around uptown, is there at least any other way of pressuring Levine to sell or develop?

[SmellyCat]

What about "eminent domain"? My guess is that NC is one of those states where this is not enforceable yet.

[atlrvr]

No, the state constitution bans the practice recently approved by the US Supreme court.

[A2]

^ I am guessing there is nothing against the law with such a thing, but given his shear % control of properties around uptown, is there at least any other way of pressuring Levine to sell or develop?

Everyone has a price, even Levine...I think his bet will eventually pay huge dividends and in the spirit of capitalism he will win big. His concern is not for the skraper junkie, and Urban dweller, but for his own pocket book. However, I think that when the land is developed (and it will one day be developed), it will be one hell of a project since all parcels bordering Levine's is going to already be built out. I have to think that D's optismism on the supply/demand side of things is absolutely correct and well put. (even though the pesimist in me hates the wait )

A2

Edited June 23, 2007 by A2

[Justadude]

^ Unless our local economy turns down in the same way the northeast and midwest (and, during the .com crash, the west coast) have experienced in the last 30 years or so. If something happens, on a national or local scale, to cause Charlotte's boom to dwindle, we might be stuck with a First Ward full of surface lots for the next century. Think about it.

[A2]

^ Unless our local economy turns down in the same way the northeast and midwest (and, during the .com crash, the west coast) have experienced in the last 30 years or so. If something happens, on a national or local scale, to cause Charlotte's boom to dwindle, we might be stuck with a First Ward full of surface lots for the next century. Think about it.

While it is possible, I still think that the area will be developed. Even if we do experience a downturn (which even I am predicting will happen soon), the Uptown Land market is so tight that supply/demand issues would resolve the issue. Currently we are losing about a 1/3 of existing lots within the 277 loop, due to current projects, or planned ones soon to be built. This has resulted in a VERY tight market that forces maximum utilization of current space. Even if Levine plays hardball he will eventually do what all land holders do (even if it takes years), and that is build or sell. That property is not making him the return on equity he could recieve. Even with parking revenues, the taxes are eating into what could be a huge windfall for him if he plays his cards right.

A2

Edited June 23, 2007 by A2

[dxartist]

Look at it this way, there at least won't be a flood of land on the market . He is suppressing supply, so at least other areas get built up higher. But seriously, hasn't he choked off first ward for long enough!?

Why can he not just get it together? Because he is a land banker, pure and simple. He doesn't really care about building anything. He only updates his plans to keep the perception that development is imminent, so people can build around him, and increase the value of his land. He doesn't care at all what happens to the area in the meantime.

It's no wonder Novare scrapped Twelve Charlotte for the time being in favor of the 3rd Ward Project. Twelve will get built when hell freezes over

[monsoon]

Where is BofA here? Helloooooo? McFly?? With the flurry of activity squarely focused on S. Tryon these days, surely BofA sees the value in buying that land to control their destiny. And by that, I mean the destiny of N. Tryon, which everyone knows is Red Bank land. Maybe they're just waiting in the wings.

I think BofA is more concerned these days of acquiring space in major world cities rather than buying more parking lots in Charlotte, NC. I think the bank has maxed out what operations/personnel that it will have in Charlotte, and future expansions will be more on the order of the skyscraper they just built in Manhattan. Especially if they want to start expanding into Europe & Asia.

It's my prediction that Charlotte will be lucky to keep what BofA has now in Charlotte.

[UrbanCharlotte]

You make it sound as if Charlotte is a hick town in a third world country, and by adding nc you seem to be contributing to the base of people that believe that charlotte is a small, unimportant city. BofA has been doing only positive things for our city for a long time and I see no reason to believe it will stop anytime soon. Charlotte is a major banking city in the world, and thats what BANK of America does. I don't see why a Bank would want to diminish its presence in a major banking city, regardless if they want to expand into different continents. Seems like you have harsh rationalizations for charlotte.

Edited June 23, 2007 by UrbanCharlotte

[monsoon]

^You are putting words in my mouth that I did not say. Likewise I do not consider the state of North Carolina to be third world or hick.

[swh1972]

I think BofA is more concerned these days of acquiring space in major world cities rather than buying more parking lots in Charlotte, NC. I think the bank has maxed out what operations/personnel that it will have in Charlotte, and future expansions will be more on the order of the skyscraper they just built in Manhattan. Especially if they want to start expanding into Europe & Asia.

It's my prediction that Charlotte will be lucky to keep what BofA has now in Charlotte.

I think the raw numbers of employees wil remain stable, but you are right, Metro... as an overall percentage of the business, Charlotte's share will continue to drop.

[Miesian Corners]

Charlotte's Bank of America numbers will continue to grow. We won't see a huge amount, but we will still see new employment. As the financial services sector continues to boom, Charlotte will get its share. Not to beat a dead horse, but again, the word is agglomeration and we have that here. Besides, it is far more expensive for the bank to place jobs in NYC that could easily be done here. Otherwise, the HQ and all those jobs would still be on California Street in San Francisco (for the record, there's not even a BofA branch bank in the old SFO building today).

Back on topic...I find it difficult to imagine that the county couldn't put some restrictions on Levine in order for him to purchase the site. The city certainly made Taubman and Ghazi jump through hoops for the old Civic Center. What I want to know is how Levine can sit on such expensive land and pay taxes on it. Does his parking revenue add up to all that?!! If so, we're all in the wrong biz.

Edited June 24, 2007 by Miesian Corners

[charlotte49ersuptown]

Unfortunately Miesian Corners the Old Convention Center was city property, so the city in this great state of ours has the right to require developers to do certain things with public land. The county on the other hand has to sell public property to the highest bidder unless they seek a request from the state to RFP the property. This comes down to the state having a sometimes archaic view of land use and public / private property. The best case scenario in my opinion would be to RFP the property and bring in as many national developers as possible. Since they are only selling to the highest bidder, the bidder can do what ever they want with the property, or in this case nothing will the property.

[developingNOLE]

Levine is purchasing the Hal Marshall land (12 acres) for $32,250,000. More land to do nothing on.

The other bids given to the County were for $32M and $31M, and both of those groups planned on actually developing the land. The County is actually going to lose money on this deal when you enter in the lost property and any sales taxes.

Very sad day for Charlotte in my opinion.

[atlrvr]

I believe that the added value in his bid was that he would allow the county to remain rent free in the building for about 2 years until the Freedom Mall office conversion is completed.....that said, I still wish this had gone through the RFP process, but I understand the legalities why it didn't.

[Miesian Corners]

Let's just look at this on the bright side...big land planning firms like Civitas, LandDesign, and Kimley Horn will get more business as Levine studies this new parcel five or six times over the next 15 years.

[uptownliving]

Mike Hahn at MeckCo said he thinks an upset bid to Levine's is entirely possible. I hope that is the case.

[nowensone]

We could just form a partnership of members here, ownership of shares based on amount contributed, and hopefully collect enough to outbid this guy. It would simply be icing on the cake to make some money in the process, and to boot we get to choose (to a degree) what gets designed and built.

Seems about the only way for average citizens to truly and collectively be "heard".

[BUILDIT]

that unfortunatly will probably not happen

[CLT]

Is Levine so rich he can afford 32 Million and just sit on it? I would think after spending that much money you would have to make it work for you.

[rockhilljames]

Yes, he's that rich.

When Atlanta has people that rich, they get Aquariums built for them. We get parking lots.

[A2]

Yes, he's that rich.

When Atlanta has people that rich, they get Aquariums built for them. We get parking lots.

I don't mean to chuckle, but how true it is RHJ!

A2