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Charlotte Off Topic


monsoon

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Some interesting facts about Charlotte. 3 years old so a bunch of them have increased, but still good.

Charlotte is the nation's sixth largest distribution center with a wholesale trade volume of more than $30 billion. Locally, 614 firms are involved in transportation and warehousing and 80,000 people are employed in supplying goods. With the cities excellent interstate access, delivery trucks can reach 60 percent of the nation's population within 24 hours. Countywide, the industrial market includes 97 million square feet of warehouse and office-warehouse flex space.

Median Family Income: $64,143

Shopping Centers: 184

Banks: 15

Major Airlines: 9

Hospitals: 34

Fortune 500 firms: 286

Labor Force: 349,010

Unemployment: 2.5 %

Total Number of Businesses: 31,072

Average sales price of homes (1998): $181,084

Gross retail sales (1998): $16.29 billion

Value of total assessed property (1998 values): $57.1 billion

Total Housing Units: 292,780

Occupied: 272,207;

Owner occupied: 172,355,

Renter occupied: 99,852

Vacant housing units: 20,573.

Construction Residential Units

14,484 $1.6 billion

Non-Residential Permits

4,343 $1.1 billion

Communications

Weekly newspapers: 9

Local radio stations: 26

Telephone companies: 31

Telegraph Services: 3

TV stations: 7

Major daily newspapers: 1

Cable TV services: 2

Satellite Television Services: 4

Mind & Body

Public Schools: 139

Private Schools: 43

Institutions for higher learning: 23

Libraries: 23

Parks: 140

Recreation Centers: 20

Public playgrounds: 68

Public golf courses: 12

Private golf courses: 13

Tennis courts: 138

Country clubs: 14

Miscellaneous Stats

Enplaned passengers: 11.6 million

3rd largest attended sporting event in U.S., The Coca Cola 600

Enplaned cargo 94,339 tons

City, County and State AAA bond ratings

5th in number of Fortune Headquartered Companies

6th largest trading area in U.S.

500 Airline flights daily

6th largest wholesale center in U.S.

21st most active airport in the U.S.

5th largest urban region

9,548 new jobs for 2001

26th largest city

$16.5 billion in retail sales

#1 U.S. city in foreign firms growth (Site Selection Magazine)

Nation's 2nd largest banking center (controls $970 billion in assets)

7th largest University Research Park

28th most wired city Nation's most livable city (U.S. Conference of Mayors)

9th Best City for Entrepreneurship

286 Fortune 500 firms represented

Nation's #1 U.S. city in foreign firms growth

Cost of living below national average

NFL Team, Carolina Panthers

7th best city for business development

Source:Charlotte-Gastonia-Rock Hill NC-SC, National Compensation Survey, June 2001, U.S. Department of Labor, Bureau of Labor Statistics, March 2002

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  • 2 weeks later...

N.C. DOT Adapts Intersection To Match Residential Growth

At the intersection of Highway 73 and Poplar Tent Road, Poplar Tent hits 73 near a curve and at the bottom of a hill. In that position, it is hard for drivers trying to turn left to see if it's safe to pull out.

The most recent police statistics show a 31-percent increase in accidents at this intersection in just one year.

The state has designated the intersection as a high-hazard intersection and freed up $500,000 from a special fund to fix dangerous roads.

Department of Transportation Engineer Marc Morgan and his team are using that money to fix the Poplar Tent/Highway 73 problem by eliminating the old intersection altogether.

"Basically, what we did was relocate the intersection to the crest of the hill, so you have total sight distance in both directions," said Morgan.

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New "beach" at Lake Norman? Sounds like it will be a nice place to spend a summer day.

"The $3.1 million complex, paid for with a Parks and Recreation Trust Fund grant, was finished in November. It includes a 125-yard sand beach, a bathhouse and concession building, bathrooms, picnic grounds, parking and a 50-foot fishing pier."

Lake Norman Gets New Swimming Beach

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What organization is this article from? I think that may be the first time I have seen Charlotte by itself and not having the reference point of North Carolina following it. Could Charlotte FINALLY be recognized on a national level? You never see Chicago, Illinois or Los Angeles, California, you only see Chicago or LA.

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At a uptown development meeting this evening, Moira Quinn announced that IKEA had called inquiring about large parcels close to the urban core........she mentioned the Hal Marshall site.....I'd be deeply upset if that site was underutilized with an IKEA.......if there were to be on, it would make sense to be off Morehead near the stadium.

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That's good news to hear. I'm sure any city would love to hear from IKEA about possible sites. Here in Atlanta, IKEA is opening a store in Midtown in the Atlantic Station development and it's big news. I think the Hal Marshall site is not bad, but i'm sure there are many other better ones. If chosen, that site should not have a huge big-box IKEA sitting on it. IKEA should be incorporated in the design, like having some sort of other development component.

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IKEA is a furniture company that sells cheap, modern, chic furniture. Their stores are huge (over 300,000 sq. ft. which is 1.5 times the size of a Wal-Mart Supercenter)......there stores are too big IMO for a prominant site.....that's why I like Morehead, or even South End around Remount.

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New "beach" at Lake Norman? Sounds like it will be a nice place to spend a summer day.

"The $3.1 million complex, paid for with a Parks and Recreation Trust Fund grant, was finished in November. It includes a 125-yard sand beach, a bathhouse and concession building, bathrooms, picnic grounds, parking and a 50-foot fishing pier."

Lake Norman Gets New Swimming Beach

<{POST_SNAPBACK}>

There is a pretty good article on the beach in this month's Lake Norman magazine.

Surf the Lake

cover.jpg

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Charlotte lease rates are quotes on a cost per square foot per year. The current uptown rate on average is about $19.50, though it varies widely between about $15-$27. Typically rates are determined by newness of a building, and level of ammenities and finish provided in that building (ceiling heights, parking spaces, building reputation, security, etc.)

As far as who is responsible for ammenities, it varies by buildings.....leases can be:

Full Service (maintenance, utitilies, insurance is covered by the base rent)

Net (Utilities are not included)

Net Net (Utlilies and Insurance are not included)

Triple-Net (Nothing is included in the base rent)

Typically, uptown leases are full-service, especially in the newer towers.

This is all fairly standard nationwide, though in California, they quote rents at a price per square foot per month.

As far as vaulating a building....it's more of an art to value it quickly.....

The most easy way is the to multiply the expected rent by the expected leased square footage (account for vacancies)....then deduct what you expect your pre-tax expenses to be (debt service, property taxes, maintenance etc)....this gives you your "Net Opertaing Income (NOI)".....now multiply this number by 10......that is an approximate building value....though currently multipling by 12 or 13 is more approprite, especailly in hot office markets like DC. (this multiplier (Cap Rate) varies by market and over time)

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The most easy way is the to multiply the expected rent by the expected leased square footage (account for vacancies)....then deduct what you expect your pre-tax expenses to be (debt service, property taxes, maintenance etc)....this gives you your "Net Opertaing Income (NOI)".....now multiply this number by 10......that is an approximate building value....though currently multipling by 12 or 13 is more approprite, especailly in hot office markets like DC. (this multiplier (Cap Rate) varies by market and over time)

<{POST_SNAPBACK}>

Thanks, atlrvr! Should NOI determine a building's value? This ties it directly to your amount of debt.

Edited by bja
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Thanks, atlrvr!  Should NOI determine a building's value?  This ties it directly to your amount of debt.

<{POST_SNAPBACK}>

The amount of debt does not impact a building's value, but NOI does. NOI is caluculated before any debt consideration. As atlrvr said, the value is generally the buildings's NOI divided by a determined cap rate, which reflects the strength and risk of the market, quality of the asset and rent roll, etc.

By the way, Moody's Investor Services puts out a quarterly rating of all markets, and in the 4th quarter of 2004, the Charlotte CBD was the HIGHEST ranking of all U.S. markets, with a score of 81 out of 100.

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