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500 West Trade (14 story apartments on site of former Polk Building)

UrbanCharlotte

By UrbanCharlotte
in Charlotte

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20 minutes ago, SgtCampsalot said:

I guess we're just waiting on how Market 42/The Ellis goes to see whether NWR moves forward with this?

And there appear to be significant concerns on the economy now also.  Could be the boom is finally ending.  On the other hand, employment remains VERY strong and higher interest rates are killing home sales (making apartments a good bet).  I know absolutely nothing but I still think NWR starts construction in the next 12 months.  There is some momentum on this side of Uptown (streetcar, Gateway station, police department, etc) and it could be they are simply looking to wrap projects on Stonewall and Providence before they start another.  They haven't been know in recent years for talking and not acting.  That said, others appear to be more connected (though I heard similar doubts about Lennar...).

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lancer22 Whistle-Stop

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On ‎11‎/‎21‎/‎2018 at 10:29 AM, JBS said:

And there appear to be significant concerns on the economy now also.  Could be the boom is finally ending.  On the other hand, employment remains VERY strong and higher interest rates are killing home sales (making apartments a good bet).  I know absolutely nothing but I still think NWR starts construction in the next 12 months.  There is some momentum on this side of Uptown (streetcar, Gateway station, police department, etc) and it could be they are simply looking to wrap projects on Stonewall and Providence before they start another.  They haven't been know in recent years for talking and not acting.  That said, others appear to be more connected (though I heard similar doubts about Lennar...).

To be more precise, I think the economic concerns are mostly related to construction costs. Job growth & economy remain good. Not as good as last year but still decent. Rates are a but higher but still manageable.

 

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Spartan Gigalopolis

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Meh. Who cares. This is Charlotte. I hope they at least do a cool implosion. 

My guess is having a vacant building costs more in taxes than a vacant parcel, so it's worth the energy to tear it down only if  you're planning to build soon OR  if you're going to sit on it a while.

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teeg Whistle-Stop

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9 minutes ago, Spartan said:

Meh. Who cares. This is Charlotte. I hope they at least do a cool implosion. 

My guess is having a vacant building costs more in taxes than a vacant parcel, so it's worth the energy to tear it down only if  you're planning to build soon OR  if you're going to sit on it a while.

Might not save too much in property taxes, if I am looking at the right parcel.  This is from the county property assessment record:
Land Value        $8,400,500
Building Value     $109,300
Features                   $76,200
Total Appraised Value    $8,586,000

I dug a little further and saw that "features" is the asphalt parking lot.  

 

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Spartan Gigalopolis

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2 hours ago, teeg said:

Might not save too much in property taxes, if I am looking at the right parcel.  This is from the county property assessment record:
Land Value        $8,400,500
Building Value     $109,300
Features                   $76,200
Total Appraised Value    $8,586,000

I dug a little further and saw that "features" is the asphalt parking lot.  

 

Hahaha, ok. Well, that wouldn't be enough savings to fund the expense of tearing it down for many years.

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Nick2 Burg

Nick2

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But if they tear it down and make it ready to start construction then they could potentially sell it in a few years for a higher land value.

I don't know how much it'd cost to demo or how they'd do it and I don't know how much the land values in uptown are rising yearly but if someone more knowledgeable on the topic had that info, it would be pretty simple math to figure out whether it could be worth it to remove the building and sit on the empty lot.

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atlrvr Metropolitan Area

atlrvr

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Higher than the tax savings would be the liability insurance they are paying for a large crumbling building.  I suspect that would be at least 25k per year, but could be a lot more given the facade is falling off.

I suspect they turn it into either parking or staging site for the bus and rail station projects going on next door.... something that will generate some revenue while they decide if/when to move forward.

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2 hours ago, atlrvr said:

Higher than the tax savings would be the liability insurance they are paying for a large crumbling building.  I suspect that would be at least 25k per year, but could be a lot more given the facade is falling off.

I suspect they turn it into either parking or staging site for the bus and rail station projects going on next door.... something that will generate some revenue while they decide if/when to move forward.

The implosion will be 4x that.

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Nick2 Burg

Nick2

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1 hour ago, atlrvr said:

Right, but if they eventually plan to demolish it anyway, that's a fixed cost to site development.  Might as well reduce expenses and potentially generate parking revenue sooner than later.

I agree that it simply makes sense for them to go ahead and demolish it if that's the ultimate plan. I did some digging and they are paying 116k in taxes on it for 2018 so having it sit is a money pit. Source

Also those valuation numbers posted are from 2014 (from Pearson) and was unchanged from 2011 (done by county. not sure how that doesn't change.) In 2008, it was valued at 6.1 million. With land increasingly becoming a premium in uptown, I wouldn't doubt that the actual value has gone up quite a bit since that 2014(2011?) valuation. 

Just found that the tax valuation of the property for 2018 is still the same as that 2011/2014 amount. Source

 

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Sigma Whistle-Stop

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14 hours ago, Nick2 said:

I agree that it simply makes sense for them to go ahead and demolish it if that's the ultimate plan. I did some digging and they are paying 116k in taxes on it for 2018 so having it sit is a money pit. Source

Also those valuation numbers posted are from 2014 (from Pearson) and was unchanged from 2011 (done by county. not sure how that doesn't change.) In 2008, it was valued at 6.1 million. With land increasingly becoming a premium in uptown, I wouldn't doubt that the actual value has gone up quite a bit since that 2014(2011?) valuation. 

Just found that the tax valuation of the property for 2018 is still the same as that 2011/2014 amount. Source

 

The last Mecklenburg County tax reval was in 2011.  Mecklenburg county will have new assessed values in 2019.  I would certainly expect the land value of this one to go up.

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