The Vue

[28202]

Well it sounds like the elephant in the middle of the room is Financing.

If one partner is out due to divorce...

New ownership taking over with the guessed number of 50% sold

An already spent ad budget that surely has cost at least half of the deposit amounts

Who is going to be the financier?

I think you will find your answer when that is known.

[NVQ]

No, this won't be sold to Trump. They've already bought a plot of land on South Tryon. As far as changing development companies I was wondering the same thing; the current developers must think they won't make money if its built, or not as much as they thought.

Agree, no Trump here. He is living large with more than you know, yet!.

The Vue was a people issue only. The $ the partners would have made is large, but they had issues with the land takedown, the money they suddenly had to come up overnight due to one partner having his own issues. And that cost of that money allowed the Sopranos to extend their season a few more shows.

[NVQ]

Well it sounds like the elephant in the middle of the room is Financing.

If one partner is out due to divorce...

New ownership taking over with the guessed number of 50% sold

An already spent ad budget that surely has cost at least half of the deposit amounts

Who is going to be the financier?

I think you will find your answer when that is known.

$274,495,000 in condos, 60% presold with deposits in hand, Ad buget of $3.9mm (marketing/sales/mixed), $1.5mm in pre funded RE Sales Commissions, ect. and it goes on and on..

But, the deal is doable with the right partner in charge. Financing will be the key and its out in the market looking for the right finance partner. This will be the key to the success of The Vue. But all the numbers line up and is a very bankabkle deal. Wish them the best...

[Miesian Corners]

My source in the development community tells me that financing is not the issue. They have the loan, just that the "paperwork" dealing with the new ownership group will take some time to complete.

[uptownJim]

My source in the development community tells me that financing is not the issue. They have the loan, just that the "paperwork" dealing with the new ownership group will take some time to complete.

Well, one of my friends who parks in that lot told me he received the 30-day intent to vacate letter in the mail, and that now he's looking for a new place to park his car. That being said -- a good sign that the letters apparently went out giving notice .... perhaps that mid-May "groundbreaking" ceremony is not too far off!!

[unccmyway]

this is the first bit of good news from this project in a while.

[rockhilljames]

Nice! Can't wait to see this going up.

[UrbanCharlotte]

The april issue of Uptown Mag says that the Vue has sold 203 units out of 403

[Guest]

I think that is pretty good numbers for a tower of this magnitude, especially when you consider that it is just a paid parking lot for at least 30 more days. I think that sales will start to pick up once it starts getting above ground. While it isn't as impressive as novare's 92% sold, it is still pretty significant for what is could be dubbed the most prestigious address inside 277.

Edited April 15, 2007 by Guest

[UrbanCharlotte]

yea, this was one of the only towers I think to have only about 50% sold, but most towers are u/c. They'll be fine. Everytime I walk past the sales center theyre busy.

[Guest]

This is really the only condo tower that didn't start sales when some soil had already turned. They were already a couple levels down on the "big hole" before the sales started on 210 trade. The same goes for avenue. Its one thing to see a parking lot and a firestation, and another to see a big hole in the ground.

[MZT]

NVQ did say about a year ago that VUE was 40% sold. If true, it sounds like sales have kinda topped out for now. The believers have bought in. The next wave of buyers will be the persuaded.

[tiblerbrit]

Well just above he says that its 60% presold. I wonder if uptown magazine's figures are up to date.

[Charlotte_native]

I think that sales will start to pick up once it starts getting above ground. While it isn't as impressive as novare's 92% sold, it is still pretty significant for what is could be dubbed the most prestigious address inside 277.

Bingo. It is fairly easy to get a first wave of sales for any project, but nothing sells like ground moving (at least in Charlotte). Buyer confidence -- enough to plunk down heafty deposits -- increases dramatically when they can "see" movement. Nothing kills sales and loses deposits like delay after delay. SO glad to see something happening here.

[monsoon]

It would be my guess the banks don't care about number of units sold but rather the amount of money this represents. If the 200 units were mainly the less expensive ones then the Vue may not have met the requirements for for bank financing. If they have sold out the pent houses and all of the upper more expensive units, then they may have.

This information is usually kept secret as much as possible by the developers and nobody will really know until they make an announcement. Let's remember The Park, told us for years that 80% was sold and as we know, this was an irrelevant statement when it came to actual ground breaking.

[TONYCLT]

Doug Smith confirmed today that construction will start next month.

Vue Link

[Please add some content to your post beyond just a link and a description. We all read Dougie's articles.]

Edited April 25, 2007 by dubone

[New Name]

21 Screen Cinema complex?!

Say what?! Is this new?

[nashbill]

That's the project being built in Chicago.

[New Name]

That's the project being built in Chicago.

Wow, what a poorly written article. I see it now but I could still re-read it to reflect The Vue project.

[dubone]

It is great news that the funds to build it are now coming through. I really was beginning to wonder that for lack of that, they would not be able to convert their current percentage of sales into construction, and that momentum would be lost.

I really am happy that the Vue is moving forward. We have so many interesting proposed projects these days, it is hard to have a true favorite. I can't say Vue is my favorite, but I think it is important for a few reasons. The first is that it is outside the South Tryon area that has so much focus lately. The second is that it is the farthest outside the main Tryon skyline corridor, adding critical depth to uptown's skyline, especially on the northern side.

[krazeeboi]

I really am happy that the Vue is moving forward. We have so many interesting proposed projects these days, it is hard to have a true favorite. I can't say Vue is my favorite, but I think it is important for a few reasons. The first is that it is outside the South Tryon area that has so much focus lately. The second is that it is the farthest outside the main Tryon skyline corridor, adding critical depth to uptown's skyline, especially on the northern side.

I think it is my favorite for precisely those reasons. And I'm digging the architecture. It will do wonders for the skyline.

[UrbanCharlotte]

Well, it will too add a lot of residents to uptown, more ground level retail, remove a parking lot, expand our ever growing skyline, add some decent architecture to our downtown, and give us something else to take pictures of

[queensguy06]

And let's not forget with the Vue only a block off Trade this will be an integral part in linking Gateway Village to the rest of Uptown.

[krazeeboi]

^Another good point. Gateway Village often gets overlooked, IMO, due to its relatively isolated location. Getting the Polk building rehabbed, and its attendant parking lot developed, would also help with that.

[Guest]

Not to mention the addition of Gateway Station will eventually help with that. I can't wait to see this great blue giant rise out of the landscape, This will be the IMHO the most important tower going up in downtown. It will spur a 3D skyline unlike any in the southeast. We see our skyline now in 2D, imagine it in 3D, with it being just as wide as it is long.