The Vue

[Mobuchu]

Any updated pics of the construction?

Latest I have is from a week ago.

7-3-08

[AuLukey]

I just got an update email from the Vue staff that there will be a second tower crane going on site soon and that the first few floors of the tower should be under construction in August.

[RiverwoodCLT]

Vue 07/15/2008

[DCMetroRaleigh]

I love Vue updates. I hope someone can whisper to the powers that be and get them to install a webcam.

[Andyc545]

I love Vue updates. I hope someone can whisper to the powers that be and get them to install a webcam.

Here's a another from today...

Edited July 17, 2008 by Andyc545

[atlrvr]

She just begs to be photographed...even her ankles.

[Shakman]

So what ever happened to a second tower crane?

[AuLukey]

Well, the email didn't specify, so take the word "soon" for what it's worth. If construction on the actual first few floors isn't until August, that could also mean mid to late august so the second crane may not go up for another couple weeks.

Here is the full email:

The VUE continues to rise! The site now has a significant amount of concrete that can be seen above street level. Keep your eye out for the second tower crane and the continued flurry of activity on site! You can also expect August work to include construction on the first few floors of The VUE!

Visit our Sales Center today and make your move to the top!

M-W, F 10-6pm

Thurs 10-7pm

Sat 11-4pm

Sun 1-4pm

[monsoon]

I wonder if this tower will be finished.

[dubone]

Given other projects, it is reasonable to wonder about any project until people start moving in. But there are no signs yet of the project stalling. UP posters have eagle eyes and spotted signs of trouble long before it hit the news for the projects that had trouble. While this is still making progress, I guess we can wonder less about its failure than when work slows or stalls.

[monsoon]

One only wonders about the logic of building a 50 story tower in these economic times in a city that has absolutely no land or population pressures that would warrant such a thing.

[nowensone]

^ There remains the argument that it is more efficient, fiscally and environmentally, even with all other factors are removed.

[Andyc545]

One only wonders about the logic of building a 50 story tower in these economic times in a city that has absolutely no land or population pressures that would warrant such a thing.

May I ask what difference it makes when MCL is funding the project, not taxpayers, and they have the adequate funding as well as are making sales? We should be thankful we have development going on in a city that was barely on the map 20 years ago when other major cities are struggling all together right now. Sure, we don't need every tower to be 50 stories, but it's great when we have a few that can be recognized on a grand scale. Charlotte has similar demographics as many southern sunbelt cities- where there is so much adequate land and don't have limitations like NYC does and coastal cities do. Atlanta is building large towers, Dallas is... One would think that it would learn from others mistakes and build upward, preserve our surrounding lands, and keep our center city contained, dense, and vertical. I know the response- there's plentiful surface lots and more space where there will be TOD, but I don't see how this project is a negative thing. Obviously there is a demand, although I agree that many more 20 story midrises would suit a vast majority of people to bring in and live in close to the city and improve our skyline and city altogether.

Edited July 24, 2008 by Andyc545

[HopHead]

Let's add the fact that this tower is over 60% sold, correct? Obviously there is demand for this condo tower if that is the case.

[RiverwoodCLT]

I think at the rate the Vue is moving now, they want to speed up construction to save money. I am sure the 40% units could be higher when this tower is finish.

Edited July 24, 2008 by RiverwoodCLT

[monsoon]

Let's add the fact that this tower is over 60% sold, correct? Obviously there is demand for this condo tower if that is the case.

And..... So was the Park and 210 Trade.

[AuLukey]

And..... So was the Park and 210 Trade.

Well, FWIW, it seems like The Vue has a better financial backing to it than either TTT or the Park ever did. The Vue went through its financial troubles early on and has found the proper investors (hopefully.) Assuming the developers signed into some kind of contract with the investors, we should hopefully see this tower completed.

I agree with you that this tower is not needed right now, but it is a good indication to the rest of the country that Charlotte is still growing. While a bundle of twenty story towers would have made the same impact, looking towards the future of the city, this will create more room for extra development down the road that would have otherwise been taken up by a couple shorter towers. As was stated before, by building up now, we can help avoid becoming Atlanta. We're addressing future land-needs now in the early stages (considering growth over centuries) of Charlotte's growth.

[HopHead]

And..... So was the Park and 210 Trade.

True... However, The Vue is in much better footing (at least on the surface) than those two projects. It went through its financial hurdles early on, but looks like the right developer/investor, MCL, has stepped in. As long as it's managed properly like they've done in the past, this project should be fine.

And to aussie luke's point, it may not be "needed" right now per say. But, I think we're better off with vertical growther rather than horizontal spread (aka Atlanta)... With all the features this place has, it's a rather cool project.

[atlrvr]

Investors essentially underwrite the financial structure of a deal and they underwrite the real estate (market). Ideally they get comfortable with both before committing to a deal, but a strength in one could make up for a weakness in the other. In theory, a developer could build a 50 story condo tower in Gastonia if they have 100% presells with 30% deposits, the developer puts 70% of their own equity in before drawing on the construction loan, and they are willing to guarantee the entire loan with collateral. On the other end of the spectrum, a developer could get probably 90% or greater LTV on a 50 story highrise in Midtown Manhattan that was designed by a "starchitect" and prices were considered to be below market with no presells....at least they could 2-3 years ago.

Edit....sorry, to continue, my point being, while Charlotte my not "need" 50 story highrises, there are many of factors and risk considerations taken into account by lenders, that would allow a project like this to occur even if it is deemed unnessecarily dense/tall for the market. It is quite tough to get money now, but assuming they have closed on the loan and begun to draw funds, I find it doubtful that you would see the lender back out at this point. 210 Trade and The Park both had unique sets of circumstances that neither directly failed because of the market, it just made the lenders less willing/sympathetic to helping them escape from problems that the developers in part created.

[sleightofhand]

Let's add the fact that this tower is over 60% sold, correct? Obviously there is demand for this condo tower if that is the case.

I can confirm the project is about 65% sold.

What worries me is the remaining 35% that is left to sell and the ability of the 65% that are already in contract to get financing on when it comes time to close. The first 65% of the units under contract are heavily weighted with investors. I would say close to half are investors. They do have plenty of time to prepare financially and for the market and economy to improve but the fall out due to not being able to get financing will be interesting.

Also the 35% units that are remaining are mainly two bedroom units and larger. A two bedroom unit at the Vue averages around 600k which is steep.

To me, the Vue is the one that has to survive for Charlotte's sake.

[Charlotte_native]

One only wonders about the logic of building a 50 story tower in these economic times in a city that has absolutely no land or population pressures that would warrant such a thing.

This makes an assumption that people are buying there out of need (scarcity of land?) rather than a desire for this type of home. Desire, in our market and culture, for something like this drives its construction, not need. They aren't building barracks to house the homeless. Regardless of opinion and whether this is something necessary or not, the desire and demand are there based on sales and/or contracts. The same was the case with 210 and The Park -- people wanted these and had signed up for them (note those trying to get their money back that stuck with the projects until the very end), it is the financial problems of the develpers that seems to have caused their problems.

If our development projects were solely decided based on land pressure we'd never build multifamily, we have room to expand out as much or more than Atlanta.

What worries me is the remaining 35% that is left to sell and the ability of the 65% that are already in contract to get financing on when it comes time to close. The first 65% of the units under contract are heavily weighted with investors. I would say close to half are investors. They do have plenty of time to prepare financially and for the market and economy to improve but the fall out due to not being able to get financing will be interesting.

To me, the Vue is the one that has to survive for Charlotte's sake.

What will be the make or break part of this, and I'm not saying i think things will be better or 'righted' by this time, is whether the economy is better and the lending world is in better shape once this is completed in a couple of years. If all of these people had to close today -- good luck.

Edited July 25, 2008 by Charlotte_native

[DCMetroRaleigh]

Few things are needed, but the point for me is that the Vue is an asset to Charlotte, a visable, sophisticated, cosmopolitan asset for the city and region. That in itself should make us applaud this project.

[southslider]

Charlotte may have plenty of land, but the back-to-cities movement that is now being accelerated nationally by the housing/energy crisis, should only be accelerated more in cities like Charlotte with their population growth. But unfortunately, while Charlotte has more growth, it also has more catching-up to do in building density. In other words, if Charlotte doesn't capitalize on its current growth (or positive in-migration) to retrofit a largely suburban city into some critical urban mass now, then Charlotte will be at a huge disadvantage later.

Every US metro is transitioning to an inverted city of higher prices per square foot closer to the core. They just range from a snail's pace in Detroit to more cheetah-speed in Charlotte. Still, while the Rustbelt may not be seeing as quick of a pace for re-urbanization, their stronger history as streetcar-built cities gives them an inherit advantage of block structure and land use mix already set up for expanded multimodalism. In other words, capitalize on the wealth transfer to Charlotte now, and build up some urbanity, or suffer greatly later. Otherwise, Americans may someday pass over Charlotte for more energy-efficient and compact metros.

[MATB1980]

^^^

I agree completely. Whether people like it or not we have no choice but to start building more compact cities with robust mass transit infrastructure. Energy prices are going to continually climb and we can no longer afford to keep our heads in the sand about ubran sprawl. Sprawl is no longer viable and the world economy is not going to support them. I am actually pretty excited about this though because we're probably going to find our quality of lives improved greatly with greater access to the arts and entertainment, shorter commuting times, and more social interaction with more people living closer together. The Vue is helping with this push here in Charlotte and I can't wait to see it finished.

[expat]

^^^

Walked by today and talked to the guy from MCL, Apparently the second crane is going up within a few weeks and you'll start seeing a floor a week going up. If stays on schedule should top off by September next year. Also they will finish the exterior glass as they finish each floor.

Can't wait to see it, looks like this one will be one of the only players left in town!!