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atlrvr
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Posts posted by atlrvr
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On 1/17/2023 at 1:29 PM, atlrvr said:On the Patton's site (that was demolished) the apartment developer is Akridge (who is doing a project just 2 blocks away at South and Hollis).
Rendering from today's CBJ. Will total 415 units and have ground floor retail.
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I usually like to dump on Chicago for terrible policies driving business from the city, but this seems pro-business, led at least in part by the City govt and mayor.
Edit: Posting this because Charlotte should replicate this effort, IMO.QuoteChicago Seeks to Lure Foreign Workers Laid Off by Tech Giants- More than 35 firms in the region are hiring H-1B visa holders
- City says being open to immigrants is a competitive advantage
By Isis Almeida
(Bloomberg) --Chicago is looking to attract a myriad of foreign workers laid off by technology giants as companies in the city and its suburbs seek to lure top talent and fill thousands of open positions.
More than 35 firms in the Chicago region are willing to hire workers on H-1B visas, given to foreign employees in specialty occupations such as software engineering. The companies have teamed up with the city and P33, a nonprofit organization founded by former Secretary of Commerce Penny Pritzker, to build a website that debuts on Wednesday with more than 900 jobs listed.
The initiative is the first of its kind and could bolster Chicago’s ambition of becoming a technology hub. It will also help companies, including Caterpillar Inc., Walgreens Boots Alliance Inc., credit reporting agency TransUnion and ticket resale firm Vivid Seats Inc., to fill the more than 400,000 vacancies open in Illinois.
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The idea to help out foreign workers first came up when Brad Henderson, CEO of P33, attended a dinner held by the American India Foundation late last year. “The chatter of the room was the real worries that their community was feeling around the H-1B visa issues and the large amounts of layoffs,” he recalls.
Together with World Business Chicago, an economic development organization that counts Mayor Lori Lightfoot as its chair, Henderson started talking to CEOs, lawyers and human resources specialists to figure out whether there was something that could be done.
The city’s leading civic organizations such as the Commercial Club of Chicago, the Executives’ Club of Chicago, the Chicago Chamber of Commerce and 1871, a nonprofit small business incubator founded by Illinois Governor J.B. Pritzker, a brother of Penny Pritzker, also joined in.
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Jenius is owned by Sumitomo, unlike MUFG which is Mitsubishi. So, now 2 Japanese mega bank subsidiaries. I think Jenius is located at 500 E Morehead (newer office building next to the Dowd YMCA)
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Ran across this article today:
Which led me to find this from a few months ago:
https://www.jeniusbank.com/press/articles/Jenius-Bank-Opens-its-First-Office-in-Charlotte-NC
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14 minutes ago, JeanClt said:
Slightly confused by what you mean…are you considering switching the lanes so it’s instead this?
……………..College St.
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Morehead St.
__________,,,,,,,,,,,,,,,,,,__________
………………..| <^ | ^ | v |
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……………Morehead Sq. Dr.
Yes, exactly.
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^^^ that's more a commentary on American urban planning (as well as most of South America, Australia, Africa, and some of Asia) post WW2, than should be ascribed to this building in particular (IMO at least).
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Separately, here's what probably a lot of people on here wanted to know. From the approved plans....
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I'm struggling with how they "aligned" Morehead Square Dr and College. I'm sure there was debate whether to "flip" the northbound and southbound lanes, which would have significantly improved the natural flow here, but clearly led to a lot of "wrong way" drivers.
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Looks like the "final" version is different than any other version for the taller tower. Not quite as unique as the initial version, but better than the subsequent 2 versions we've seen IMO.
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Fwiw, the last movement were several trades getting approved for the foundation building permit about 4-5 weeks ago, so still seems to be making progress.
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On the Patton's site (that was demolished) the apartment developer is Akridge (who is doing a project just 2 blocks away at South and Hollis).
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Wood Partners (of the "Alta" brand) has bought the church (didn't realize it was a church, thought it was some municipal building) at the southeast corner of Seigle and 10th for new apartment project. No details other than that.
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Vision Ventures just bought the Marathon gas station next to the 2100 S Tryon office building (Tryon and Tremont). VV was the developer of that office building, so guessing they are looking to add to the "complex".
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2 hours ago, j-man said:
That's what they are listed for on apartments.com. A few of the wo bedrooms are going for 9,871 right now. Most of them are 4-6,000.
All 2br except the PH units are $3000-$4000 from their website.
https://livetheprospect.com/floorplans/
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14 hours ago, DonkeyKong said:
Is the Mr. K's site part of this project?
It is not.
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1 hour ago, tarhoosier said:That is a smaller site than the ones across the street and at 110 East. Does it include Ruth's Hair Salon at 212 Park? Ruth's Salon been there 50 or more years.
Ruth has a giant land tortoise that roams the back yard in the summer time. I always wonder where it goes when the weather gets cold.
Edit: Almost as importantly, I meant to add, I believe this will include the entire block fronting down to Kingston including the WF bank branch, but I'm not positive.
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The surface parking lot owned by JWU (between the church and rail lines, Trade, and 4th) has a land-use review meeting scheduled. Proposal for 5-stories of apartments stacked on top of 2-floors of parking, with ground floor retail. Project would be full-block wide (Trade to 4th).
No mention of who the developer would be. Land is still owned by JWU, but I'm sure they are selling the land to raise money.
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Just as an example, I know a former NYC-based bond trader that worked at JPM for 10-years that was making $2-$3mm per year there. His sister relocated to Charlotte 10-years ago, and loved it and his wife is from S.C. He quit and took a job with NYC hedge-fund a year before COVID that allowed him to work from home some and work from NYC some. Then in COVID, it was work from home. That fund closed and now he chills and "invests in things". He bought a $2.5mm house in Foxcroft. I don't think that profile is unique at all to who is buying.
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Locking this thread until tomorrow. Bad new in Moore County and theories have all been noted (not deleting anything).
Let's move on to the next "bad news" or pick up the conversation once facts are revealed. The Coffee House has plenty of threads for political or social viewpoints to be shared.
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1 hour ago, Nathan2 said:
Livability? More like artificially high prices forced by protecting a single housing type so the existing rich and mostly white residents don't have to have too many neighbors while still getting the benefit of living close to the city. Sorry this type of thinking will only further harm charlotte. The perception that livability is attached to a car centric single family housing is flawed and doesn't promote equity, growth, transportation and climate goals.
Hey!!! I resemble that remark!
Though I am curious; who is setting the goals?
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On 11/4/2022 at 6:11 PM, j-man said:
This is coming along nicely. Would love some actual screening along with the paint though.
Looks like OrangeTheory Fitness will be a tenant here.
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This is leasing plan. This Level 1 space is located between the main entrance and the Gantt Museum. The Level B1 space is fronting church between the two parking ingress/egress passages, so basically right in the middle of the Church St facade.
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Preleasing requirements and equity contribution requirements have definitely come-up a lot in the last 6 months. I would speculate at this point, you a developer probably needs 40% pre-lease and 40% of the construction cost funded in equity. That's negotiable of course, and could depend on the strength of the tenant (i.e. Major Bank maybe 30%, while tech-firms 50%) and also amount of equity. If there was 60% equity, you might be able to go full spec.
This project, with residential and hotel components, might actually be easier than straight office, as proceeds from selling development rights, or less rigorous equity requirements for the apartments/hotel can be used to partially offset the needed equity on the office portion.
As far their partner Nuveen, I'm sure availability of capital isn't an issue, as they have over $100B invested in real estate, rather they have to determine if the ROI (which decreases the greater the % equity required) is worth it, and if they feel comfortable with increasing office exposure (I would assume yes, but a lot of larger real estate investment managers are re-thinking how much office they want as % of their portfolio).All that said, I suspect they have solid leads for 200k of space.
Signing anchor tenants is always a chicken/egg situation. Tenants don't want to officially commit until they're sure the project will get built and deliver on time for their needs, but developers (and especially their lender) don't want to start construction until they're certain there will be committed tenants.
You end up with Letter of Intent (LOI) as the compromise, where the tenant will conditionally agree to sign a lease (based on delivery date, project quality/design stipulations, etc etc) and developers will use those LOI to convince lenders/investors they have real tenant interest. All that said, there usually isn't an actual signed lease, especially during the pre-development phase, which is why you see projects rumored to have tenants in-place continue to market the space (contingency, seeing if they can get better deals, gauging demand for future projects, upsizing building, etc etc)-
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Burberry moved into temporary smaller space. They are doing a full renovation of their previous space and will be moving back.
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Dilworth Projects (Kenilworth, Morehead, East)
in Charlotte
Posted
Per the CBJ today, 450 units and 31 stories, from developer Akridge.
Crude rendering as well: I'm withholding judgement until we see color/materials. (though, I know they don't need neighborhood approval as this is by-right zoning, but they could win some friends, or reduce some enemies, and have faux-facade cladding on the parking deck sides facing the neighorhood as well).