Prodev

Their current debt service is probably somewhere around $600k...PER MONTH.

It's one of the worst, laziest value-engineering jobs I've ever seen. The developer should get fired for this. Unfortunately, I see it daily and it looks worse in person.

That post that you quoted is nearly 21 years old BTW.

This parcel is where I was referring to as well and is owned by Atrium.

If it's not on Atrium's property, than it's a part of Duke's property and has something to with the adjacent substation, but I still think it's a part of Atrium's property and likely was erected with all the adjacent work happening on that parcel.

That's a part of the land atrium owns. No clue what that is though.

I believe Charlotte Pipe is building a new office here. 28,000 SF was the plan.

Maybe if Leo's raised their prices they wouldn't have closed their business. I don't see how referencing a business that shut down 14 years ago has any relevance to prices, inflation or anything at all today.

CK rezoned the Sharon Station property for a 250,000 SF office building that included two access points that tie into Apex, so it'll likely feel a part of the development once that site is redeveloped.

It's a part of the Autobell property, so the only holdup would be them wanting to spend money on putting a trail in with no real incentive to do so. The city could step up and do that like they have on portions of the existing trail, but I haven't heard anything about plans to do so. If Autobell were redeveloped, it would be a requirement of them to add the trail. It does need a good bit of demo, grading and retaining wall, so it wouldn't be as easy and cheap as just paving an asphalt path. The issue with the pedestrian walkway over the tracks is that I believe it has to be ADA compliant, so it would need elevators on each side which would be very costly. There's a future stop planned that's supposed to be added between Publix and Spectrum (now Cortland South End), which would provide an at grade ped crossing when built.

Looks like that building has about 100' of depth versus the more typical 120' that 400 S Tryon is, which is still not great but somewhat better suited for conversion. Ideally, <70' of depth would make for the last amount of wasted core space for a multifamily conversion.

He's built 450 apartments in 10 years. Homebuilders build more single family homes than that in a single year in Charlotte.

The lender is currently marketing the non-performing loan for this property. $86 mil loan that'll probably sell at 50-60% of par, so probably still too pricy to raze. I have no clue what it would cost to demo a high-rise building like this, but I have to imagine it's in the $5-10 mil range, so add that to the price tag. It also has ~120' of depth, so not ideal for hotel or MF conversion without having a large dead space (or storage as KJ noted). The biggest problem with these conversions is that on top of it costing roughly the same as new construction, you end up with a 50 year old retrofitted (funky) building at the same cost as a purpose built amenity rich new construction. While this may be an A+ location, Charlotte doesn't lack land and uptown apartment vacancy is high, so I'd be shocked if there was any real interest from converters on this one. On the other hand, it will likely be attractive to office owners to be able to own a South Tryon office tower at ~$90 per foot.

In Beacon's announcement yesterday about office leasing updates at LoSo Station, there was a 10,000 SF "unnamed" tenant. Wonder if this is who it is, particularly given that they referred to the office location as "South End-area"?

They've actually been marketing this land since September '22. The multifamily parcel on this block was also re-listed for sale in Q3 or Q4 '23 after Jefferson fell out of contract.

Weathered Souls actually put itself up for sale, so their days are probably numbered pretty soon too. I've been in there twice and it wasn't busy either time. I'm actually surprised how little activity there is in all of the places on that strip in LoSo. State of Confusion is sucking wind pretty hard. SupperClub seems like it's doing just okay, which you'd think there'd still be hype and crowds with the newness factor. Phat Burrito seems to be doing fine, but it's also small and casual and probably does nothing for the nightlife vibe/feel to help the other places. Gilde seems to be the one with the most consistent crowd on that block, although I wouldn't say they're killing it by any measure.

Awesome list! Thanks for putting it together. I don't know if we should be holding our breath for Saucy. It's been nearly 3 years since it was formally announced and there are still no plans submitted for the project. While I'd love to see it still happen, it seems unlikely.

Nearly all construction loans are floating rate, so regardless of when they started, they're feeling the effects of the current rate environment. There are rate hedges like rate caps and swaps that limit exposure, but the cost of those are offsetting against the exposure you're capping. There's also a spread above LIBOR or SOFR that you're paying, so developers weren't just getting free money in pre-'22 era. We're seeing budget busts on current projects in mid to late stage development in the range of $1.5-2.5 mil as a result of rates running up and we use forward yield curves to project rates to help forecast what our interest expense will be over the life of the loan. Clearly those projections didn't see the rate run up that has transpired.

This is for skyline signage at the top of the building (i.e. the handle).

This parcel is planned to be an apartment high-rise with 450 units.

There is no chance. I'm not discrediting your intel, but I'd be willing to bet that it came from the fact that Stream/Durban told Suffolk Punch to vacate the adjacent event space building at the end of this year. That notice was given to them over a year ago, so it has been in motion prior to the strongest of the economic headwinds occurring. There is no way any office building starts anywhere in the next 18+ months unless it's owner occupied. There's just too much vacancy in the market, debt and equity are too scarce right now and the economics just don't make sense as return requirements have gone up, rents have leveled off or gone down and construction costs have been flat.

usually google earth updates imagery before google maps through your browser, but it appears that google earth is still on April images and google maps has the more recent imagery from August.

I would be shocked if Kane isn't in frequent (yet long-term) dialogue with them about working together to get them a new HQ. Kane may still have 5-10 years until full build out of both sides of North Hills, but they think long-term and would love to get their hands on another 12+ acres that First Citizens owns adjacent to the existing North Hills East. With there being so much more emphasis on amenitizing office spaces/buildings to attract talent, seems like a win win for both parties.

I'm not sure why this just got picked up, the property was listed for sale in May.

It's wood-frame w/ podium apartments, so it'll be 6-7 story. Info is direct from the developer at Spectrum.