pgsinger

Staging for construction of the dome over the stadium.

Or maybe they are playing chess and you are playing checkers: This is just a temporary parking garage to please tenants of the first iteration of buildings. When owning cars goes away in 7-7.5 years, they will have a prime space surrounded by 33 story LU1, 17 story LU2, 45 Story LU4 (condo tower where in each unit has 30 foot ceilings and an average sales price of $5.330 million), STBBT HQ (800 ft tower on the midnight diner lot), and a domed Amazon Stadium, so they demo this deck and build a 1k ft tower to accomodate CitiBank's new HQ. *if this needs blue font, I feel sorry for you.

No one mentions this one. CubeSmart at McDowell and 7th St.

You may have already won... Spectrum is not allowing any short term lease extensions in the building despite having at least one tenant here through May. They also relocated some tenants inside the building. Someone mentioned they were going for LEED certification on the new building. I'm wondering if this means they are going to start the slow demo/salvage of the building between now and the end of May. Which, I would take as an indication they want to be quick overall, so maybe construction on the rest of the parcel starts prior to May 31...

A bet I would love to lose. I do know the building doesn't come down until June. That is 100% guaranteed. As someone else mentioned, other construction could start sooner. I will keep an eye on the gravel lot to the south. When they close that lot, we will know construction will be starting as that is where the parking lot will go. I think it makes the most sense to start there if they start before demoing the existing structure. No way they build one of the virtually identical towers with the other trailing 5 months behind.

There is definitely a chicken and egg issue here. However, I think the big point that people (not you or other UP'ers) miss is that an elimination of parking minimums in zoning ordinances would permit the market to set the minimums. In certain areas like South End, developers may choose to have more rentable space versus parking spaces. Required parking minimums creates a subsidy for vehicular transport by forcing developers to include parking. This forces an increase in supply thereby lowering parking costs to drivers.

I would not expect anything soon. My guess is no construction until June.

So, while I will be surprised if this project is completed (I would love to be wrong), it does look they have been a part of some decent projects via Cobalt DBS (https://www.cobaltdbs.com/). Chad is the Manager of this entity and Imprint Properties LLC, the new owner of 4000 Raleigh St. They did Coltrane's in PM (formerly John's Country Kitchen). Their historic Dilworth house has some neat features, but it is a random mix of modern and traditional. Just not my style personally.

Haha...also they state the the minimum net worth of their investors has to be $500k...unless I missed something and the 1934 exchange act was amended and accredited investor must have $1mm as a net worth qualifier. Admittedly there are income and entity type qualifiers, but this very awkwardly written. The minimum investment for their spec home in Plaza-Midwood is $100k...So, one and half investors is all they need to get funding given financing terms. No project listed is completed. My only question is how did they come up with the money to buy this building to begin with? Even with seller financing you are still looking at >$1mm at closing. This is Ghazi 2.0.

Because it is probably a shell company. Also, I question D&B's ability to pull info on a small subsidiary of another company. Even the details of some large investment grade publicly traded companies on there is wrong (example: VEREIT).

I heard they went with "Nadir."

Update: Spectrum is allowing some tenants to stay in this building through May 31, 2019, so there is no way the building will come down before June. At least some of the leases in the building allow them to commence construction prior to the end of the lease, so they could begin construction on the parking deck prior to then. There has been some implication that Spectrum may be over budget with their project and trying to squeeze any extra funds from existing tenants with a few months more term. Though, I cannot vouch for the accuracy of that last sentence (the first two are 100% accurate).

Looks suspicious...

Oh...I guess that makes sense. That's how they accomplished running the trains when the tree fell over the lines in SE a few months back...duh.

Would it make sense (and is it possible) for CATs to add line switches (no idea what the term is) to move the cars from the Southbound line to the Northbound line North of the city, and vis-versa South of the city? Just thinking for major events like the RNC this might be an advantage. Or are there so few times you would want to do this that it is not worth the money?

I love Marine Layer! I have been buying there stuff for years. Super soft shirts and hoodies that come in some alternative sizes (Marge = Medium-Large). They are out of the Bay Area (hence the name)...a distant second in culture to Myrtle Beach.

OFF TOPIC: To quote the great philosopher Ice Man: No you mean notorious. IMO Myrtle Beach is singularly the worst beach in both Carolinas and potentially all of the Atlantic coast. Years of pumping sand up onto the beach and directing all the storm water drains onto the beach has literally created a man made monstrosity. The beaches there are just as man made as this lake in FP. And the food there is nothing short of tertiary for the state of SC (Charleston and Greenville both have better restaurants), and certainly not comparable to CLT. Live oaks are a dime a dozen on the coast. You can get those anywhere from Jacksonville to Jacksonville and they all look the same. I will take Charlotte for being known as a banking center, a beer city (one of a few with this density), a burgeoning tech center, and an up and coming city in general, over putt-putt golf, live oaks, cheap food, and bad beaches. Frankly, I am happy with where things are going and it takes time to build a cultural image - both nationally and locally. Being known for nothing or only slightly known for good things is better than being infamous - . More importantly, can we stop talking about this crap in this thread. There are threads for this conversation...take it there.

What is a "Transation"? Did they correct that on the new rendering?

MODERATORS: Please move this conversation to the Charlotte sucks thread in the Nashville forum. Back to DFA - Anyone know when the retail will start opening? Delivery to DFA is Q1, right?

Then definitely seems like a low price.

A 5% cap rate should put the NOI around $10,440,000 or an average rent of $24.55 (using 425,250 leased sq feet). A 6% cap rate should put the NOI around $12,528,000 or an average rent of $29.46 (same as above). Here is the OM...no mention of NOI, but it does look like your numbers were pretty close. https://my.hfflp.com/GetDocument.aspx?DT=DealDocument&ID=193084 I agree...seems like a low price for such a prime location. Maybe the tenant make up is not great?

Does anyone know the cap rate or NOI? Kind of hard to judge the sale without it.

It is definitely not the practice any more. I worked there as far back as 2007 and there was no security until after you got on the elevators. I was in there a few weeks ago, and it was the same thing. Only select floors require an access in the elevator.

Check out the development map if you are ever looking for a specific location. See below for a screenshot from the map. For future reference, the development map can be found by going to the top of this page and hovering your mouse over the Development Map tab then choosing the Charlotte map.

https://www.charlotteobserver.com/news/business/article223560480.html In the CO as well...