pgsinger

Yeah, do a search for an AIA Form G702 if you want to see what the calculations look like. Usually, the contractor gets 90% of cost of the work completed in the specified interval. The interval is usually a month as this is usually the contractor and developer's interest period on their respective funding. The remaining 10% is referred to as the retainage and will be paid out at completion. This insures the developer (and/or its lender) has leverage over the contractor to insure completion and a cushion for any failures to complete the project as designed. The contractor may get some of its fee in paid in each draw or it may have it withheld until the end, this is entirely negotiable. Usually only the profit is held until the end, as everyone is incentivized to make sure the contractor can pay its bills and people.

I work for an SFR REIT that targets the affordable housing market (see Freddie Mac's recent large SFR loan). A $300k SFH is not affordable. That price point does not even come close to affordable. We are in the $125k range. I also do not think the price point needs to be anywhere near that level to draw people out here. The economy of scales the developers get by building these and other units will seriously drive down the cost of construction. Furthermore, people in this market (affordable housing) will commute from here to live in a clean, new house, they can afford. Finally, remember that affordable means different things to different people. Freddie Mac qualifies affordable as a home that someone earning 80% of the area's median income can afford. To put that into perspective, Charlotte's median income is about $53k, and the starting salary of a CMS teacher is just over $40k...or about 75% of the median income. With respect to vinyl, almost all SFR REITs and institutional investors, including the ones targeting the affordable market are incorporating LVP (luxury vinyl plank) or similar product. I had it in my last house, and I absolutely loved it. It looks good and is resilient as hell. It costs a little bit more upfront (but less than hardwoods), but you get way more savings during subsequent turns of the house.

Update: Most tenants are moving out on or before February 28, 2019. The e-cigs tenant is currently waiting for their new space to be completed then they are out. That is significant because they are by far the largest tenant. To my knowledge, there is one tenant with a lease that extends substantially beyond February, 2019. That tenant and Spectrum are in buy-out negotiations. I would expect the buy-out to be substantially final in the next 30 days. Is anyone actually attending the meeting tonight?

You forgot the blue font!

I have no idea why I never walked down to the end of the hall for pics of this one...

They could do it across the street. Let's get our hopes up for their future expansion across Tryon...

Do you really think this is mostly Uber and Lyft? (not blue font...as I am actually curious) I would love to see granular data that could be used to compare ridership on days with good weather versus days with bad. I would also be interested in comparing that data to ride counts and trip routes on dockless bikes and scooters. When I moved back to Charlotte in April, I moved into the Silos. I didn't have a car, so I was probably not representative of the average Charlottean. However, I usually took the train to work just south of Uptown. If you recall April was fairly cold and wet by our standards. When the weather got better, I rode a dockless bike to work most days and would take the train when it rained. Eventually, I bought a bike to commute. Looking around on the rail trail in the morning, I get the sense that there are a lot of commuters taking those modes of transport over the light rail. I also assume that those people that choose to ride a bike or scooter to work are probably more inclined to take the train than most normal people. If the city does not already get the data from the bike and scooter companies, they should require that for the license. If they really want to build out a green transport system, then more data on variable means of transport would be very beneficial.

I think it looks great. I am completely clueless on this stuff. I just find the map for Charlotte incredibly easy to use to access all the projects. I am 99% sure there is already a substantially built out map for Durham. I just have no idea who it was that maintained it where the link is to it. Try asking for help in the Charlotte development maps thread. Those guys know their $hit. Tagging a couple here so they know what you are working on. Maybe these guys can give you some direction. @dubone @archiham04 Just know that everyone in the community appreciates the time and effort put into these things...especially people like me that don't have a lot to add but get a lot out.

I forgot you had posted the design showing where the promenade was going. I thought previously some on here had expressed a hope that the promenade would align with the East Gate.

The Onion from the other side. The fi rst pic is standing in the middle of the East Gate...There definitely will not be a promenade in line with the entrance. I think this was mentioned as a hope for this site a while back.

Spring 2020.

I support the toll lanes. I think it is fair that the people that use the roads more get charged more. I also get the argument that many other places in the metro area have more lanes and no tolls, so I understand the frustration on that issue. However, I think the most vocal critics do not want any toll roads, regardless of the number of free lanes.

Power limes are only good in YUGE Coronas.

Makes sense. I would love it if they asked us to move! This building is a dump. It force my company to find a more permanent home. I don't have certainty on your second point, but that is my understanding. We were looking for a 1 year lease in Feb of this year, but I was told this building was a good option because they would only do a 1 year lease. There is an e-Cig company here that takes up a whole floor. The other "bigger" tenants are a couple medical offices, an accounting firm, and us (real estate - Shocked?). My presumption is that every lease expires on or before March 1, 2019. I will ask some of the other tenants to try to confirm.

If they start construction this quickly, it will likely only be on the parking deck and hotel. My office is currently in this building and our lease runs through February. The building is probably between 50% and 75% occupied as at least all of the 2nd and 3rd floors are occupied., but non of the first floor is occupied. Our lease does not give them a right to relocate us, and I think this would be pretty expensive relative to the lost income. However, if the parking deck is the only thing that requires significant digging, then maybe this works out on timing. By the time they are coming out of the ground with the deck, the existing building will be empty and demoed.

I assume you are talking about the old warehouse at the northwest corner of 5th St and the railroad...were 6th St wraps around and dead ends into 5th St? For a minute, I was think you were talking about the Polk Building, but people would have been all over that!

I know...though I probably could have made it clearer that I understood the joke. Oh well. I am not one of the people that take this forum too seriously...

Not remotely true. That Seattle Crane story is completely BS.

I must have been confusing the details of the 2 bed version. Still seems wild to me how much that is going for.

The end unit is a 2,100 sq. ft. 3 bed / 2.5 bath. w/ 1 car garage. The ground floor bedroom is tiny, barely an office. They are asking $630k... at least 3 months ago they were...it might be sold now.

Anyone seen a coffee house around here? https://www.urbanplanet.org/forums/forum/131-charlotte-coffee-house/

Harrisburg is the capitol of PA...must be a UNCC grad... Sorry...I had to do it...I promise I am not really an A$$hole. Obviously a simple mistake. I have plenty of highly successful friends that went to UNCC. And we all remember the no class classes at UNC...

I am surprised no one has complained about the parking deck fronting Tryon... Or is it possible they still put retail there? They do have pretty decent size sidewalks going around it though. 18 feet on Tryon and 1 feet on the others. I am in the building on this lot now, so I will let you know when they move us. There is a rumor they might move us mid lease to another one of their buildings nearby...300 S. Tryon?

I don't not think this won't be not completed.

Do you mean the owners are unwilling to sell it? Or they are having issues trying to sell it?