SydneyCarton

That’s fantastic. Hopefully, Crescent will secure a tenant this year. What’s the total square footage of the office component, and how much of a pre-lease is required before Crescent starts?

Do you think that Crescent might drop the office component and augment the residential and hotel space? Also, are most people back to full-time, in-office work in Charlotte ? In the Triangle, most people that I know still work remotely, though this apparently is an enduring trend for tech jobs. This is undermining the office recovery in the Bay Area. I wasn’t sure if Charlotte is different since it’s a finance center. Another large finance center apparently is up to 80% of pre-pandemic levels of full-time in office. Further, there’s such an enormous demand for new space that rents up to $200/sf are becoming common for new, Class-A space, and many mega-towers are planned. I hope that Charlotte is experiencing the same thing. However, if Charlotte is not yet at that point, and there’s no reasonable guess as to when - if ever - it will be, it makes sense to drop the office component of this project and reallocate that space to housing.

We decided not to go to that same festival for the very same reason. What upsets me is that when I was in Charlotte last month, a fight broke out on Tryon Street at around 6 pm between two lowlives, one of whom had a knife. Four police cars came immediately and broke it up before anyone was hurt. Sadly, however, a crowd was recording the police and accusing them of being racist for breaking up a knife fight! My whole family was astonished. The police did a great job and averted a disaster. As I recall, a woman was stabbed to death on Tryon Street within a few days of that incident. As I said, this is not limited to Charlotte. Durham is a fraction of Charlotte’s size, and it’s like the Wild West. Anyway, this recent shootout in Uptown highlights the need to support the police and reclaim our cities. https://www.wbtv.com/2024/04/17/video-shows-aftermath-apparent-vehicle-shootings-uptown-charlotte/

We lived in Charlotte for many years, and my wife feels the same way about Uptown. Apart from the vast homeless problem, we’ve seen a lot of fights and police activity in Uptown. The QoL has plunged. It’s not just Charlotte though. Homelessness and crime has soured in Chapel Hill. Durham, moreover, is simply out of control.

https://www.msn.com/en-us/news/us/southpark-leaders-want-to-spend-250m-on-these-projects-by-2035-under-new-vision-plan/ar-BB1lJv25 SouthPark reveals new $250M ‘vision plan’ to transform area by 2035. See what’s included Story by Mary Ramsey, The Charlotte Observer

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That’s true! I’m confident that an anchor tenant will be found soon. A long-rumored anchor was announced today for a new 1,600’ tower in another US financial center. Finance-oriented companies expect workers to come to the office.

I can’t wait to see this. Sadly, I won’t be in Charlotte until July.

The Chapel Hill Wegmans is great. This store will be very popular. Charlotte residents from Western NY (Wegmans’ home) will be especially happy.

Since Charlotte, like NY, has a lot of financial institutions, the prospects look good for the foreseeable future, especially compared with other cities. [url]https://www.bloomberg.com/news/articles/2024-04-10/nyc-return-to-office-rate-nears-80-driven-by-wall-street-banks?embedded-checkout=true[/url] “New York City’s Return-to-Office Rate Nears 80%, Driven by Banks“ By Nacha Cattan April 10, 2024 at 3:22 PM EDT “Wall Street firms including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have helped push New York City’s return-to-office ….”

https://news.yahoo.com/charlotte-real-estate-firm-obtains-110000341.html Charlotte real estate firm obtains $80M in loan funding for Lower South End apartments Madison Communities The Olde Mecklenburg Brewery, Charlotte’s oldest beer maker, will have hundreds of new neighbors thanks to a real estate firm securing a construction loan for $80 million. Madison Communities is planning to spend the money on building a 320-unit apartment complex at the intersection of South Tyron Street and East Peterson Drive. It will be adjacent to the brewery in the Lower South End neighborhood. And that’s great for business, said Jim Birch, chief operating officer for Olde Mecklenburg Brewery.

Feb 10, 2024

Is there any chance that the second tower will switch to residential? There is strong demand for housing, and outside of a certain large city in the north, it seems that there’s not much demand for office space anywhere else. It would be a shame to wait five years for an office tenant, especially since there are so many places to build office towers in SouthEnd and in Uptown whenever demand returns.

I don’t understand the appeal of Dallas, but it has clearly become the biggest jobs magnet. It has stolen Atlanta’s thunder. Frankly, with the advent of remote work, I wonder if the days of corporate relocations are over anyway.

It’s Bo Time!

I’ll be there tomorrow. I look forward to seeing this.

https://www.charlotteobserver.com/news/business/article285086847.html What’s next for the old Epicurean Restaurant property in the Dilworth area? Chase Jordan Fri, February 9, 2024 at 5:40 AM EST3 min read The site of the old Epicurean Restaurant in Dilworthremains vacant after it was closed and demolished about 25 years ago — but a new fence is catching the attention of people passing by the property at East Boulevard and Scott Avenue. Selwyn Property Group is making plans for the property where the historic restaurant once stood before the doors closed in the late 1990s after being in business for about 50 years. But the firm said the public should not expect anything anytime soon. The 1-acre space at 1324 East Blvd. in the Dilworth neighborhood was once owned by the Castanas family. They had plans to build a new Epicurean restaurant with stores and offices, but couldn’t get the financing. The property was listed for sale in 2018. A fence has been placed around the old Epicurean Restaurant property at 1324 East Blvd. in Charlotte. The building was demolished in the 1990s. A developer is making plans to build apartments or office spaces on the property.More Looking back A corporate group affiliated with Selwyn Property and co-founder Grey Poole purchased the property in 2021 for $5.1 million from the family, according to previous reports. ADVERTISEMENT Charlotte council members approved plans proposed by Selwyn in 2020 to build 80,000 square feet of office space or 170 apartment units, The Charlotte Observer reported. Up to 10,000 square feet of retail space was approved through a zoning change. With the site being close to retail and major employers like Atrium Health, Poole told the Observer in 2021 that Selwyn was leaning toward building apartments. Plans were put on pause because of the pandemic, but the firm expected to start in 2022. So what’s next for the site? After purchasing the site, Selwyn worked closely with the Dilworth Community Association to rezone the site for developing the property, Poole told The Observer on Wednesday. ADVERTISEMENT However, the start of construction of either multi-family or office development will not happen soon because of market conditions, Poole said. He said the firm will continue to follow the market closely to determine the appropriate time to move forward with building something. Poole said that a lot of capital markets, including banks, were sitting on the sidelines in 2023 when it comes to investments. Although a timeline for construction is not set, Poole said that something will be built this decade. “Certainly, our site is only getting better,” he said about the property’s value. “It’s a wonderful location and it has nothing to do with the dynamics of our site. ADVERTISEMENT “We like what’s going on with the hospital expansion and the construction of the medical school. Those are all going to be really positive things for us.” So what about that fence? A fence was installed to prevent debris dumping and because telecommunications utilities on the site are being relocated. “Most of those line are being put underground. so they won’t impact our ability to construct the building, once we get started,” Poole said. Hey, what’s that? Curious about construction going on around the Charlotte region? Email reporter Chase Jordan with the location that you are curious about, at [email protected]. Your suggestion may appear in a future story.

I’m not surprised about this. If Chase can build a new $4b, 1,400’ HQ in NY, they can surely splurge for a new tower in Clt. https://news.yahoo.com/chase-bank-details-plan-add-103000848.html Chase Bank details plan to add branches, jobs in Charlotte, part of big US expansion Chase Jordan Wed, February 7, 2024 at 5:30 AM EST3 min read Chase Bank is planning to further compete with banking giants in Charlotte by adding more than 15 branches by the end of 2026 and hiring hundreds of people. The New York-based financial institution announced a multibillion-sdollar expansion plan on Tuesday, which includes opening more than 500 branches, renovating 1,700 locations and hiring 3,500 people by 2027. There are currently 19 locations in the Charlotte region. Justin Brovitz, regional director for the Carolinas, said Chase’s real estate team is searching for sites.

I’ll be there in two weeks. I look forward to seeing the progress.

Really? I think that they look terrible, especially since they’re on buildings with multi-million dollar apartments. I think the one on the Zaha building is the only one that looks good.

It’s very relevant to my point. Everyone hates the hideous parking podiums on 110 East, and in Charlotte, generally. I do too; however, as noted, much bigger and much wealthier cities like Miami, Dallas, Houston, Atlanta, etc have them. Thus, Charlotte is not unique in having to deal with this problem. I posted the Zaha building to show that it’s the exception to the rule of ugly ten story bases that are everywhere in Miami.