CLT Development

May 2

1 hour ago, KJHburg said:

that one story retail building was purposedly built there for these reasons: when the former office tower at 230 S Tryon was converted to condos that parcel was part of a surface parking lot. The pool for the condos is right behind the Ruth's Chris single story building so I doubt this building will be replaced anytime soon. Nobody wants their pool in shadows most of the day.

To add to this, its very purpose built, number 1 goal is preserving views for the Condos.

May 1

30 minutes ago, atlrvr said:

Excited by this:

1) reduces office space from market, and pushes those tenants to other office properties
2) really excited if it's Marriott Tribute or Hilton Curio or a 21c Museum Hotel

Hilton Curio and Indigo Hotel have both been linked to adaptive re-use hotels in Charlotte that have not materialized in the past (Tryon Plaza and Hall House). I would LOVE to see a 21C here, thats my preference.

May 1

https://www.instagram.com/p/C6bMMPtuz7i/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==

Been excited to announce this one with Jason! I would imagine this will be a pretty boutique hotel, around 200 keys.

April 30

1 hour ago, nicholas said:

Not sure which thread to drop this into, but anyone know what's going on here? (Corner of Parkwood and Harrill). Lot looks a little large for just a SFH.

NINE UNITS! HORRAY

April 30

3 hours ago, CarolinaCrown said:

Anyone got some updates this week on the Lovin Life setup? It'll be interesting to see how this "festival" shapes up. Looks like Friday will be the hottest of day with showers and a high around 80 for Saturday.

There's a stage about half the height of the UNCC building that has been erected, its a pretty large presence.

April 26

2 hours ago, 3397char said:

I have lived in NoDa from the 90's until today, and I think these nostalgia pieces they put out roughly twice a year are mostly BS.

First, let's define what Noda was actually like in the 90's: when there was a big show periodically at Neighborhood Theater or on gallery crawl nights on first and sometimes 3rd Friday each month, there was energy and vibrancy on N Davidson St for 2 blocks. But 90+% of nights the streets were completely dead. Like ghost town dead. The 4 to 5 galleries closed early (they came and went), and the only restaurants were a bad family Italian place called Marco's (where Cabo Fish Taco is now) and Fat City. (Brook's also closed early). I TRIED to patronize my own neighborhood, but it was HARD.

And between these 4-5 galleries were multiple empty storefronts and industrial spaces like an upholstery company (where Bargerita is), glass company (Blind Pig), printing company (Billy Jack's). There is still a transmission shop on N Davidson; that is what MOST of NoDa looked like at that time. There was a giant intermodal yard where 25th St Station now stands and N Davidson was their truck route to I-85. Literally well over 100 semis a day rumbled through NoDa; it was LOUD and scary as a pedestrian.

I firmly believe that all these nostalgics who chime in were either an integral part of the very small and insular artists community (I respect their opinion, even if it unrealistic for this to last forever) or the local tourists who ONLY visited NoDa 1-5 times a year on one of these shows or gallery crawl nights.

I somewhat disagree with the assertion that "most" of the mill houses were renovated in 2000. At that time, the only residential streets that looked loved were Yadkin, 35th and some of McDowell. The rest were not in great shape. Charles Ave and Patterson Ave in particular were pretty sketchy. On my street only 2 houses were renovated and that is because the HLC bought them for $20K to prevent demolition, brought them to code, and sold them for around $40K. the rest of the mill houses were occupied, but untouched for decades. My neighbors were one mill retiree who owned her house and the rest were low income renters; mostly immigrants whom I communicated with through their children. There were some artist and creative type renters in NoDa but it was a small percentage. I loved this community then (and now), but it was not really an artist community. The biggest loss was when Mercury Mill was condemned in the 2000's, displacing hundreds of section 8 renters.

NoDa actually gained nightlife in the 00's, when Evening Muse, Smelly Cat, Mellow Mushroom, Kelly's, Marguerite's, Boudreax's, Cabo, Chop Shop and a few others opened. The galleries were a little more commercially viable with Lark&Key, Green Rice and similar. More music festivals and still had gallery crawls. I miss that more than the 90's.

When we all lament the loss of key businesses that helped make Noda great, remember that most of them were paid handsomely. The owners of Kelly's, Fat City, Pat's and some of the galleries owned their buildings. The ones that redeveloped were enticed to do so by receiving life altering money for their property. Brook's should they eventually sell (they are not so active in doing so right now) will fall into that category as well. It is not like mean old landlords kicked these people to the curb. There are many examples of businesses getting priced out, especially galleries, but that is not a universal theme here.

There is much more street activation and the small businesses now actually survive with a 7-day a week destination atmosphere they share. NoDa may no longer be rightfully called an "Arts District" with so many galleries gone, but it is still an "Arts and Entertainment District" like no other in Charlotte or the region. We as a community are working to preserve and foster and preserve the arts community. there are more public art installations in one square mile than anywhere else in Charlotte and probably within 100 miles. Different but still great.

this is spot on to the NoDa I know and love.

April 25

56 minutes ago, KJHburg said:

You could build a hotel where the education building is located, a high rise with no parking (since the office building has so much), and use the church building as a restaurant lobby area for such. I have seen that before in fact Greensboro Marriott downtown uses an old fire station as a restaurant for the hotel and the room tower is behind it. Here you could build a room tower to the side of the original church.

lol, that parcel is only big enough for one tower. lol

April 24

FLYING

April 23

On 3/16/2024 at 9:46 AM, smeagolsfree said:

https://www.newsweek.com/oklahoma-skyscraper-america-tallest-building-1878378

Here is the deal. It is the developer that is saying he has the funding. He is not saying who the funding is with. The next thing is that he is wanting to start the tower by summers end. Well, that is ambitious for anybody trying to start a tower just announced in January. The engineering alone will take years.

Now everwho will finance this tower either one is crazy or two has not done their homework on OKC.

Who is going to be able to afford units in this complex? The average rent for a one BR 980 SQ Ft apartment is $980. The Median home price in Downtown OKC is 500K. There are a few condos that are for sale for a higher price but not many. Housing in OKC is 32% cheaper than the national average. Who will afford the units. Besides OKC is not that fun of a town. This is something that would be built in Vegas. This reminds me of the project that would have gone on the Tishman Speyer site we just saw the renderings for only. It was a two-tower project that never saw the light of day here and was never blessed by TS. These were 50 & 60 story towers.

Hotels in downtown OKC are at the most $250 a night for the best hotel. The rooms for this project will have to be $500 a night minimum.

Now he says he wants to have sweeping views from the Skydeck of the skyline of OKC. laughing my ass off at that comment because OKC does not have much of a skyline. Just views of the Oklahoma Plains and the tornados coming in to take the city out.

This guy has not done his homework and if he has someone that is financing him then the insurance underwriters have not done their job as this building will be empty. The insurance underwriters may be the ones that dictate if this gets done, Do your own research on this guy. His wife is a trophy wife and was on the Real Wives of Bevery Hills or one of those shows and this guys a fat dumpy looking dude and not the best-looking guy in the pot.

I am just saying he screams con man.

Gotta say, this doesn't sound NEARLY comprehensive enough

On 4/22/2024 at 3:11 PM, smeagolsfree said:

I sort of like to keep you guys updated on our transit initiative here. So here is the update. The polls show this has a high chance of passing. It is not nearly as ambitious as the last transit plan but is a start in the right direction.

Details emerged this past week about the new proposed transit plan in Nashville. The proposed 3.1-billion-dollar plan would include around 40 miles of dedicated lanes for fast-track buses along five routes, Murfreesboro Pike to the airport and beyond, Dickerson Road, Gallatin Pike, Nolensville Road and West End Avenue. Making the BRT a dedicated lane will really put a burden on drivers as many of these pikes are not wide enough for the upgrade. Turn lanes will be eliminated and bottlenecks will happen but that may encourage more ridership on the buses.

More TOD's will be developed and many already have been despite not having transit already, but I do think this may encourage more TOD' further outside or the core in the 5-to-10-mile radius of downtown. Many are already underway due to Oracle or the Fairgrounds/Soccer complex.

The state is also about to start on express toll lanes between Nashville and Murfreesboro. This is not rail but at least it will add lanes to the already congested 8 lane 35-mile stretch.

Adding or upgrading almost 90 miles of sidewalks, many places that have no sidewalks currently. Metro is really hurting as far as sidewalks go as the entire county is Metro so many places never will have sidewalks realistically. The majority of these sidewalks will be added along the bus routes themselves or the last mile to the routes.

Close to 600 traffic signals upgraded with technology to allow them to be remotely controlled from the city's new traffic management center that opens later this year, ideally streamlining the flow of traffic.

24/7 bus service every day of the year.

Twelve transit centers, many of which would be poised to have commercial development as part of that construction.

SoBro

East Bank

Antioch

West Nashville

TSU

Skyline

Madison

Donelson

Nolensville

Bellevue

NDOT Transportation Improvement Plan (nashville.gov)

The transit improvement program estimates $33.6 million could be used for 10 additional land acquisitions to support "transit-connected community needs such as thoughtfully designed affordable housing.

I gotta say Nashville Fam, this doesn't seem to be nearly enough to meet Nashville's needs.

April 23

1 hour ago, SydneyCarton said:

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?

I believe its 535,000 square feet, and I would think 40% is the going rate, though who knows what it is in today's lending climate.

April 23

1 hour ago, SydneyCarton said:

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.

Most of uptown is either back, or about to be back, to at least 4 days in the office.

As far as Crescent goes, they would have to redesign and build something completely different to go to all residential and hotel. I think they believe that they can get an office tenant. They have received significant interest, and numerous friends/contacts in the office leasing industry have told me that "If we had new space in our inventory we could fill it tomorrow, we just don't have that space." And before you say "well what about 110 East," I don't think they've positioned that building well from a marketing standpoint, and the main contact isn't even in Charlotte. I'll be touring that building May 1st tho, so I'll report back :-).

April 23

9 minutes ago, metropolitan said:

Does anyone on here have the slightest idea what this project will look like?

Nope, all I have is a bare-bones Isometric

April 22

56 minutes ago, KJHburg said:

they are working on securing a tenant and I had heard they would start this year. the hotel and apartments are ready to go as part of the project.

Nothing is ready to go, the entire development is contingent on there being an office component. It cannot be built in phases. (referencing Carson). I do know that when I created my map for Center City Partner's State of the Center City the developer Crescent asked for me to reference a Q4 2024 Start, and that they were bullish on this.

April 17

3 hours ago, CLT-704 said:

Do you know which one in particular? Electrical, Gas, Grease Waste, Sanitary, HVAC?

I think Grease and Ventilation. Could be wrong, but its what I've heard from retail brokers

April 17

12 minutes ago, RANYC said:

I suppose even a surface lot is a slight improvement over what was there before.

without a doubt!

April 17

18 hours ago, j-man said:

I heard someone while walking around SouthEnd telling the person that they were with that this is just going to be another 6 story apartment building. I laughed! Have they been living under a rock!? They really think this has topped out.

Its amazing to me that people would think that, considering how skinny the building is, and the fact its concrete lol.

April 17

6 minutes ago, RANYC said:

This hit like a gut punch.

It should just be temporary while the building goes through all the necessary hoops. It is in brownfields now, so there's a at least a year before this would conceivably break ground.

April 17

44 minutes ago, CLT-704 said:

Could you elaborate on how they weren't properly set up? Is this from a building standpoint or utility?

Utility

April 17

32 minutes ago, CLT2014 said:

There are so many other risks a retail tenant takes on besides just signing the lease... they have to invest in the build out of the blank space with leasehold improvements that could be $500,000+. They need to hire employees. They need to market and attract business. Even if LH dramatically reduced the lease, I think it would be hard for a tenant to survive in these spaces at Legacy (other than the Tryon facing restaurant space) currently and they'd lose their upfront investment. These lease decisions are not taken lightly (especially by a small business or franchise)... certainly not as light as the amount of effort LH put into designing the retail space.

I know we all want spaces filled.... but if I owned a small business... I definitely wouldn't be the first tenant to go into those Church Street spaces without LH covering the cost of my leasehold improvements or something.

From what I understand just getting it to the point where a restaurant could start construction (I don't think these spaces were built with grease traps or ventilation in mind) would be pricey, THEN you talk build out.

30 minutes ago, joenc said:

If a McDonalds or equivalent were there, it'd be busy regardless of how it looks.

McDonalds would need to do a whole lot of work, but they wouldn't be the worst tenant in the world.

April 17

1 hour ago, atlrvr said:

Akridge has begun marketing the retail space on South Blvd (between Caldwell and Cleveland) for lease....assuming that means they've hit pause on the 30+ story tower there.

Oh yea, they paused that one probably 6 months ago.

April 17

1 hour ago, TCLT said:

Let's be honest, they're not getting leased because of the asking price. It doesn't matter how poor quality a building or street is, someone will lease it at the right price. Sounds like LH is not pricing these correctly. And all of your suggestions are excellent, but the only thing that needs to be done to get them leased is lowering the price. I have heard in the past that it's preferable for building owners to have empty overpriced retail spaces than full, properly priced retail spaces due to financing conditions. Is that actually true?

Plenty of places with higher asking price getting leased.

April 17

Actually a big fan of this one. Really could make this stretch so much more urban. I would love to see a more urban 7th Street one day.

April 17

1 hour ago, j-man said:

Fully cleared off with taping around the lot.

they are making a parking lot! woo!

April 16

42 minutes ago, RANYC said:

That part of church is the block leading up to an expressway interchange. I’ve always found it a fundamentally uninspiring stretch and inherently hostile to quality placemaking. I’ve set low expectations for the corridor and would wager money that lanes along church won’t be reduced…I’d focus our energies elsewhere.

I definitely agree, I know Lincoln Harris isn't fixing these buildings any time soon. I Just wanted to mention why they haven't been leased, and the steps you'd likely need to take to get them leased.

April 16

3 hours ago, Norm2 said:

If you drive on this street during a game day you'll see why. As nice as it would be to reduce this road down to two lanes, I can't see that being approved because of the access to 277

Its a gameday hassle really only because they close down so many streets, and there are plenty of ways/reasons to avoid this area. I see no problem with reducing it to two lanes.

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