SmellyCat

With an August close estimated Sorry I couldn't resist, this space seems cursed.

Yes I sorta broke this on Dec 14th in this same thread, but no one seemed to notice. Story of my life. But it's definitely worth mentioning again as Pisces is the best sushi place in Charlotte (along with Yama).

Couldn't agree with you more. The parking is a nightmare, I literally have waited 10 mins inside that parking garage just trying to get to an upper level. I have no idea why people insist on a) parking on the ground floor and will circle around and/or drive slowly until they get a space and b) people ghetto park (probably not politically correct, but that's what peeps call it down here) - that is back in to a space, which causes further traffic delays. It's gotten to the point where I will actually park across the street in the Target ground floor garage and then make the 5 minute walk back over, cause I also know getting OUT of the garage will be equally nightmarish! Poor urban planning aside, I doubt anyone imagined there would be the crowds there we are seeing now. The restaurant selection is excellent with a really nice mix. I eat there probably three times a week at least.

I hear you. I'm hoping patience pays off and it's done correctly - "build it and they will come" has proven not such a great strategy. And look at what happens when things built when the market isn't so hot - they get value engineered and disappoint, like the Vue.

Pisces is going to be expanding into the unused space between it and Vivace's.

Federal judge ruling on the Vue that could have far reaching negative effects for the future of high rise condo projects in N.C..... http://cltdevelopment.blogspot.com/2011/11/vue-buyers-win-deposit-back-in-ruling.html#storylink=misearch

adjacent to UNCC building, on the same square block where the UNCC building sits. Nothing across the street yet, when that begins I know it means the park is finally starting up. There is a First Ward meeting at 7pm tomorrow evening, maybe we'll hear more then. I'm planning on going.

I wish them luck with it. I can't imagine who on earth would finance this. Wall Street has all but shut down commercial mortgage lending and I doubt a life insurance company would touch a fairly speculative project like this. $100mm+ loans don't grow on trees anymore like they did in 2006-07...

I hear you about the value engineering. Just look what it did to The Vue - gosh that would have been such an incredible addition to Fourth Ward had it been done according to the original plans. Anyway, saw some bulldozing activity around the UNCC building site adjacent to 8th Street the last few days . Anyone aware of what's going on there?

You serious? Wow, it's probably one of my favorite buildings in Charlotte, let alone anywhere. I guess one man's trash really is another's treasure.

Einstein Bagels opened in the lobby a couple of weeks ago (it's open during weekdays, but closed on weekends). As did the UNCC bookstore/gift shop. I went inside the lobby, it's a really sweet building. Feels a little odd though, with so little foot traffic around the building right now. However, hopefully that will change. There is also a website just for the UNCC "Center City" campus: http://centercity.uncc.edu

And now it appears groundbreaking on the park has been pushed back yet again, to 1Q12 per this excerpt from an O article on the UNCC building in First Ward: "Daniel Levine of Levine Properties said plans for his mixed-use development have been slowed by the economy. The project is a partnership with the city and Mecklenburg County. Levine hopes plans will be finalized within six weeks, and that work on the park and other parts of the project will begin in the first quarter of 2012. To build the $11 million park, about 48,000 cubic yards of dirt will be trucked in to raise the area between the UNCC building and Seventh Street by 8 feet, Levine said. Plans call for Levine to build the park and turn it over to the county for cash and a land swap." I guess we'll know more in mid-Sept....

I think the prices need to drop more. Not enough of a risk premium is built into the price. For someone to take a leap of faith on a building that has 10 occupied units requires more attractive pricing because at the levels they are offering, there is still likely more downside than upside. Not to mention that I still don't know many banks amenable to offering mortgages on condo towers that are 5% full, so a buyer would likely have to come with lots of cash in hand.

I wonder if they'll also demolish the building at the corner of Kenilworth and Morehead. I'm not positive it's vacant, but it sure looks like it is. If it's not, it appears to be a state of disrepair.

Not surprising given whom the news down here is probably catering too. I assume it's many of the same conservative idiots who bash everything in existence on the charlotteobserver comments section.

It will likely take coming off existing prices a LOT to even get anyone remotely interested. I think, given the bleak outlook for home prices in the next several years (flat at best) that it will take many years to fill this puppy up. There aren't even enough tenants in there now to create a condo association, so who knows if upkeep is even being tended to adequately. I doubt anything more than the bare minimum is being done. Just look at what has happened to similar condo buildings in Miami without condo assns. Not sure how long the lender will let the developer carry this and I have no idea what the developers carrying cost is, but given the size of the building I'm sure it's not peanuts. Unless we see a miraculous and quick recovery in the economy, I can only assume the bank/lender will eventually take control of the building. Maybe they'll convert it to apartments since that sector has recovered nicely.

I agree. I think most of these are rubbish. Someone's just trying to be cute.

Northlake had an occupancy rate of 96% as of year end.

Great point, Steven.

It appears work is progressing on the First Ward Park in tandem with the UNCC building parking garage. Looks like the land around the UNCC building, which is bordered by 8th/9th/Brevard & light rail tracks, is all being dug up and I saw a ton of debris next to that old abandoned brick building abutting 8th St & the tracks. If that building doesn't have some sort of historical landmark status - and I don't believe it does - I assume it's just gonna be leveled pretty darn soon. I guess the next big step that will make me a believer that the park is really happening will be when they jump across 8th St. and start tearing up the Dixie's parking lot. Edit: Just checked the park's master plan and I don't see that brick building included, so I will stick with my original hunch that the building will be razed. The Dixie's Tavern building, however, will remain in tact (Steelers fans exhale).

Hey, glad to hear Sears is still in business. That's news to me, I thought they went under about 15 years ago. :-)

Because I live in the area, I've gone quite a few times and it's been fairly crowded more times than not. Perhaps it was just one of those off nights. Food has always been excellent/top notch, although service is spotty. I think the prices are reasonable for the food, but add a little liquor and all of a sudden not so reasonable. That's why I bring my own bottle of wine when I go. BYOB! I also don't think the area is too bad either... perhaps once the UNCC uptown building opens this summer and the First Ward Park is done (hopefully in time for the DNC), you may see improved foot traffic. I recall speaking to the GM once and he said his rent is relatively low compared to what was being asked for retail spaces in the Epicentre. Therefore, they should be able to survive longer than one might think, but who knows. Also there is valet parking for all those suburbanites who have love affairs with their cars. I'm a believer of "if the food is good and priced accordingly, they will come." There are lots of examples of restaurants in less than ideal locations, somewhat off the beaten path, that have survived the test of time. Just my $.02.

The NYT has never been one to let facts stand in the way of a story.

Assuming the developer does eventually capitulate and finally drops their price demands to market, what happens to the 8-10 people that have already closed on units? Is there any recourse for them to get refunded the difference between what they paid and what the unit pricing will drop to. Seems unfair for these people since they actually did honor their contracts.

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