SmellyCat
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Posts posted by SmellyCat
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The guys that run Pisces Sushi (excellent spot if you haven't been yet!) have leased the next door space, and will be putting in a lounge with small plates for food. The two will connect and share bathrooms - there will be some construction going on (but Pisces will stay open) to open up the current venue to the one beside it.
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). -
^I'm sure those two places will do well at the Met. I will say that every time I've gone here it's become more of a cluster f*** trying to get in and out though. The parking situation is just a total nightmare. Like the selection of restaurants just hate how you have to get there.
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.
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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.
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Pisces is going to be expanding into the unused space between it and Vivace's.
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Federal judge ruling on the Vue that could have far reaching negative effects for the future of high rise condo projects in N.C.....
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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.
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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...
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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?
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good shots, but that UNCC building is butt ugly. I am glad it is there, but it looks like an old communist structure in one of the former eastern block countries.
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.
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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
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Interesting article in today's business journal on Levine's troubles getting financing for this project. Groundbreaking has been pushed back to the Fall, although that now appears to be uncertain.
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....
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I don't know. Up to $100,000 off original asking price on a few of those units isn't too bad. Units are not going to be cheap in this building. I've never been inside, but it certainly appears to be very nice. This location should be one of the premiere addresses in uptown by now. What doesn't impress me is the fact that they are only discounting ten units. I am pretty sure that if this experiment results in a few closings then we'll see another batch of units getting the same treatment.
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.
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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.
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I honestly think this is a problem in Charlotte. We [arguably] have graduated to a big "city," but the news cast haven't seemed to get the message. Either they don't know how to report on all of the things Charlotte has to offer, or they don't care about anything other than the social unrest caused by an influx of population. The reports make it seem like Mayberry is being overrun. But this isn't Mayberry.
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.
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I think that given the type of structure and materials they used, it would be several decades before this building fell into such a state of disrepair that it would need to be demoed (eg: Detroit). The units will sell eventually- though it is surprising that they aren't coming off of the prices a little just to get people in the building.
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.
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Well there are plenty of worse nicknames on there (hanging basket capital??) so it really isn't offensive to me, but I do seriously doubt that half of these are widely used, I think some cherry picking was definitely going on.
I agree. I think most of these are rubbish. Someone's just trying to be cute.
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Umm well maybe it comes from all of the urban stores and vacant spaces. Other than that, it's a nice mall.
Northlake had an occupancy rate of 96% as of year end.
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With Apple coming, maybe the previously reported death spiral at Northlake may have been greatly exaggerated...
Great point, Steven.
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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).
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Yup, and in the end they moved out of Chicago to Hoffman Estates (which would be like moving from Charlotte to Concord). There was even a memo circulating through the company talking about what a hick town Charlotte was. I think I'll pass this time around, but thanks anyway Sears.
Hey, glad to hear Sears is still in business. That's news to me, I thought they went under about 15 years ago. :-)
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That was similar to my experience with the place, though my girlfriend and I went on a Tuesday night after Valentine's Day so didn't expect it to be busy (yeah maybe 4 tables occupied), and I lived a few blocks away at the time so was used to the area's activity level. Thanks to the design of the place it didn't feel awkward in its emptiness, we almost felt kind of exclusive instead.
Would it do better on Tryon or College? Sure, but I don't think the current location is as bad as you make it out to be. I have walked or ridden by the place before when they were SLAMMED. Kanvas is opening or might already be open right around the corner, and the italian restaurant across the street has been doing steady business, so I think things are improving. If either one of the surface lots across Caldwell were developed no one would give the location a second thought (but then it wouldn't have quite the view it has now). I think just a few more businesses in First Ward would do wonders for stabilizing their neighbors, and residentially its a really desirable neighborhood now IMO.
I'm optimistic about its survival because I have seen it on good nights, but I admit its a risky type of restaurant in all but the safest locations. Frankly though, as fickle as the Charlotte dining and nightlife scene is, I'd expect a large restaurant thats in trouble to not even last the year that Kalu has so far.
Completely agree on the food. It surpassed the best I'd ever had of each and every type: sashimi, dim sum, miso, etc and I've never been to a place with such high presentation standards. Each course was a total work of art. The waiter was also great and made us feel very comfortable with the place, even though we're clearly not the type to drop so much money on a dinner very often.
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.
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Too bad they started the article by saying that the Bank of America is "50" stories tall when it is actually 60.
The NYT has never been one to let facts stand in the way of a story.
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I doubt this to be the case. Typically, the developer doesn't pay HOA fees on unsold units until the project has been turned over to the Association, which usually occurs after about 75% of the units have closed or a period of a few years passes. Until then, new buyers pay HOA fees and the developer funds the difference out of his project budget. So, if the building continues to be staffed, utilitites are functioning and the property seems reasonably well maintained, the developer's budget is still funding this. I'm sure the bank loan included a line item to cover these costs for some reasonable period of time. Interest rates being so much lower than what the bank probably required them to assume has probably created a cushion that, in effect has probably bought more time to get the project turned over. But even when there isn't any $'s remaining in the loan the developer will have to fund this cost (invest new equity) or risk being pushed out immediately by the bank. And even then, the bank will almost certainly fund that cost to protect the value of it's collateral and ensure the units can be sold. There's no question though that at some point several hundred thousand $'s of carry each month for HOA and taxes will pressure the developer, the bank or both to capitulate to the pricing demands of the market.
Big game of chicken going on right now. That court decision had to sting.
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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But it's definitely worth mentioning again as Pisces is the best sushi place in Charlotte (along with Yama).
Misc. Uptown Projects/News
in Charlotte
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With an August close estimated
Sorry I couldn't resist, this space seems cursed.