Jump to content

Fourth Ward Square Condominiums

tthornburg

By tthornburg
in Charlotte

Recommended Posts

  • 1 month later...

  • Replies 366
  • Created
  • Last Reply
Miesian Corners City

Miesian Corners

Posted
Posted

An update. The scheduled demo of the apartments (on the 8th St side of the site) will begin in April. The last tenant is reportedly set to move out in early March. The sales agent told me that 44% of phase I has been sold. Their new sales center beside Gerrard Tire on Graham will open the second week of Feb with a full-scale model.

Not sure how this one's going to play out, but they have spent a sizeable amount of money on marketing and architecture (the site plan and buildings have changed at least three times since my first visit).

Link to comment
Share on other sites
dubone Megalopolis

dubone

Posted
Posted

I think they reported higher percentage sales earlier. I think it is now a lower percentage, because it is a larger number of units going in Phase I. I think where they originally planned just the 10 story building on one quarter of the block, they now plan to the full half of the block. 44% is pretty good considering the size.

I wish them a lot of luck with their project. They are local developers, the design was improved dramatically since we first saw it, and it will significantly improve the streetscape of Graham Street in Fourth Ward, a major gateway into the city.

The towers would be great, too, but I think the midrise section will probably have a more significant impact on the city.

Link to comment
Share on other sites
atlrvr Metropolitan Area

atlrvr

Posted
Posted

I believe the %'s reported have all been for just the mid-rise, but the current 44% is people who have actually put money down, while the original number was just people who had just placed a reservation but no money. I agree that this ill enhance the corridor signifacantly, and hopefully help out the sad little Subway that always seems empty.

Link to comment
Share on other sites
  • 2 weeks later...
  • 3 weeks later...
  • 1 month later...
atlrvr Metropolitan Area

atlrvr

Posted
Posted

After months of no activity at their new sales center adjacent to Gerrard Tire, it looks like they have kicked things into overdrive.

They now have new signage up, flags, and furniture was being delivered yesterday. I looked in and it looks like they have maybe a weeks worth of work left before they can open. Finally! I was getting a bit worried.

Link to comment
Share on other sites
atlrvr Metropolitan Area

atlrvr

Posted
Posted

Well they said several months ago that they were now pushing for a June ground breaking.

There has been activity, and they are just finishing up their new sales center....it looks pretty nice and they have a 3' tall revolving model of the whole complex, though only the 1st building is detailed (the other 3 are translucent).

I'm not saying this project will happen for sure, but they are certainly moving forward (and spending lots of money).

Link to comment
Share on other sites
UrbanCharlotte Burg

UrbanCharlotte

Posted
Posted

Well I have some info to share. They will build this project in 4 phases ( which may have been posted )

Phase 1- First mid-rise condo building

Phase 2- Second mid-rise condo building and the Citadin Parc

Phase 3- First High-Rise Tower

Phase 4- Second High-Rise Tower

They've already sold 55% of the units in Phase 1. They want to start construction on Phase 1 at the latest by July 1st and close on Phase 1 in summer 07. Finally they hope to develope the whole project in 3-5 years.

Link to comment
Share on other sites
dubone Megalopolis

dubone

Posted
Posted

Sadly, I feel like "Phase I" keeps getting scaled back, and reported to be sold less that I thought I heard the previous time. That is a little disappointing from a momentum perspective.

However, if they can get to a level of sales sometime this spring where they can build that first building, then probably momentum will pick back up.

July 1 seems reasonable for getting those few extra sales to get from 55% to whatever their threshold is for construction financing.

Good luck to them.

Link to comment
Share on other sites
atlrvr Metropolitan Area

atlrvr

Posted
Posted

Sadly, I feel like "Phase I" keeps getting scaled back, and reported to be sold less that I thought I heard the previous time. That is a little disappointing from a momentum perspective.

However, if they can get to a level of sales sometime this spring where they can build that first building, then probably momentum will pick back up.

July 1 seems reasonable for getting those few extra sales to get from 55% to whatever their threshold is for construction financing.

Good luck to them.

I think this is an improvement.....they were at 41% last fall.....so while sales haven't been stellar, I think they are getting there....I also don't think they need more than 55%-60% to do the first phase.....Once the new sales center opens (which looks like it will be any day now) they are supposed to start a much more aggessive marketing campaign. I think that this one will make it, though by the time it comes to do the high-rise, there may be saturation in the market. The good thing is they own the land, and like Verna, have all the time in the world.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.