Wachovia South Tryon Projects

[cinco]

The waiting is killing me to see this thing offically. Why do I care so much? Is it a sickness, most of you seem to have it too. Is there a cure?

i don't think there is a cure... there are, however, treatments of progressed development that will send this sickness into remission. the wachovia bout has been a long, hard-fought one... my case for this was diagnosed when the original wach 4 was being thrown around. it is so nice to see this one finally happening. but, then it's on to the next one... oh well, one day at a time...

get well soon.

[schmopperX]

i don't think there is a cure... there are, however, treatments of progressed development that will send this sickness into remission. the wachovia bout has been a long, hard-fought one... my case for this was diagnosed when the original wach 4 was being thrown around. it is so nice to see this one finally happening. but, then it's on to the next one... oh well, one day at a time...

get well soon.

I remember it well, I was living in Portland, Or and had a subscription to the BJ. I had the front page posted at my desk and was bragging to my co-workers about what First Union was building, imagine my disappointment

[guy4charlotte]

For the record, the financing bill passed it's 3rd reading in the House today 77-36 (picked up 5 more 'yes' votes) and has now been ratified. Will go to the governor for signature tomorrow--

[dubone]

It looks like we now have the arts plan. All that is left is for the county to approve it (a certainty), and for ASC to raise $35m in endowment funds, and for Wachovia to manage construction so that they can be built within budget.

[AuLukey]

Not as if the governer wouldn't sign it, but has anyone heard news of whether this has happened yet or not? I haven't seen any blurbs online anywhere as of yet.

[guy4charlotte]

Not as if the governer wouldn't sign it, but has anyone heard news of whether this has happened yet or not? I haven't seen any blurbs online anywhere as of yet.

It was ratified on 7/13, so it would have been presented to the Governor for signature the next day (i.e., 7/14). The Governor then has 10 days to either sign it or veto it--and if he doesn't do anything within 10 days it becomes law anyway. I don't think anyone has suggested he might veto this.

[dubone]

Well, the CBJ article on this subject says that the county is now expected to pass it, 6-3. But there is still a question on the specific rate, 15% or 16%, and what to do the revenue if the higher rate is selected.

I think I'm reading that the county might put its portion toward amateur sports facilities. I really hope I am reading it wrong that the city would put the extra money from the hypothetic higher rate towards operation costs of the arts projects. I had really liked the idea that the arts would fund its own operations through an endowment. Instead, it puts the city back on the hook not only for debt service, but on actual operational funding.

$1.2m per year is not that much, but it could slated for another need, perhaps even capital funds for Carolina Theatre withoutthe need for the condo tower. Anyway, the point is that just because the public revenues are available doesn't mean they should give in to that that.

I mean, has anyone actually seen ASC even try to raise the rest of the needed endowment!?! It is ridiculous, almost like they are just waiting to get a handout. They should be forced to keep going with it, and the city should look for something else more interesting to do with extra revenue.

[monsoon]

I mean, has anyone actually seen ASC even try to raise the rest of the needed endowment!?! It is ridiculous, almost like they are just waiting to get a handout. They should be forced to keep going with it, and the city should look for something else more interesting to do with extra revenue.

It's been my impression this has always been the modus operandi of the ASC. One of the more disturbing things that I have seen them do is spend $100,000 of donated money to influence the vote to pay for the George Shinn arena and associated arts package. I am not a big fan of paying taxes to fund the arts and I note the amount listed above would make up the difference needed to build the pedestrian bridge across I-277.

Let the government raise a tax and they will do it which is what has happened in this case.

[dubone]

That revenue could fund a new bridge every year.

Sigh. I was just so shocked to read that operational money is back in scope. That is just so disappointing.

If that is the case, I hope the county keeps the rate at 15%, and then we'll have room to go to 16% in a few years when a more important project comes along.

[AuLukey]

So umm.... if the votes all went through, where's the announcement? I'm hoping now that they've got what they want, they're beefing up the plans and will secretly apply for an even taller zoning permission.

I'm tired of waiting for this thing to be "official."

[mybackyardis485]

That's what I like to hear....80 stories, bring it on!!!

[Dale]

Is this just wishful thinking, or is there a basis for supposing that the height might now be increased ?

[peaceloveunderstanding]

Is this just wishful thinking, or is there a basis for supposing that the height might now be increased ?

Wishful thinking at least on the floor count. We don't know exactly what the building look like so it's possible that the decoration on top could be taller.

[AuLukey]

Wishful thinking at least on the floor count. We don't know exactly what the building look like so it's possible that the decoration on top could be taller.

Yea, that's what I'm banking on. I'm not getting my hopes up for the floor count to be higher (although I haven't given up hope completely.) I would like a more decorative crown or more imaginative spire on the top. Although, I do have to admit that the two newest WB towers have brought more variety to uptown. This delay in the announcement after approval does have me wondering though.

[atlrvr]

I would think they are waiting on County Council to approve this. Why wait 2 years to get 99% of the way there, and then jump the gun by a couple of weeks.

I don't think the instant gratification of skyscraper junkies is the primary agenda of Wachovia execs.....they are being diligent from beginning to end.

[tiblerbrit]

When is the council supposed to approve it?

[50State]

Some info on the condo tower is in the Observer, though nothing earth shattering.

http://www.charlotte.com/mld/charlotte/business/15087942.htm

[AuLukey]

That article states that they are building 2500 parking spaces underground. That seems like an enormous number. How many spots roughly will Epicentre/TTT host? I can't imagine how long a deck for 2500 cars will take to build underground.

[A2]

Some info on the condo tower is in the Observer, though nothing earth shattering.

http://www.charlotte.com/mld/charlotte/business/15087942.htm

Do you know how excited I get when I see the number $800,000,000 project.

This is close to ONE BILLON BUCKS & IT IS ALL IN A CONCENTRATED ON A ONE AND A HALF BLOCK AREA! THIS WILL BE THE MOST IMPRESSIVE OF ALL PROJECTS TO BE BUILT IN CENTER CITY WITHN THE NEXT FIVE YEARS, IMO. Can you say Sweeeeeeet FWIW, they are about 40-45 feet deep at the deepest point in their excavation. I would say another three months of digging and then we get some REAL action (with the Steel and Concrete)

A2

[Dale]

I'm still hoping that for $800 million the handle's not going to be concrete.

*wrings hands*

[A2]

I'm still hoping that for $800 million the handle's not going to be concrete.

*wrings hands*

It shoud be pure Gold for that kind of cash

It's truley amazing how much is going into this project. BofA the signature tower in CLT was build in 1992 and cost a couple hundred million. This project blows the Arena, NHOF, VUE, Epicenter, Baseball Stadium and so many other projects totally out of the water. I could go on and on, but the reality is that this is the single most important project in Center city. (and probably will be for years to come)

A2

[AuLukey]

It shoud be pure Gold for that kind of cash

It's truley amazing how much is going into this project. BofA the signature tower in CLT was build in 1992 and cost a couple hundred million. This project blows the Arena, NHOF, VUE, Epicenter, Baseball Stadium and so many other projects totally out of the water. I could go on and on, but the reality is that this is the single most important project in Center city. (and probably will be for years to come)

A2

I agree... until we get BoA's answer about five years from now.

[redjeep77]

Ideally we'll see BoA BUILD off of this project on their end of Downtown. Ya'll gotta remember that this project helps both banks stay in CLT. I again think that we are coming to that "point" where it just begins to steamroll. I bet nobody can even imagine what charlotte will look like in 25 years

[schmopperX]

What happend to the insiders that snag'd the renderings? Any idea when there may be an offical release?

I know we're all waiting on pins & needles.

[guy4charlotte]

The bill that will provide the financing for the arts portion of the South Tryon project was presented to the Governor on 7/13--he had 10 days to either sign it, veto it, or do nothing. After 10 days it becomes law if he does nothing. Apparently he didn't sign it or veto it, so as of today it's official. However, the change in State law just provides a way for the County to finance the projects if the County so chooses--it doesn't actually authorize the projects--so the next step is now the County commissioners need to act--I think they plan to hold a public hearing on the matter before they vote to authorize the increase in the rental car tax--so we might see more renderings of the arts portion at the time of the public hearing, but I suspect WB will hold off a little longer on their tower announcement. (after all, the architects need a little time to add in those 34 additional floors!!!! )