37 Story residential tower on Smith St

[SydneyCarton]

P.S.: After posting this, I think I may have read about it previously.   I didn’t see a thread, but if one exists, can a moderator please delete this?
 

https://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article239521948.html

 

Edited January 22, 2020 by SydneyCarton

[Hushpuppy321]

I’m hoping that this Tower get some traction and actually moves toward construction before the end of this year.  Would expand the skyline and breathe some new life into and bring momentum to the N. Graham St Corridor.  

[JacksonH]

9 minutes ago, Hushpuppy321 said:

I’m hoping that this Tower get some traction and actually moves toward construction before the end of this year.  Would expand the skyline and breathe some new life into and bring momentum to the N. Graham St Corridor.  

Isn't this tower the proposal from months ago that several forum members opined was nothing more than a marketing ploy to raise the value of the property, and that the tower would never happen?

[Guest]

2 minutes ago, JacksonH said:

Isn't this tower the proposal from months ago that several forum members opined was nothing more than a marketing ploy to raise the value of the property, and that the tower would never happen?

Yep. Still sort of believe that.

[Hushpuppy321]

13 minutes ago, JacksonH said:

Isn't this tower the proposal from months ago that several forum members opined was nothing more than a marketing ploy to raise the value of the property, and that the tower would never happen?

Yes indeed - only reason I remain hopeful is because of the expanded amount of floors/total residential units having been revised upward.  There could be intention to move towards construction but if It doesn’t within a year or less of this rezoning then those that believe it’s a sales ploy would probably be correct.  Just look at the 3rd & Baldwin Office Tower Midtown/Elizabeth Rezoning Approved years ago that still sit fallow even though Gold Line Phase II nears completion.

This site is a gamble now in 2020/2021 - but in 5 or 10 years from now would be a great spot due to the proposed Silver Line Lightrail Corridor / N. Graham St. Station that would be nearby this proposed Tower and N.Tryon redevelopment projects that may be in full swing by then.

Edited January 22, 2020 by Hushpuppy321

[Crucial_Infra]

No opinion on whether this is likely to happen or not, but it would have a huuuuge impact on the skyline much in the same vein as FNB and the Ellis and the VUE. So for purely urban aesthetic reasons I’m all for this happening. 

[t_money]

Can someone explain like i'm 5 on how pretending like you will build a building on some land will increase the lands value?  And what does this benefit the owner if they never sell it like the other proposal mentioned?

[JacksonH]

55 minutes ago, Crucial_Infra said:

No opinion on whether this is likely to happen or not, but it would have a huuuuge impact on the skyline much in the same vein as FNB and the Ellis and the VUE. So for purely urban aesthetic reasons I’m all for this happening. 

Huge impact on the skyline, yes, but also a huge cost for what could turn out to be a total dud.  It doesn't appear that there are a lot of amenities nearby, which is the main attraction for urban living.  And if they can't attract residents to fill up all those floors then there would be no point in building it.  But like Hushpuppy suggests, the Silver Line could totally change that equation 

[Guest]

14 minutes ago, t_money said:

Can someone explain like i'm 5 on how pretending like you will build a building on some land will increase the lands value?  And what does this benefit the owner if they never sell it like the other proposal mentioned?

Its not the pretending to build something. Its the act of rezoning it to a level where something like this could be built when market demands. Currently you can have a warehouse that makes you $X, with the rezoning approved, you can now build a tower, by right, that makes you $20X.

I've seen the plans, it is the most bare bones tower proposed in recent memory, and it's near absolutely nothing. 

Edited January 22, 2020 by Guest

[CharlotteWkndBuzz]

The cost of rent they would have to charge would not justify being flanked by a factory/train tracks, 277, and a gas station.  The whole area is not the best to walk in either, esp at night.  This is the craziest location (currently), that they could have chosen - there are 20 other surface lots uptown where this tower would thrive.  Sometimes I feel bad for the Garrison Lofts for being right there and those are super nice inside. Although I would like to see this rise, don't see it happening. 

[15895]

3 hours ago, CharlotteWkndBuzz said:

The cost of rent they would have to charge would not justify being flanked by a factory/train tracks, 277, and a gas station.  The whole area is not the best to walk in either, esp at night.  This is the craziest location (currently), that they could have chosen - there are 20 other surface lots uptown where this tower would thrive.  Sometimes I feel bad for the Garrison Lofts for being right there and those are super nice inside. Although I would like to see this rise, don't see it happening. 

 

On the otherhand, these areas need dense housing also. It could provide a cheaper price point for renters and probably cheaper than those more prime lots. 

[JacksonH]

32 minutes ago, AirNostrumMAD said:

 

On the otherhand, these areas need dense housing also. It could provide a cheaper price point for renters and probably cheaper than those more prime lots. 

But like I said above, the reason people usually choose urban living is for the amenities, but there are no amenities in that area.  And who wants to look out their window and see an industrial site.  As for a cheaper price point, it would have to be a way cheaper price point in order to attract renters.  But if it's too cheap they won't be able to pay the mortgage on the building and all the operating costs.

Edited January 23, 2020 by JacksonH

[j-man]

5 hours ago, CharlotteWkndBuzz said:

The cost of rent they would have to charge would not justify being flanked by a factory/train tracks, 277, and a gas station.  The whole area is not the best to walk in either, esp at night.  This is the craziest location (currently), that they could have chosen - there are 20 other surface lots uptown where this tower would thrive.  Sometimes I feel bad for the Garrison Lofts for being right there and those are super nice inside. Although I would like to see this rise, don't see it happening. 

I was thinking the same thing. And it calls for retail and I’m like ummm for who? This is the only apartment building think that shouldn’t really have retail space. Nobody’s walking back there for a thing. 

[Synopsis101]

Maybe this will be a catalyst for future development in the area. 

[Yeahdoug]

I walked down smith street once... once was enough for me lol 

[JacksonH]

2 minutes ago, Synopsis101 said:

Maybe this will be a catalyst for future development in the area. 

How??? If you build a huge (empty) building nobody wants to live in because there's nothing there but an eyesore industrial park, how is that a catalyst?

[Windsurfer]

2 minutes ago, JacksonH said:

How??? If you build a huge (empty) building nobody wants to live in because there's nothing there but an eyesore industrial park, how is that a catalyst?

Could there be bigger plans for several blocks in that area, and by having this one rezoned make things more contiguous?  Maybe some kind of master plan for a few blocks in there would call for a safety crackdown?

[Synopsis101]

8 minutes ago, JacksonH said:

How??? If you build a huge (empty) building nobody wants to live in because there's nothing there but an eyesore industrial park, how is that a catalyst?

Well, first of all, we don’t know whether the building will be empty or not. 

[TheOneRJ]

There are literally countless apartment buildings going up in Charlotte next to railroad tracks, up against interstates, across from landfills, etc and they all get leased up. This one being a high rise is no different. It will sell for the simple fact it’s a high rise in Uptown. 

Edited January 23, 2020 by TheOneRJ

[Synopsis101]

Are the Garrison Lofts empty?

[CharlotteWkndBuzz]

24 minutes ago, Synopsis101 said:

Are the Garrison Lofts empty?

I see lights in many units.  But it is very different trying to fill only a 31 unit condominium vs a 37 story, 350 unit high rise.   Garrison lofts are really nice btw.  toured a unit.  Super tall ceiling and windows.  I like the lofts there, but too exp for us and again, the location is not ideal.  

30 minutes ago, TheOneRJ said:

There are literally countless apartment buildings going up in Charlotte next to railroad tracks, up against interstates, across from landfills, etc and they all get leased up. This one being a high rise is no different. 

Yes, but as a high rise, you are going to be paying a premium and at 2, 3, 4 thousand dollars a month...those are not attractive things to be near.  If I had money to burn on rent like that and wanted to live in 4th ward high rise...Vue all day.

The torn down buildings and the steel mill lot (across from star dogs) would be a fantastic renovation into something that would help that area.  Always thought that building would be a cool brewery or restaurant. 

Edited January 23, 2020 by CharlotteWkndBuzz

[rjp212]

I used to live in the Silos on 10th st.    I would walk my dog many times at night with no issues, although there was a large homeless camp behind Lifespan.  There are also little retail spots at the base of Silos that tend to cater to salons and start ups.  I'd like to think the Lifespan building will be up for redevelopment at some point, and there are plenty of empty lots on Smith that I believe are part of the long term Gateway Station redevelopment plans.

[urbanlover568]

Density density density! Pretty soon everywhere inside 277 will be mid-rises and skyscrapers!

[CLT_sc]

This answer to this question may be obvious, but is financing currently so strong for apartments that it makes sense to build this sooner rather than later?  The location is a little off, but I am always surprised at what people buy and lease. As an example, someone paid $1.3mm for a house that looks at autobell.  So, renting this building at that location may not be a stretch. 

[JacksonH]

3 hours ago, Synopsis101 said:

Well, first of all, we don’t know whether the building will be empty or not. 

Given the location it will be empty, unless the building owners charge rent that's so cheap they can't pay their bills.  My opinion, obviously, but I'm just not seeing how something that massive makes sense at this point.  South End is exploding with big projects now that there is a significant retail, transit and residential infrastructure in place, but there were no big projects before that infrastructure emerged. It came little by little.  Building a 37-story apartment building in this location seems like a horrible business plan.