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SouthEnd Projects

atlrvr

By atlrvr
in Charlotte

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UrbanFuture Whistle-Stop

UrbanFuture

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I also have a very reliable contact concerning Ryan. In the past, usually Ryan doesn't own the land until they break ground, they contract a 3rd party developer to buy the plots and do some of the hardscape and then they buy they lots as sold. I'm afraid unless they started writing their development contracts differently in the past year then the failure to take down pads/lots doesn't mean the end of construction. Usually a Ryan development contract states that they will purchase a certain number of lots over a specified time period. If they fail to do so, large fines are levied if they still wish to hold up their development contract. Given that Ryan is most likely going to be the only suburban builder to show a profit on last years books (Toll Brothers has a small chance at it, although I believe they took a large hit in land in the 4th quarter, we shall see) I doubt they will mind paying the fees to continue to develop the Block site. That clause is one reason developers continue to succomb to developing projects that Ryan pitches them. Its a good deal, a definite source of income, either they get the set price for each pad/lot, or Ryan gets hit with default fines and then they still have to buy the lot if they want to continue to build.

In addition, they are starting a new project down Church Street, which looks to be similar to the Block judging by the foundations.

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atlrvr Metropolitan Area

atlrvr

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My follow-up questions would be did they default on some sort of acquisition agreement, or a financial agreement? Regardless, were these technical defaults that could (or might likely) be waived by the other party, or are these events that have moved the other party into remedial action? It sounds like the latter.
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HopHead City

HopHead

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To add to the previous Nikko discussion, I went there with a couple buddies last night for drinks and dinner. The new space is quite impressive. From the waterfall when you walk in to the wine displays and overall ambiance, it's great. There is even a "social space" with couches and chairs. The place was packed, which draws my only complaint. We arrived at about 7:30 and didn't get seated until 9:45. We were told numerous times "another 20-30 minutes" by the hostess. But I guess it's one of those things where you can't control how long people decide to stay at their table. The sushi was top notch as always so in the end it was worth it. Definitely one of my favorite places in Charlotte.

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tabandit77 Crossroads

tabandit77

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So what is everyone's general opinion of the Chelsea Southend project? I went by and picked up a marketing package. It seems like it has potential and is conveniently located to the East St. light rail station. Specifically, what are your opinions on:

1) Location w/in Southend and prospects for neighboring properties,

2) Developers reputation,

3) When is construction expected to start (any chance this project's timeline doesn't stay on track?)

4) Resale value

Thanks in advance

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atlrvr Metropolitan Area

atlrvr

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So what is everyone's general opinion of the Chelsea Southend project? I went by and picked up a marketing package. It seems like it has potential and is conveniently located to the East St. light rail station. Specifically, what are your opinions on:

1) Location w/in Southend and prospects for neighboring properties,

Great location....anything located within a block of Camden I consider prime.

2) Developers reputation,

The biggest unknown in my opinion.....Kirco is a national warehouse/flex-space developer that has limited multi-family experience. Apparantly they've hired a local contact that has done a good bit of suburban multi-family work in Charlotte, but I've yet to see the end product of anything urban.

3) When is construction expected to start (any chance this project's timeline doesn't stay on track?)

It is expected to start next summer I believe. I would say a very good chance it doesn't stay on track, per my statements in comment #2.

4) Resale value

This site isn't for providing individual investment advice....speaking generally, anyone buying a condo in South End or Uptown is probably not going to see significant appreciation in the near future, especially considering most developers have tried to price all future appreciation into the asking price. Buy if you plan to live there for a while...if you're speculating, well, its your money.

Thanks in advance

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Charlotte_native City

Charlotte_native

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So what is everyone's general opinion of the Chelsea Southend project? I went by and picked up a marketing package. It seems like it has potential and is conveniently located to the East St. light rail station. Specifically, what are your opinions on:

1) Location w/in Southend and prospects for neighboring properties,

2) Developers reputation,

3) When is construction expected to start (any chance this project's timeline doesn't stay on track?)

4) Resale value

Thanks in advance

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swampfox43 Hamlet

swampfox43

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Funny how no one seems to know anything about the C project at Bland & South. There's a lot of construction going on but the website affiliated with it are down and there are no renderings. Heck, I don't even know what it is (condos, retail?) and it seems no one else does. Strange....

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smuggest Unincorporated Area

smuggest

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Funny how no one seems to know anything about the C project at Bland & South. There's a lot of construction going on but the website affiliated with it are down and there are no renderings. Heck, I don't even know what it is (condos, retail?) and it seems no one else does. Strange....
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HopHead City

HopHead

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I noticed a few things while I was running around tonight:

1) The C Development at South/Bland now appears to have a crane onsite. It was dark out but I couldn't definitely see there was one at that site, sitting in a lower area in front of the Lynx Bland Station.

2) The retail portion of Southborough (on the corner of South and Magnolia) is now having brick applied to the exterior. They also paved the parking/drive through area between the condos and Magnolia. It also looks like they are ready to widen Iverson Way, which is facing Lowe's.

If I can remember to bring my camera, I'll try to take some pictures. I drive by these two places frequently during the week.

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atlrvr Metropolitan Area

atlrvr

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I read in the latest CBJ about the luxury apt building going up where Overstock Market currently stands at Tryon&Morehead. According to the developers they are going to include a "sleek" cybercafe on the ground floor. With technology becoming so mobile I think most people have moved beyond cybercafes. The place will most likely become a hangout for the young professionals living there but I hope they also offer some outside seating and more extensive service. Could be a fun spot.
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