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Will Bank of America announce a new project?

UrbanCharlotte

By UrbanCharlotte
in Charlotte Coffee House

Do you think BofA will be announcing any new projects in the next 5 years?  

43 members have voted

  1. 1. Do you think BofA will be announcing any new projects in the next 5 years?

    • Yes
      31
    • No
      11
    • More than 5 years
      1

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swh1972 Hamlet

swh1972

Posted
Posted

Bank of America has the Corporate Center, which is maybe 10 years old. No need to build another building on the off chance that Wachovia plans to take over the height race in Charlotte. I do look for them to continue to add to the overall growth of Uptown with the support of smaller scale projects.

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appatone Hamlet

appatone

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Posted

I am thinking that maybe BofA could build something IJLish in scale in the next 5 years. I doubt we will see a height war. Of course my opinion is based on nothing at all I have no idea what BofA's space needs and supply are right now. I just think BofA and Wach will be a bit more conservative this decade than they were last decade.

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rockhilljames Burg

rockhilljames

Posted
Posted

My take on the "height wars" issue is this:

Wachovia could possibly try for a new tallest with their new project. With the components of the developements in place (huge condo development, museum, theatre, and Wake MBA program) it actually has more elements surrounding it than BofA Corp Center. Regardless of height it will be a signature tower based on the scope of the project. Since the reported floor count was between 35-40 stories before the additional components were announced, it wouldn't be at all suprising if they decide to add an additional 20+ stories or ornamentation that would take it beyond BofA's HQ. The executive offices could move to the new tower and Wachovia would have its long-desired icon.

On the other hand, almost everything Bank of America develops, (scratch that, EVERYTHING Bank of America develops) relates directly to Corporate Center. It is obviously the center piece of their towers and the company's signature. For them to go taller would risk damaging the fantastic balance and harmony they have worked so hard to acheive. My opinion is that they will continue to develop projects that strengthen that identity.

So, in my opinion, I think there is the possibility that we see a new tallest when Wachovia finally announces the renderings, but I don't think we'll see a new tallest from Bank of America for a long time, if ever.

This, of course, is my own opinion, with no insider information whatsoever.

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A2 Town

A2

Posted
Posted

This to me is an easy question to answer.

BofA will DEFINATELY be building another skraper in the next five years. Vacancies in the Center City are the lowest in the entire US and BofA's complex of towers are at near capacity. It does not take a wiz in math to understand that BofA's needs for space are there. Granted they have operations all over the US (and for that matter the world), but Charlotte is their HOME.

BofA currently has several pieces of KEY real estate that surround their Tower complex, and they just recently announced that they were going to move forward on a tower last quarter. This was scrapped only because they were looking to partner with another tenant to justify costs. Also the tower announcement was tied to the Mint Museum, which will more than likely be tied in with the Wachovia tower in some way.

This just allows BofA to buy some time and wait.

IMO, the wait won't be long. With a renewed interest in CenterCity living and both Banks (BofA and WB) highly invested in downtown, it is common sense to assume that BofA WILL build.

My only speculation outside of another tower being built is the height. I agree with RHJ, in that, the Corporate Center is the corner stone to every tower the they have build around it. In many ways to rise above this height would offset the balance of their entire complex.

B-U-T, and that is a big but, if WB does pull off another tower greater in height than the BofA Coporate tower, I would expect Ken Lewis to try and regain the supremacy of the the CLT skyline by "one upping" the other Ken down the street.

(I think the poll should read "will BofA announce a new project in one year". In five years BofA could announce three or possibly four major projects at the rate that Uptown is growing. I mean we just got the Ritz a couple of months ago. That to me is a pretty BIG deal and it was a BofA project in every possible way.)

B)

A2

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monsoon Gigalopolis

monsoon

Posted
Posted

This to me is an easy question to answer.

BofA will DEFINATELY be building another skraper in the next five years. Vacancies in the Center City are the lowest in the entire US and BofA's complex of towers are at near capacity. It does not take a wiz in math to understand that BofA's needs for space are there. Granted they have operations all over the US (and for that matter the world), but Charlotte is their HOME.

......

<{POST_SNAPBACK}>

They have been laying off many CLT downtown workers and sending their jobs to their new subsidary in India. I've known several now in that postion who once worked for BofA in the center of town and at Gateway that lost their job in the last year. I think it is their strategy now to reduce headcount in the US and especially in their HQ. Also, once their new tower is up in Manhatten, I expect a number of CLT jobs will be xferred there.

Is BofA a real estate speculator, then they might build a tower. Is BofA a Bank, then good business says not to build another tower.

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dubone Megalopolis

dubone

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i kind of think bofa will build one of the later phases of gateway village before they do another tower.

obviously, that would be different if they partnered on a tower for an anchor tenant other than themselves, as was rumored about the 7th street tower.

given the very low vacancy rate here, and the continued organization growth that tends to happen in headquarters operations, it seems almost certain that they will need to do a project within a few years. Sure, bangalore offshoring/outsourcing sure makes it growth in charlotte less likely than it might have before. if you consider that investments in technology improve productivity across the whole organization and improves the corporate bottom-line, cheaper technology thru bangalore might actually mean MORE growth in charlotte.

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A2 Town

A2

Posted
Posted

  Also, once their new tower is up in Manhatten, I expect a number of CLT jobs will be xferred there.

<{POST_SNAPBACK}>

This tower is for their trading positions, which SHOULD be in NYC. I have several close friends that work with BofA and can tell you first hand that they are offshoring some of their service and technology positions to India, BUT, Charlotte Based BofA is tight , with respect to space, in their current tower complex, and most of their service and tech operations are NOT in the towers. For the bulk of their tech and technical service positions, they are housed in Gateway. That was the whole reason it was built. Every check in the entire BofA system is processed and routed through the Gateway Facility. I can personaly say that EVEN with the offshoring of certain roles, that BofA's presence and growth in CLT is strong and ever present.

A2

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monsoon Gigalopolis

monsoon

Posted
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.....that BofA's presence and growth in CLT is strong and ever present.

A2

<{POST_SNAPBACK}>

I don't think anyone questions that, and that isn't the question. Will they build another multi hundred million dollar tower in downtown CLT? I don't think they need it. They need to fill gateway first. The days of Hugh McColl building taller than his rivals are over.

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bork Whistle-Stop

bork

Posted
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Isnt the tower in NY being built to bring all the BofA workers into one building rather than have them spread around?

<{POST_SNAPBACK}>

I think this is mostly correct. The tower in NY is only to be half full with BofA people, the other half will be leased out. Currently, they are in more than building in NY.

Also, I think that Charlotte would be better off without another tower, but with more Gateway Village type projects. I guess that goes to the larger question of which you all prefer - livable mixed use spaces incorperating retail, office, and resedential - or a pretty skyline to peer at from a distance?

Which provides more livable true value to the center city? A 60 story tower that empty's out at night with an indoor mall, or Gateway which has 7 restaurants/bars, a coffee shop, a convenience store, over 400 resedential units, and a hotel?

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A2 Town

A2

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Posted

I think this is mostly correct.  The tower in NY is only to be half full with BofA people, the other half will be leased out.  Currently, they are in more than building in NY.

Also, I think that Charlotte would be better off without another tower, but with more Gateway Village type projects.  I guess that goes to the larger question of which you all prefer - livable mixed use spaces incorperating retail, office, and resedential - or a pretty skyline to peer at from a distance? 

Which provides more livable true value to the center city?  A 60 story tower that empty's out at night with an indoor mall, or Gateway which has 7 restaurants/bars, a coffee shop, a convenience store, over 400 resedential units, and a hotel?

<{POST_SNAPBACK}>

I say why argue bork???

Let's have both! B) (at least that is my philosophy)

A2

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atlrvr Metropolitan Area

atlrvr

Posted
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There is also the consideration of land supply.....in less than 20 years there may well be no parcels left for development in Uptown.....and the areas surrounding uptown don't exactly have the infrastructure to support large scale commercial development.

Not to overinflate Charlotte, but look at NYC or Chicago, and it's easy to see what happens when CBD land becomes scarce......suburban sprawl gains even greater momentum, and rents go up to levels that make that operating costs in the city less financially appealing.

I say build up everything inside the loop, include retail in almost every building.......and then build out the radial corridors with good urban infill such as what Bork described.

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dubone Megalopolis

dubone

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another way to look at it is that the skyline creates value for many housing units within downtown and the inner suburbs, as people pay a premium for that.

i don't want to overstate it... but having a pretty skyline has some effect on the amount of development that occurs downtown. It certainly was a major part of Skyline Terrace, the primary furman development in first ward's so called 'garden district'.

I think a healthy downtown needs to have both skyscrapers and landscrapers to be healthy.

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monsoon Gigalopolis

monsoon

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I think we are too quick to limit our thinking of downtown Charlotte to the part surrounded by I-277. And its hard to say what will happen in 20 years ago. I predict if the transit corridors are successful, you will see a great deal of development shift to the areas around the transit lines, and less emphasis on the land within the loop.

If a LRT makes it easy to travel to downtown from your home, then why live right in the center of the city? There is no advantage to it and you escape alot of the problems including the cost. In 20 years I expect that you will see a number of low rise buildings on the South LRT, and not much else in downtown.

Else, why bother with the light rail projects in the first place.

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