The Madison

[MZT]

I would think the main complication would be to include enough plumbing for the additional additional bathrooms of a hotel conversion. Other than that, just add a few walls and doors. We need a plumbing spy to tell us what's going on. Only 26 condos sounds like they'd be too large to effectively use as hotel rooms.

If I'm wrong, then maybe the units will be more like extended-stay style, guest apartments.

[Appetite for Construction]

^ How does one find a good plumbing spy in this town??? Maybe Angie's list?

[Raintree21]

I would think the main complication would be to include enough plumbing for the additional additional bathrooms of a hotel conversion. Other than that, just add a few walls and doors. We need a plumbing spy to tell us what's going on. Only 26 condos sounds like they'd be too large to effectively use as hotel rooms.

If I'm wrong, then maybe the units will be more like extended-stay style, guest apartments.

[MZT]

I saw some people in the structure too this morning. I suppose this project really is getting out of neutral.

[dubone]

I really hope they came out of their stupor and realized that this project needs to be hotel rooms. We need hotel rooms, but we have no lack of proposed and under construction condominiums. It would be a very bad thing for this to be built as condos that then sit there, like Arlington is, with most remaining empty due to horrible design and fundamentals, when it could be a few dozen hotel rooms filled often.

[Appetite for Construction]

It would be a very bad thing for this to be built as condos that then sit there, like Arlington is, with most remaining empty due to horrible design and fundamentals, when it could be a few dozen hotel rooms filled often.

[83alphaunder]

I agree, this developer must see something that I don't ... of all the proposed or under construction condominiums, this is the worst location. Also, the idea of living in a condo and being able to use amenitites of the hotel only works for me if it is a pretty nice hotel. Most large scale condo projects will have many of the same amenities of a hotel, concierge, fitness center, pool, etc. I guess room service is important to some, but I would rather walk a few blocks than stay cooped up inside.

On the bright side, I guess you don't have to worry about something getting built to block your view, as it is already blocked by the hotels for many of the units.

[Appetite for Construction]

Hmmm, maybe I am not picturing the way the condo building fits together with the hotels correctly.

I didn't see the diagram. Can you try again?

[Andyc545]

I agree- these do not belong as condo units. Put things into perspective. Like said above, it only works having condos with the hotel / ammenities package if it's a nice hotel. Myrtle beach has better condo units then this in some of the cheaper to mid priced hotels ON THE BEACH with ocean front views, for $300,000, top floors around 16 stories, rather than these units that are going for over double to just have a semi-decent view (maybe) of uptown. I can't imagine why someone would want to live at these, with all of the better and cheaper options out there.

[Appetite for Construction]

The living room and porches face the outsides of the building, and offer great views of everything around it.

[dubone]

In that diagram, you have a distance between the hotel and condo towers as being too far, so it does not represent reality for these 'luxury penthouse' owners. I did make a similar argument for the views of One Charlotte, yet that building is 160' away from the Westin and only has it on one side. Not only does this project have the hotel tower only 50'-60' away but it has it on both sides for most floors. try making the diagram you drew on an aerial. If you are within a room, then the steep angles you drew would also not apply, as they would be viewing a wall if they looked that way. I will grant you that from the balcony of the northernmost condo, residents wil be able to see Bank of America Corporate Center and Hearst in the distance, but even for them, half their field of vision will be an EIFS plastic wall of a motel less than 50' away.

These condos will not have 'views' as true real estate amenitie, they will simply be able to see more than 50' away if they are in a specific room or spot and look a certain way. If the living room is on the shorter end, then it will help, as that is where most people register consider the view the most. But still, it is a stretch.

[Charlotteman]

It would be a very bad thing for this to be built as condos that then sit there, like Arlington is, with most remaining empty due to horrible design and fundamentals, when it could be a few dozen hotel rooms filled often.

[atlrvr]

I know that the fundamentals for The Tower don't make much sense, but I believe they will sell, just not to your typical buyer. I'm willing to bet Wachovia and some relocation services firms (Hewitt, perhaps) buy these up. Its a perfect place to put up long term (6-mo) A level consultants and new hires. I know Wachoiva has been putting people up at the Hampton since it opened, but this would be a step above, but still offer the hotel services.

[dubone]

I would have thought if Wachovia were doing this, they would just hold back a few of the least desireable condos in their own project, but perhaps those are too valuable to use for the level of employee and consultant you are referring to.

I certainly don't want this project to fail, so it is a good thing if the low number of units and the fact that they offer some basic hotel amenities allow them to factor into a corporate real estate strategy. I have stayed in corporate apartments before as a consultant, and I know that they often do not care about views and other types of amenities like that, but I do think price and value are a factor. If they have a hook up, though, then more power to them.

[tiblerbrit]

Who owns the parking lot behind these hotels? Does anyone know about any plans for the site?

[atlrvr]

I believe NASCAR has the right-of-first-refusal to purchase that lot from the city at full appraised market value....can anyone confirm that is the case?

[dubone]

Yes, as part of the NASCAR negotiations, the city gave NASCAR an option on that city owned land (the land south of this project). I personally believe and believed that it was part of a contingency or a plan to bring more NASCAR HQ functions to the city, as that came out right when the rumors of moving the HQ. It doesn't matter if it is for a symbolic move or an expansion, I'm certain that if NASCAR wants to expand office functions to Charlotte, they would want to retain the option for that land. I'm sure that if they agree to allow the city to sell that land to others, then it will be a sign that they do not plan to expand here any time soon. Either way, the city will not likely be in a hurry to sell that land, as they are focused on selling the other parcels in the area to pay for the NASCAR construction bill.

[2inthePink]

Look like this went from one form of eysore to another.

It looks as though Doug Smith was BSed or BSed us.

If they are working on it, it must be a full crew of 2 working their hearts out.

This building is going nowhere and looks terible.

I hope we dont have to keep looking at this for 5 years or so.

[dubone]

It just seems so strange that they'd keep the structure like that and NOT go to completion. I guess it probably does come down to the credit crunch all over the place. If I were financing that loan, I'd tell them to change to hotels or shove it. No person in their right mind would buy a place there as a condo unless they were uber-cheap.

[MZT]

Surely the city will not tolerate this for too much longer. It's a huge incomplete mess, right next to the NHOF and the open parcels the city wants sell to new uptown corporations. After enough inspections and fines, maybe the owners will at least clad the structure.

[dubone]

I'm so confused. I hadn't been by this project in a while, but when I saw it today, it seemed much more advanced than it had the last time I saw it. The crane is gone and the floors are mostly enclosed, including many windows. Does anyone else know if it has been at his current state for a long time, or is this moving forward again [slowly]?

[Mobuchu]

^Heres from 12-23-07, looks about the same as it does now, except the crane is gone. I have more from before this, but can't find them at the moment.

[MZT]

I've kept an eye on it from the light rail -- I do not think any cladding has been added to it since the photos I took last August. Maybe some time when I have VERY little to do, I'll revisit all those corners, and snap some more.

Things HAVE to be moving very slowly if the crane is gone!

[dubone]

Ok, I see now. So it is actually worse now, since they don't even have the crane anymore to actually continue work without renting a new one. I must have tuned out for quite a while then, as I remembered the project has only being the steel skeleton.

[orulz]

Or, are they past the point where they need the crane? It looks like there isn't any more steel to be erected, and you don't need a crane to apply gypsum board and EIFS. Anything large that needs to go up, can probably be brought up by the service elevator.