Furman Condo/Hotel Tower

[NCN8ive]

Could be Concourse has been put on a back burner for a more desirable address at Spirit Square?

[uptownliving]

Speculating here: they had enough condo reservations to make this project work, so my thinking is that the problems arose from the hotel partner or with the parking on top of the Arena loading deck.

[28202]

I think you speculate well... at that price per foot of dirt, there are a lot of other options in town.

[uptowner]

Concourse is dead. Deposit refunds were mailed out 2 days ago. The letter said they could not make the numbers work at this location and that they would try a similar concept elsewhere...

[charlotte_uncc]

Will this go up again for RFP? If so, how soon could we expect?

[MZT]

Maybe the more positive reception, to a building without a "back" will impress upon Furman on his next project.

[queensguy06]

Well, if Furman couldn't make the numbers work for such a small area, others interested in this spot will most likely encounter the same problems. It will be interesting to see if/when another project might materialize on this site.

[krazeeboi]

I wasn't really a fan of this particular site anyway. It isn't like it exactly screams to be developed. I think it's fine as is.

[atlrvr]

I'd like to see it developed, but as a mid-rise office building. 15 stories or so. Resdintial seems odd at that spot. The best plan would be for the eventual developer of the old YWCA daycare across Trade to include enough parking in that project to serve the arena parcel site. I hated the additional curb cut on Caldwell that would see a decent volume of traffic. I wonder if an office tower could incorporate the loading dock for the arena to also serve it.

[28202]

The key in the above statement is "eventual"... I think it was purchased by one of our local land bankers. I don't think they have ever developed anything themselves. Extensive well located holdings however.

[uptownliving]

Word from the City Manager is that the Concourse project has been converted from a combined hotel/condo project to an all hotel project. More details will be forthcoming in May. The good thing for us is that the purchase price of the land remains the same at $2.1M.

[atlrvr]

That's great news. I think that makes a lot more sense for that location....hopefully they keep the ground floor restaurant.

[dubone]

That is great. I wonder if they are able to do that because there are fewer parking spaces needed for a hotel, and they can even have it be valet only and they take the car to a lot somewhere else.

I'm glad something is happening with that lot. It is one of those parcels that could easily get forgotten.

[AuLukey]

I'm glad they decided to do this, it makes a lot more sense and as dub said, it relieves the parking situation a bit.

I hope they keep the design despite the changeover. I really like the edgy Trademark-esk design in green. Too bad it wasn't orange and blue for the bobcats.

Is this project still considered on the shelf or will this being all hotel move it forward faster as they won't have to pre-sell a set number of units?

[dubone]

If the statement from the manager is true, then it is off the shelf. The problem was that the costs for the parking priced the condos too high, but if is a hotel tenant, then they don't need to worry about condo sales, and if there are fewer parking spaces needed, then that lowers the cost overhead.

So 'off the shelf', assuming the City Manager is right.

[krazeeboi]

I hope they keep the design despite the changeover. I really like the edgy Trademark-esk design in green. Too bad it wasn't orange and blue for the bobcats.

[revitalize]

i was wondering about this project... since they still have the big sign out on the corner of brevard and trade. this is prime spot for a hotel, too - being that close to the arena is one thing, but the NHOF is going to draw a lot of visiting tourists that will need hotel rooms uptown.

now what about all the other 'pork chop' lots on the other side of the arena?! i hate walking through that area to get to Reids - its so desolate

[AuLukey]

I agree with you about the design, but not about it being in orange and blue.

[krazeeboi]

That was sarcasm

[uptownliving]

This morning's CBJ has an article about this development. It is the original hotel developer LodgeWorks that will be revealing its plans for this site in about a week. They also say that the reason Furman pulled out of the project was that the parking on the roof of the Bobcat's Arena loading dock was proving to be too complicated and expensive. Furman said he had 80% of the units reserved and that it was the logistics of this small sight...not market forces that forced him to pull out.

[NCN8ive]

So I don't remember if this was discussed before when this was hotel/condo, but with the Ritz and aLoft each within a block of this site, I wonder what brand will move in.

[uptownliving]

Since it is Lodgeworks doing the deal it will be either Sierra Suites or Hyatt Summerfield Suites.

[MZT]

Charlotte has cheap hotels/motels, they just don't go in the CBD.

When I first moved to Charlotte in 2002, I spent a weekend at those motels at Statesville & 85 that were only about $30 a night. Then I went to InnTowne Suites and got a weekly rental, then an apartment.

OK, marginal topic off...

[cltheel.sdl]

Well, I would love to see a W, but I really think we need a middle-of-the-road hotel. Maybe like a gigantic La Quinta or Comfort Inn & Suites or Courtyard by Marriott. I just see how the average person can afford these high rate hotels. We need to pump as many people into uptown as possible, and I think there is a demand out there for your average hotel.

[CLTNative]

Since it is Lodgeworks doing the deal it will be either Sierra Suites or Hyatt Summerfield Suites.