Furman Condo/Hotel Tower

[UrbanCharlotte]

Hmm... this would seem like one of the ones more definite to get built. Three companies pursuing this plot of land to build, and the city choosing furman, and now he cancels? I doubt it. Too much has gone into Furman just getting this land.

[Bled_man]

Like I said, I don't know the specifics, but I do know that the market is not the same as it was and that there are rumors that Furman has been affected by the market downturn. Hopefully they are just rumors because I really like this project, but I just thought I would share the info I had.

[atlrvr]

He is also asking $400/sq. ft. for these units......I could have bought a unit at The Vue for roughly the same $sf....that's a long way from the $225/sq. ft. that he was getting pre-construction at courtside.

[uptownliving]

I remember back when Furman went to the City Council late last year he said he wanted to "test" the market first before closing on the property. The Council was scheduled to vote in January on the final price and close on the property....but that hasn't happened yet and we are fast approaching on March.

[joshuacc]

From what I have been hearing, this project is on the shelf indefinitely . I don't know any of the particulars about the situation, but it seems that the market is not strong enough for another Furman tower yet.

[Delta_USAir]

a market downturn???

Like I said, I don't know the specifics, but I do know that the market is not the same as it was and that there are rumors that Furman has been affected by the market downturn. Hopefully they are just rumors because I really like this project, but I just thought I would share the info I had.

[A2]

I also am skeptical of this talk of failure, since Furman went through all of the trouble to purchase the land and the city basically gave Furman the nod over the others bidding on the propety (I think he actually underbid the other guys). The city did this since they knew he would actually produce a product, rather than be a land hog.

A2

[MZT]

This would be a very interesting rumor if true, however. Furman knows his home ground. If he pulls in his horns, it questions the viability of the out of town developers' projects.

[dubone]

Your source may not have any idea what he is talking about.

In early December they were over 50% reserved, and that was right when they started pre selling. I guarantee they are over 75% now.

[uptownliving]

I checked with the sales office and about 65% of the units have been reserved and they are still taking reservations. If there is a problem with this project I think a more likely suspect would be the hotel operator or the parking deck on top of the arena loading dock.

[Bled_man]

Again, I hope that I am wrong about this, but my company has done the engineering work for some of Furman's projects in the southeast and we were in the running for this building so that is how I heard about this. I don't know if what I heard is true or not, but if it is true the public will not know until the signs come down because Furman is being really tight lipped about this.

[MZT]

We're barely into the first inning on this, compared to what The Park went through.

[AuLukey]

We're barely into the first inning on this, compared to what The Park went through.

[joshuacc]

Maybe the problem has been converting the reservations to closures?

[uptownliving]

At this time they are only taking reservations for this project. Sales contracts will not be sent out for about another month.

[uptownJim]

At this time they are only taking reservations for this project. Sales contracts will not be sent out for about another month.

[swh1972]

One negative side is that of three particular realtors who mentioned it to me, each of them reserved 3, 4 or more units ... so possibly three people have slots for 12 units! An interesting prospect, and not exactly a great sign !

[UrbanCharlotte]

Well in a bad sign, the Concourse has been removed from the Blvd. Centro website.

[rockhilljames]

Hmm....maybe he's restructuring the hotel plans for the Spirit Square project and has shelved it for now.

Curious.

[queensguy06]

While the link from the main Blvd. Centro page to Concourse is gone, the whole Concourse page is still there.

http://www.blvdcentro.com/concourse/index.html

[schmopperX]

All engineering drawings have also been put on hold.

[tiblerbrit]

Isn't he obligated to develop this site b/c of the whole bidding process that went on? Its ironic that he was chosen, despite putting in a lower bid, because he was a proven developer who was more likely to quickly develop the site.

[New Name]

All engineering drawings have also been put on hold.

[graydog]

Furman's company usually has a waiting list of buyers. Could it be they went to the list and found too little interest. City Council should ask for an update.

[uptownliving]

Isn't he obligated to develop this site b/c of the whole bidding process that went on? Its ironic that he was chosen, despite putting in a lower bid, because he was a proven developer who was more likely to quickly develop the site.