3rd Ward Midrise Projects

[Appetite for Construction]

Before the paper went up you could see inside to what appeared to be a nearly complete couple model kitchens and other finishes. I think they put this up to hide what is already done!

Where is the Catalyst sales office going to be? I seem to remember hearing it was going to be in the building that Picasso's is in, but never heard that for sure.

[Andyc545]

Where is the Catalyst sales office going to be? I seem to remember hearing it was going to be in the building that Picasso's is in, but never heard that for sure.

It's going to take the place of Avenue's sales center, correct?

[sleightofhand]

Where is the Catalyst sales office going to be? I seem to remember hearing it was going to be in the building that Picasso's is in, but never heard that for sure.

You are correct. Right beside Picasso's. They have signs completely covering the windows so you can not see the work going on inside if it's started. The sign says prices start in the 180's fyi. Those won't last a NY minute once they go on sale.

[dubone]

If you enter the office building, you can see the progress on the sales center. I went in a few days ago and it definitely needed a bit more work, and there were a few checklists from inspections.

[grodney]

Nothing really new to see, but here are some pictures from today.

Edit: I count 17 floors in place, with half the forms moved up to 18.

Edited March 19, 2008 by grodney

[PwC Keith]

Nice pictures Grodney. I noticed that the foundation for the balconies on the lower levels seem larger than the higher levels. Is this intentional or will they make adjustments later. At the avenue all the units seem to the have the same balcony size regardless of floor.

[grodney]

After weeks of inactivity on the Office quadrant, they started moving dirt yesterday, and are still at it today. Don't know if it means anything, but at least it's something.

[atlrvr]

They applied for the foundation permit a couple of weeks ago. They haven't been approved yet, but I assume they aniticipate approval soon, and are prepping the site so foundation work can begin up receipt of permit.

[grodney]

A large portable crane has been erected in the middle of the parking deck.

Also, a pretty big hole has been dug directly adjacent to and behind the amenities deck on Catalyst.

[Appetite for Construction]

Drove by today and the first columns for the parking deck have been put in place. This is going to be a precast deck, so it will go up pretty quickly once they start putting the pieces together. This explains what the crane has been brought in to do ...

[sleightofhand]

Does anyone think it's possible that Novare will release the units as rental?

They haven't sold any yet. The market isn't that great. The rental market in uptown is very strong. Would they consider this as an option?

[Appetite for Construction]

I would say that Catalyst as a rental project is unlikely. If Novare were to release Catalyst units now, they would be competing for sales with their own project.

Once the Novare inventory is sold down some more at Avenue, the Catalyst units will be released for sale.

[Charlotte_native]

Once the Novare inventory is sold down some more at Avenue, the Catalyst units will be released for sale.

This is what they are waiting for. They say they will hopefully open the Catalyst sales center in May, but they are waiting to clear out their last few units at Avenue. For those looking, they are willing to do some great deals at Avenue - a friend just got one under contract at a steal.

Catalyst won't be rentals based on what their folks say as well as what they are in the business of -- building and SELLING. They do retain the commercial spaces, manage their own projects, and keep the leftover parking spaces as retained cash-flow property.

Personally I think they are quite smart if what they are doing with Catalyst -- there is plenty of talk about the building as people watch it rise daily, with that there is quite a buzz about the fact that they aren't selling and questions about what their pricing will be. I would imagine their sales will be brisk when they finally let people buy. They have quite effectively eliminated the concern people have about projects being announced then delayed over and over again.

[sleightofhand]

Personally I think they are quite smart if what they are doing with Catalyst -- there is plenty of talk about the building as people watch it rise daily, with that there is quite a buzz about the fact that they aren't selling and questions about what their pricing will be. I would imagine their sales will be brisk when they finally let people buy. They have quite effectively eliminated the concern people have about projects being announced then delayed over and over again.

I completely agree. The rental possibility was mentioned to me today by someone with ties to Novare. I thought this was nuts since I'm expecting Catalyst to sell as well as the Avenue did but I thought I would consult the UP anyway.

[Charlotte_native]

I completely agree. The rental possibility was mentioned to me today by someone with ties to Novare. I thought this was nuts since I'm expecting Catalyst to sell as well as the Avenue did but I thought I would consult the UP anyway.

Well, maybe they will. I wouldn't think this was a bad thing if they did. We can always use more rentals inside the loop. Did they indicate to you that it would be 100% one way or another or perhaps a mix of rental and sale?

[sleightofhand]

This person hasn't spoken with anyone at Novare about it yet. They were simply speculating that Novare may consider this. I personally would be shocked if Novare went this route.

[grodney]

Photos today.

Here's the top, for height comparisons to the Wachovia tower (see other thread). (I'm on 400 S Tryon 19th.)

Here is the "hole" behind the amenities deck that I mentioned earlier.

Here is the parking deck, with 3 blocks vertical so far:

[dubone]

That angle is a pretty cool way to see this project. They are building the 20th floor of Catalyst now, which understandably is just lower than the 19th floor of an office tower.

I hope that the prefab deck will have some facade element to it. I really would hate to see that looking like the crappy older decks along South Church.

[HopHead]

That angle is a pretty cool way to see this project. They are building the 20th floor of Catalyst now, which understandably is just lower than the 19th floor of an office tower.

I hope that the prefab deck will have some facade element to it. I really would hate to see that looking like the crappy older decks along South Church.

If that's just below the 19th floor of an office tower, I would assume we can expect the 17 story office tower for this project to be just slightly less than where Catalyst is now?

[grodney]

One more today. Pulling out a form support and raising it up a level.

[sleightofhand]

A large portable crane has been erected in the middle of the parking deck.

Also, a pretty big hole has been dug directly adjacent to and behind the amenities deck on Catalyst.

Can someone tell me what the said hole is for?

[Appetite for Construction]

Can someone tell me what the said hole is for?

It's hard to say without seeing exactly where it is on the site, but could it be for mechanical equipment for the office tower elevators? Or is it too close to Catalyst?

[dubone]

It's too close to Catalyst for that.

Maybe utilities? They didn't dig very far down for the tower, so maybe they need to go down a bit for that.

[atlrvr]

I was going to venture a guess at gray-water storage tanks...not sure though. I agree that this looks too close to Catalyst to be a part of any structural support.

[RiverwoodCLT]

04/02/08 Catalyst Condos

Edited April 4, 2008 by RiverwoodCLT