3rd Ward Midrise Projects

[nonillogical]

The exterior of Catalyst isn't concrete its painted hard coat stucco. I'm pretty sure what you see is what you are going to get at this point.

ugh...it just looks very very unfinished to me. i probably wouldn't mind it with a higher proportion of glass.

[InitialD]

12-21-08

[AuLukey]

ugh...it just looks very very unfinished to me. i probably wouldn't mind it with a higher proportion of glass.

it'll look better when it is surrounded by other buildings!

[boilerdown]

Element is another condo tower Novare is building in Tampa, FL that was converted into apartments. It is set to move in its first residents in January, so pretty much the same time frame as Catalyst. From what I've read the Element condos went for $220k+, nearly 40k higher than Catalyst sold for so rents should in theory be lower only taking this into account even with the unique parking situation at Catalyst . From what I can tell they are not using another apartment/rental specialist to rent these units out. Intown group was already attached to the project when it was condos. So if their construction lender allowed them to do this in Tampa, why won't Wachovia allow it here in Charlotte? Perhaps they are worried about Novare spreading themselves too thing. Here's the site for Element:

http://www.elementtampa.com

Edited December 22, 2008 by boilerdown

[JonesQC]

Just got an email from Novare. The letter notes they are exploring the option of leasing the units but until a final decision is made they are extending the closing dates by 60 days.

Happy Holidays

[krazeeboi]

Taken 1/1:

[2hearts]

Element is another condo tower Novare is building in Tampa, FL that was converted into apartments. It is set to move in its first residents in January, so pretty much the same time frame as Catalyst. From what I've read the Element condos went for $220k+, nearly 40k higher than Catalyst sold for so rents should in theory be lower only taking this into account even with the unique parking situation at Catalyst . From what I can tell they are not using another apartment/rental specialist to rent these units out. Intown group was already attached to the project when it was condos. So if their construction lender allowed them to do this in Tampa, why won't Wachovia allow it here in Charlotte?

My guess would be that every deal is generally different in terms of structure, mezz lenders, and even equity partners. A successful negotiation on one deal wouldn't necessarily equate to success on another. Here's an article I ran across that addresses the issue of "going rental":

http://www.bizjournals.com/atlanta/stories.../18/story6.html

There is some good discussion and quotes in this one about the challenges of switching to rental, including some quotes by Jim Borders, the Novare chief.

And here is another more recent article about some of the bulk selling going on down in Miami:

http://www.bizjournals.com/southflorida/st.../05/daily5.html?

This one seems to highlight the importance of generating enough sales to pay off the construction lender regardless of how steep the discount has to be. In this case the developer sold 60 units to a bulk buyer for $200/sf, or about half the price of what the first 50% of the units closed for. They reasoned that this would get the monkey off their back and enable them to sell the last 15-20% of the building for better prices. I could see Vue finding themselves in similar circumstances.

[boilerdown]

Thank you for posting these links, very interesting information. Let's hope they can get these renegotiations done sooner rather than later so all those invested can move on and we can get renters into this building.

[InitialD]

Glass going up on 440 South Church. Not really sure what they are going to do with the walkway from the Duke building. As you can see, they haven't made anywhere for it to connect. I wonder if they are just going to dismantle it.

Edited January 11, 2009 by InitialD

[Andyc545]

Glass going up on 440 South Church. Not really sure what they are going to do with the walkway from the Duke building. As you can see, they haven't made anywhere for it to connect. I wonder if they are just going to dismantle it.

I figured that it would be dismantled, but I then would question why it wasn't done at the beginning before construction started on 440.

[dubone]

That is awesome if they do dismantle it. It is pointless as 1st Street is only a couple blocks long and by no means heavily traveled. Before this photo, I always assumed they would reconnect it as it isn't far off of that 3rd floor.

While the facade is basic, it is certainly a clean looking building that will be a good addition to the area. We really are getting an overload of beige lately, though, but that is not the end of the world.

[atlrvr]

I believe that Duke was originally going to occupy part of the building hence their desire to keep the skybridge. With them now committed to space in Wells Fargo Center, I doubt that they will occupy 440 S. Church, and I bet the skybridge comes down.

[InitialD]

That is awesome if they do dismantle it. It is pointless as 1st Street is only a couple blocks long and by no means heavily traveled. Before this photo, I always assumed they would reconnect it as it isn't far off of that 3rd floor.

While the facade is basic, it is certainly a clean looking building that will be a good addition to the area. We really are getting an overload of beige lately, though, but that is not the end of the world.

Well, being next to the Duke building would make about any new building look outstanding by comparison.

[krazeeboi]

We really are getting an overload of beige lately, though, but that is not the end of the world.

I'd say we're getting an overload of blue lately: Wells Fargo, Vue, Avenue, Trademark, etc. But being that 440 S. Church won't figure prominently into the skyline, I'm OK with the beigeness. Just give us something at the ground level to work with.

[Spartan]

I know we tend to be focused on the upper portions of these buildings, but the ground level is looking much better these days on all sides. It was great to walk by the Mint St portion last Saturday. Its looking more like a great city sidewalk/streetfront and not some 4' concrete slab slapped down next to a massive blank wall.

[atlrvr]

The new parking deck is now open for, well, parking.

[PwC Keith]

Anyone heard any updates on the refinancing of Catalyst? I think they have until the end of February to announce another (and last) 2 month extension.

I'm wondering if Wachovia will decide not to let them refinance and force Novare to stay with the condo idea, but slash prices like some of the articles provided above, to sell the building.

[nonillogical]

is there any news on Twelve? i was looking out from the Trademark and something about that land looked different. there were LOTS of bulldozers on it, but i can't recall if there were any heavy digging machines, whatever they are called. i admittedly don't see that view much during daylight so i may have just never noticed it. this was about a week and a half ago.

also is the lot on the other side of graham near 3rd being used for staging? what is going on over there?

[sleightofhand]

[quote name='nonillogical' date='Jan 20 2009, 07:30 PM' post='1043000'

also is the lot on the other side of graham near 3rd being used for staging? what is going on over there?

[Miesian Corners]

I noticed the spires on Catalyst have beacons on top of them. They were turned on Sunday night, and to be honest, they look a little silly. Still, it means somebody is paying the electric bill.

[U4ick]

440 South Church Height Comparison to Parking Garage/Catalyst/Wells

So, 2-3 floors to go?!

[krazeeboi]

It's decent midrise density for that location.

[InitialD]

It's decent midrise density for that location.

Yes. It seems similar in size to the Bellsouth Plaza building, except better looking.

[tiblerbrit]

Can someone have a photo of Catalyst at street level?

Edited January 28, 2009 by tiblerbrit

[InitialD]

Can someone have a photo of Catalyst at street level?