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Ally Charlotte Center (f/k/a Tryon Place) - 26 floors - 427'

Bled_man

By Bled_man
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KJHburg Ecumenopolis

KJHburg

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I do believe there are some local anchors out there and there will be a shuffling around when the new buildings open. Many potential tenants want to see and touch space they are considering. Duke is maybe going to leave 400 South Tryon and send some people to their new campus in the University Research Park that  they are working on and others will stay uptown. Some companies need more efficient space instead of being on several floors they may opt for one large floor like those large floorplates at 615 South College. 300 South Tryon is half leased now only the bottom 12 floors available. Check it out http://300southtryon.com/home/leasing/available-space/   If new tenants to the market do come uptown they are not usually anchors just occupying a floor or two. That is how it has been in Charlotte's recent history no big tenant from out of town has swooped in an taken a huge amount of space.  Since Tryon Place is not yet started yet it pushes its completion date way beyond the 2 towers underway.    I agree the current real estate cycle is getting long in the tooth but that does not mean a tower that delivers in 2018 or beyond won't fill up. 

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gman430
gman430

I'd be like Ant Man and pee my pants if I was these guys:   

CharlotteHokie
CharlotteHokie

Long-time lurker (as in probably a decade plus), first-time poster.  Two pics of Tryon Place - construction on the tower itself and the JW Marriott site.   

UPEnergy
UPEnergy

So here's a new view of Uptown  from Ally....  pretty cool!

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Nick2 Burg

Nick2

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I've looked at numbers and even with a lot of recent buildings coming online, Charlotte's absorption rate has been consistently outpacing delivery almost every quarter for the last few years. And one issue, as was already mentioned, is the fact that there isn't a lot of contiguous free space for a company to move into in Uptown. Of course, this will probably change once 300 and Portman are finished but they won't be finished for a while yet. They need to keep a decent amount of class A coming through the pipeline to keep up with the demand (in Uptown especially).

Tryon place is huge so maybe they are simply waiting for a major anchor (or they just haven't announced one yet). With something that size, they want to take things slow and steady to make sure the market is ready for it. I'd be willing to bet if either Portman or 300 S Tryon had been planned to break ground after Tryon place, they probably would have went ahead with construction. Unless like I said, they're simply waiting for an anchor right now.

This is not anywhere close to Trump Tower. That was a pie-in-the-sky dream at best. There were a ton of "ifs" that had to line up for it to happen. Tryon Place is basically shovel ready. They're just deciding when to start moving the dirt. I prefer to stay optimistic unless I get information to change that.

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alb1no panther Whistle-Stop

alb1no panther

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A lot of chicken littles in this thread.  Basic arithmetic tells you this place is a go.  Babson has already leased the top 8 floors.  The City is driving Stonewall development, and is rubber stamping everything (or so it seems from my POV).  The land was bought at a big premium.  Yet through all this, because there's not physical structure on the site, it's not going to happen?  You don't need an MBA with a focus in supply chain management to understand the economics of this situation, and how that slows the process down a bit.

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captainjack Whistle-Stop

captainjack

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4 minutes ago, alb1no panther said:

A lot of chicken littles in this thread.  Basic arithmetic tells you this place is a go.  Babson has already leased the top 8 floors.  The City is driving Stonewall development, and is rubber stamping everything (or so it seems from my POV).  The land was bought at a big premium.  Yet through all this, because there's not physical structure on the site, it's not going to happen?  You don't need an MBA with a focus in supply chain management to understand the economics of this situation, and how that slows the process down a bit.

You are thinking of 300 South Tryon. Babson will have the top eight floors there.

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Nick2 Burg

Nick2

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As someone who has a degree in supply chain management, the numbers point to this project eventually moving forward this cycle unless another office somehow gets off the ground before it. Demand>supply means higher rental prices and an attempt to increase supply.

A healthy dose of skepticism is good to make sure things are rooted in reality though.

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Niner National Burg

Niner National

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19 hours ago, mpretori said:

Link to this "timeline"? 

Look, I get that you're relatively new here, but there are many posters here that are more credible than anywhere that we could link to.

This is where the news reporters often get news for their stories! Not that they don't do a great job on their own, but it isn't uncommon at all for RDF or Jayvee to break a story here, only to have The Observer or the Charlotte Business Journal follow up with an article after the fact.

There are several people here with deep connections to developers in Charlotte and others like myself that might know one or two smaller developers that occasionally tell us something. For example, I know a developer that wants to put more apartments on Pecan and a hotel on Central on the same block eventually, but there is nothing to link to because all of that still depends on land acquisitions and rezoning.

This place has long been a place where people could freely share information without people questioning their sources or integrity. Usually they're right, sometimes they're wrong, but it's not because they're lying--it's because development is unpredictable sometimes.

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Vitamin_N Hamlet

Vitamin_N

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Toward Niner National's point: I've been reading this forum for over 10 years now. Journalists report on this stuff because that's what they're paid to do until they move on to their next beat. Charlotte forum participants report on this stuff because they do it for a living and/or because they're really into it. Consequently, the information here is great--better than what the professional, respectable media outlets have IMHO.

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urbanlover568 Burg

urbanlover568

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28 minutes ago, Niner National said:

Look, I get that you're relatively new here, but there are many posters here that are more credible than anywhere that we could link to.

This is where the news reporters often get news for their stories! Not that they don't do a great job on their own, but it isn't uncommon at all for RDF or Jayvee to break a story here, only to have The Observer or the Charlotte Business Journal follow up with an article after the fact.

There are several people here with deep connections to developers in Charlotte and others like myself that might know one or two smaller developers that occasionally tell us something. For example, I know a developer that wants to put more apartments on Pecan and a hotel on Central on the same block eventually, but there is nothing to link to because all of that still depends on land acquisitions and rezoning.

This place has long been a place where people could freely share information without people questioning their sources or integrity. Usually they're right, sometimes they're wrong, but it's not because they're lying--it's because development is unpredictable sometimes.

I never said the development was NEVER going to happen. What I meant to say was, it's going to take a VERY long time. The lack of news from the developer isn't good. Usually with developments you want to flaunt how many floors you have in contract or sold to create a sense of urgency to buy. Crescent hasn't put out anything recently, neither has spectrum. I mean if you look at 300 now, all those non-hotel floors that are built, haven't been leased. That's alot. Well get there someday to have tryon place, but it's going to take a VERY long time. 

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3 minutes ago, mpretori said:

I never said the development was NEVER going to happen. What I meant to say was, it's going to take a VERY long time. The lack of news from the developer isn't good. Usually with developments you want to flaunt how many floors you have in contract or sold to create a sense of urgency to buy. Crescent hasn't put out anything recently, neither has spectrum. I mean if you look at 300 now, all those non-hotel floors that are built, haven't been leased. That's alot. Well get there someday to have tryon place, but it's going to take a VERY long time. 

I'd like everyone to look at Crown's post above. I've gotten to know them quite well. They know what they are talking about. I'd listen. 

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CLTProductions City

CLTProductions

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13 minutes ago, mpretori said:

That could be a problem....

not a problem in the slightest....seriously you all (the ones that are even remotely concerned in any fashion) need to calm down about this project. It's going to happen. Will it likely push into 2019? Sure, but it's going to happen. Period. End of story. Check back to this thread later when there is real news to post, because trust me, it will get posted here. 

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19 minutes ago, Piedmont767 said:

FWIW, 300ST is more than half-leased so I'm not worried about 300ST.

 It just seems that nothing has be announced for Tryon, its been pushed back and that Crescent still doesn't own all the land and buildings for Tryon Place. 

CLT DEVELOPMENT CORP owns the majority of the land, which is a LLC affiliated with Crescent Resources, Crescent owns 112 East Stonewall, as well as goodyear. Only thing not owned currently by Crescent is 600 South College. All of the land that the Tryon Place Tower sits upon is owned outright by Crescent or one of its subsidiaries. The attached but structurally unrelated parking deck and associated hotel are the only thing that would be affected by the lack of ownership of 600 South College, should that be an issue ever.

Screen Shot 2016-05-16 at 5.51.36 PM.png

 

 

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urbanlover568 Burg

urbanlover568

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18 minutes ago, Jayvee said:

not a problem in the slightest....seriously you all (the ones that are even remotely concerned in any fashion) need to calm down about this project. It's going to happen. Will it likely push into 2019? Sure, but it's going to happen. Period. End of story. Check back to this thread later when there is real news to post, because trust me, it will get posted here. 

Man, that's a long time. But i'm sure the wait will be worth it!

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2 minutes ago, mpretori said:

Man, that's a long time. But i'm sure the wait will be worth it!

I think he's saying competion would push into 2019. Speaking that it is now pushing into 2nd Qtr 2016, it would probably fully open 1st Qtr 2019 if it started next month.

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