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

[CLT704]

It was meant to be a silly little joke, just me being excited about the up and coming construction. 

Edited June 29, 2016 by CLT704

[DMann]

I read the article about Brian Leary and am even more convinced that US Bank will be a major tenant in their new building.

[CLT704]

US Bank Tower Charlotte?

Edited June 29, 2016 by CLT704

[Guest]

4 minutes ago, CLT704 said:

US Bank Tower Charlotte?

that would look pretty damn amazing.

 

[HopHead]

19 minutes ago, DMann said:

I read the article about Brian Leary and am even more convinced that US Bank will be a major tenant in their new building.

What's convincing about it? I honestly didn't read the article other than the snippet that someone posted the other day.

[CLTProductions]

3 minutes ago, HopHead said:

What's convincing about it? I honestly didn't read the article other than the snippet that someone posted the other day.

To me it seems he suggested that someone local (Duke or US Bank) wants to grow their footprint significantly but have nowhere to go. 

I would agree that Duke or US are incredibly plausible options. I'd LOVE that logo on this building. 

[HopHead]

1 minute ago, Jayvee said:

To me it seems he suggested that someone local (Duke or US Bank) wants to grow their footprint significantly but have nowhere to go. 

I would agree that Duke or US are incredibly plausible options. I'd LOVE that logo on this building. 

Yea, Duke is who I've thought all along based on prior discussions here. US Bank would be a real nice coupe if they are expanding their Charlotte footprint -- didn't really think about them too much. I'm sure BofA will love the US Bank sign on Tryon Place in front of BofA Stadium as depicted in that picture. Haha.

[SouthEndCLT811]

6 minutes ago, HopHead said:

Yea, Duke is who I've thought all along based on prior discussions here. US Bank would be a real nice coupe if they are expanding their Charlotte footprint -- didn't really think about them too much. I'm sure BofA will love the US Bank sign on Tryon Place in front of BofA Stadium as depicted in that picture. Haha.

It'd be ironic because US Bank/Vikings just won a lawsuit against Wells Fargo for allegedly "photo bombing" the US Bank logo on top of the new stadium.

https://consumerist.com/2016/06/24/wells-fargo-must-remove-signs-built-to-photo-bomb-new-minnesota-vikings-stadium/

[CLT704]

With regards to Duke, seeing as there're anchor tenant of DEC the building owner would bend back over heel to accommodate Duke's demand, so could Dukr just expand in DEC instead? 

[15895]

27 minutes ago, CLT704 said:

With regards to Duke, seeing as there're anchor tenant of DEC the building owner would bend back over heel to accommodate Duke's demand, so could Dukr just expand in DEC instead? 

You know duke leases out large chunks of floors in other buildings 

[alb1no panther]

So now do we have some insight as to how economics work with projects like this?  These guys have a really really tough job when making one business decision over another.  Push one domino, and everything else falls . . . what if you were to make a decision that could cost the company and local economy billions of dollars?  It's not as simple as go vertical, and they will come.

Edited June 30, 2016 by alb1no panther

[tozmervo]

1 hour ago, alb1no panther said:

So now do we have some insight as to how economics work with projects like this?  These guys have a really really tough job when making one business decision over another.  Push one domino, and everything else falls . . . what if you were to make a decision that could cost the company and local economy billions of dollars?  It's not as simple as go vertical, and they will come.

High risk, high reward. Welcome to the world of development.

[Nick2]

With demand still very, VERY high for class A office space in uptown (really all over Charlotte) and so few contiguous spaces, I could see this project getting off the ground sooner rather than later. Charlotte continues to absorb more space than what comes online. Of course with Portman and 300 South Tryon being completed around the same time, that will dampen things a bit. However, Charlotte is one of the healthiest office markets in the country. They could probably easily build Tryon Place and fill it within a reasonable time frame. I'm assuming they're just playing it safe. Long story short, during the market uptick/rebound it almost genuinely is a "build it and they will come" scenario. But this is just my two cents, I'm not a development professional. 

[dcharlotte]

On June 29, 2016 at 10:38 PM, alb1no panther said:

So now do we have some insight as to how economics work with projects like this?  These guys have a really really tough job when making one business decision over another.  Push one domino, and everything else falls . . . what if you were to make a decision that could cost the company and local economy billions of dollars?  It's not as simple as go vertical, and they will come.

No kidding. 

Edited July 1, 2016 by dcharlotte

[alb1no panther]

Does anyone know if any of the managers on these projects around town have Six Sigma certification (or something similar)?

[CLT704]

What about Ally Bank as a tenant? New HQ for them? 

 

Possible list of tenants:

-Duke Energy

-US Bank

-Ally Bank 

[Nick2]

@alb1no panther Are you referring to the specific managers themselves? I would assume they have at least some kind of efficiency or variation/defect reduction certification. You can't really afford to have screw ups figuratively and literally. 

Edit: After doing a little digging it seems like many of Holder Construction's project managers are LEED certified but that's all I found. Holder is the construction company working on the project.

Edited June 30, 2016 by Nick2

[CLT704]

I was reading SkyscraperCity earlier and came across a post saying Crescent is going to start on Tryon Place later this year. Is this coming from the CBJ article or somewhere else? 

[ssh214]

Sorry if this has been brought up already but any news on Tryon Place project now with all the commotion about the Observer site?

(I know I probably just disappointed a ton of people who may have gotten excited that there was a post here)

Edited August 2, 2016 by saamh

[Guest]

55 minutes ago, saamh said:

Sorry if this has been brought up already but any news on Tryon Place project now with all the commotion about the Observer site?

(I know I probably just disappointed a ton of people who may have gotten excited that there was a post here)

Talked to a couple contacts yesterday. They are so still finalizing a lot of details. Buildings spec building this size takes a lot of R&D, finalization, knowing what perspective tenants want, who your target is, etc. Should have something new soon. Not necessarily a ground breaking, but an update, new floor plans and design, etc. With that said, keeping all this in mind, it points towards Charlotte Observer site already having a tenant. 

[atlrvr]

There seems to be 3 obvious tenants (though the fact none have moved forward makes it seem like maybe it's less obvious than I suspect)

1) Ally Bank - Spread out over non-contiguous floors in the Ally Center.  Still adding jobs.  Just acquired TradeKing which is in B-Tyne and I would think they want to co-locate them.  No room for them to expand in Ally Center.  Still think HQ is a question of "when" not "if", with the wild-card being a major investor is pushing them to at least consider selling themselves.  Financial performance is improving, and business lines are diversifying, which are the core components of employment/space growth.

2) US Bank - Taking multiple non-contiguous floors in Hearst Tower, and now expanding risk/compliance group to 201 S Tryon.  Charlotte based capital-markets head just got promoted to direct report to CEO.  Believe they view Capital Markets as growth area, and regulations dictate that the risks/compliance groups will continue to grow.  Charlotte should continue to grow at a steady rate I would think, and I would assume they would like to consolidate to a single building, and in most markets, they have prominent naming rights (Charlotte could be a bit different here, since they don't take retail deposits, so signage could be less important).

3) Wells Fargo - They have been steadily increasing employment in Charlotte.  Not sure how much space they have left to expand, but my sense is they will be running out of room in the near term.  One big question is whether they move Wells Fargo Advisors from St Louis to Charlotte.  I would have thought "yes", but maybe not.  I think they received incentives to keep/grow them in STL, but not sure how long that is good for.  All that said, I would think they prefer their next building to on the surface lot between The Green and the Harvey Gantt Center.

[CLT704]

39 minutes ago, ricky_davis_fan_21 said:

Talked to a couple contacts yesterday. They are so still finalizing a lot of details. Buildings spec building this size takes a lot of R&D, finalization, knowing what perspective tenants want, who your target is, etc. Should have something new soon. Not necessarily a ground breaking, but an update, new floor plans and design, etc. With that said, keeping all this in mind, it points towards Charlotte Observer site already having a tenant. 

So the current renderings of the building won't be the design that is actually built?

[Guest]

5 minutes ago, CLT704 said:

So the current renderings of the building won't be the design that is actually built?

Yup. It's been changed a little. A little more simple, and not green. Still a great design, 

[tozmervo]

6 minutes ago, atlrvr said:

There seems to be 3 obvious tenants (though the fact none have moved forward makes it seem like maybe it's less obvious than I suspect)

Slightly OT question, but how much of a detriment are non-contiguous floors in reality? Communicating stairs between floors are very rare*, and once you get on an elevator the difference between traveling 2 floors or 10 is pretty much a non-issue.

*Our office did a communicating stair for Charlotte School of Law - it's not easy but it's pretty awesome when it happens

[atlrvr]

Being contiguous or not is certainly not preventative for tenants to expand in a building, but US Bank and Ally really have close to 0 sq ft of room to expand in their current buildings.  When it becomes a matter of having to expand outside the building, I think the determination to relocate becomes more critical, and at which point being contiguous becomes a higher priority.