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Charlotte Residential Tower Rumors

appatone

By appatone
in Charlotte

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atlrvr Metropolitan Area

atlrvr

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I have a question that you may be able to answer. Do you know when the media will let us know? Is this something that wil be in say... tommorrow's Biz Journal, or is this something that could be a couple of weeks away from hitting the papers?

I'm not really sure, though I did see in today's Charlotte Observer business section that Richard Rubin mentioned that Doug Smith may have a tip about a developer interested in 3rd Ward, and would mention it in Monday's section......I honestly have no idea if this will be the announcement, but at least the locale is correct.

As far as height, I have heard nothing, but the site is similar in size to the Avenue site, and they always do at least 350 units, so I would say it would be safe to assume at least 30 stories.

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atlrvr Metropolitan Area

atlrvr

Posted
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Well....this was in the paper today's CBJ.

222 S. Church St. was sold for $5.58M to an LLC in Atlanta, that just happens to have the same address as Novare's corporate offices.

222 S. Church is the Packard Place building that has Angry Ale's in it.

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dubone Megalopolis

dubone

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I believe they will need to rezone to get such a tall tower built, as both the MUDD and TOD zoning limits the height to midrise.

It could still happen, though.

Considering there are already signs that the highrise boom has already crested uptown, including Furman's plans to focus again on midrise, I doubt there will be much momentum for high rise outside of uptown.

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atlrvr Metropolitan Area

atlrvr

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It really just depends on what you can get the pricepoint down to. I think something like novare that can sell high-rise units in the $200k's, could do well in southend, but certainly something like the Arlington will struggle outside of Uptown and SouthPark, though I do think there are a few locations where it would succeed like along E. Morehead, Kings Dr., and right around Eliz. Ave. area....essentially in the urban fringes of the higher income neighborhoods.......overtime though (10-15 years, I think Southend will start to have a mini-skyline, though I feel city planners will limit the height to about 300 feet south of Carson Ave.

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atlrvr Metropolitan Area

atlrvr

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Hmmm...in light of this it seems that their SP tower will probably be next...this seems to make more sense as they will get a slightly different buyer for the SP product and let demand build again for downtown.....I would agree though, in 1-2 years they will probably "announce" that they will build the tower just to let potential downtown buyers know that there is something on the horizon.

There is absolutely no way that they will no redevelop the property, considering that their business model isn't to "hold" office properties as investments, and regardless, that property is probably producing minimal returns at best, it's just a way to secure a prime site....

All that said, I would count on it being 3 or less years before some action is taken.

EDIT* Another point to consider is that waiting a couple of years means that it is more likely they will include a TWELVE hotel, especially if we get the NHOF.

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Charlotteman Burg

Charlotteman

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Hey when do you folks think Mr. Donald Trump will be lured to Uptown Charlotte to build a spectacular tower? With world class shopping: Bloomingdales, Macy's, Neiman Marcus, Nordstrom, Saks, Tiffany's.........

In this case build it and watch 'em come lining up to buy a condo from Donald et al:)

And then sit back and watch what Uptown would turn into---a shopping paradise. And perhaps even a 24 hour lifestyle!

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Rickydavisfan21 Hamlet

Rickydavisfan21

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Or just a dead zone with a huge condo tower with high vacancy rates, Trump would be a terrible addition to this town

Plus for trump you need to either be on the ocean, a river, or have legalized gambling for him to build there.......

My honest question is when is John Portman gonna march into downtown charlotte like he did in Atlanta, and put in some signature towers, I'm pretty sure he did the westin, but thats not enough for me, he's my 3rd favourite architect behind Cesar Pelli, and FLW, when it comes to architecture I'm pretty greedy

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dubone Megalopolis

dubone

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http://www.charlotte.com/mld/charlotte/14027578.htm

Well, it looks like Novare will use the Packard site for offices, so they were true about waiting a few years on that site. Clearly, though, they are planning big thinghs for Charlotte. Maybe more than the Power site and the TWELVE and a South Park site. They also paid a serious compliment to downtown.

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dubone Megalopolis

dubone

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There was also a great rumor about one of my favorite old buildings in Charlotte. Apparently, 112 South Tryon is being considered for condos. While I hope office to condo conversions don't happen too much more, it is great for funding renovations of old buildings that are no longer viable for offices. http://charlotte.bizjournals.com/charlotte...6/tidbits1.html

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