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Triad Tower

cityboi

By cityboi
in The NC Triad

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basket1058 Unincorporated Area

basket1058

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I can recall a conversation I had with one of the people who works in the planning department about this project and he has somewhat derisive about the chance of anything happening with the Triad Tower of course that was a while ago. To be honest I think the Triad tower is billing itself as a kind of landmark office tower or something where other exisitng triad businesses can relocate to and be assured that their at a high profile location. I don't know if they're anticipating a bounce in the office market so much as seeking to pull tenants from the other key Triad office markets if corporate types in the area don't seem to be biting than i'd imagine they'd probably call it quits with the whole thing. Then again University Tower in Durham seemed to have even less going for it, location-wise, and it still got built, I guess we will just have to wait and see.

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cityboi Metropolitan Area

cityboi

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Firstly, the price points will pretty much determine who will buy there, as with any condo development. Secondly, what exactly is the appeal of living in an area within close proximity to three urban cores if you have no need to frequent those areas on at least a semi-regular basis? If there were truly a significant demand just due to that location, then I would imagine that Colfax or Kernersville would have blew up a long time ago. Seems to me that the tower is only being built due to the jobs coming to the immediate area (which is why it started off as an office-only tower), not because of jobs in the cores of Greensboro or Winston-Salem.
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krazeeboi Gigalopolis

krazeeboi

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actually Kernersville is really starting to grow with new subdivisions poping up. But there is nothing that says the residential component of Triad Tower wont be a success. Developers know alot more than you and I and they know where the market is. I think if there wasnt a demand for conds in Triad Tower Falk would not have gone forward with that decision. like any construction project, Falk has done feasibility studies.
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cityboi Metropolitan Area

cityboi

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It possibly could; as I've stated, it will largely depend on the price points as to who the units will appeal to, and that will reveal the depth of the targeted niche. I can think of a few residential development projects that have failed, feasibility studies and all. It's not always the case that "if you build it, they will come."

Definitely; that's why the tower is being built anyway. Understand, I don't have anything against suburban towers or suburban condos per se, but being that is UrbanPlanet, I'm looking at this primarily from an urban standpoint (urban in terms of form, not necessarily location).

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basket1058 Unincorporated Area

basket1058

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Well its just speculation really, I don't know what's going on myself but its always interesting to speculate. 22 stories is not big by any stretch so there's certainly a good possibility that it gets built, it just takes 1 or 2 big tenant commitments to get a project up and going. BTW out of some random curiosity, does anyone know if the old Fleetwood headquarters has good occupancy?

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uptownliving Town

uptownliving

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As someone who enjoys living in an urban environment I really don't see the appeal of living in a tower in the middle of a surface parking lot with very little if anything that you can actually walk to. Personally if I wanted to live in that part of town I would just go ahead and buy a single family home with a nice green lawn.

I could see this building working as an office tower...but doesn't make any sense to me as a residential tower.

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cityboi Metropolitan Area

cityboi

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There is a market for residential in this building. I guess we can always put our personal slant on things but the bottom line is that the residential will work in this building as long as its not to expensive. If the condos go for more than $250,000 and depending on how many units, there could be problems selling the condos. On the office side of things, word has it that a big tenant was scoping out Triad Tower. I also know that at least 3 restaurants will be in this building, a two story aquarium, retail establishments, pent house restaurant with a public oberservation deck for view the planes taking off and a possible theater so this more than just an office building and some condos. It will actually be a unique building in the Triad in terms of amenenites. I personally think a hotel should have been part of this though.

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coastalmindset Whistle-Stop

coastalmindset

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As with any development price is always king but if you go back and look at some of the past articles on this project you will see that this is not being built for the everyday professional. There is a clear impression that Falk is looking at top level business executives and corporate condos with this project.

Here are some of the original amenities discussed as part of the project. As we all know only time will tell what is and is not a reality.

  • Plans are still being finalized for the building to be located on Triad Center Drive, across the street from another office building Falk developed, so the mix of office, retail and residential space is not yet known.

  • Also planned for the project are multiple restaurants, including at least one that would be at the top of the 360-foot-high tower. Also in the works are plans for an observation deck to watch the planes take off and land at PTI, and a two-story aquarium with three saltwater tanks. There's also the possibility of an Imax theater, Falk said.

  • Falk said Triad Tower would cost about $1 million per floor just for the shell of the space, with finishing costs adding to that figure. He said he expected office and retail lease rates to be between $18 and $25 per square foot.

    Bringing residential units into play gives the Tower a new twist, plus the demand has been high, he said.

    "The wave of the future are these mixed-use properties," he said. "There's just been such an interest for residential space."

    http://www.nc-homes-search.com/greensboro-condos.html

    • Amenities for Triad Tower could include a helicopter pad and a top-floor restaurant, sources said. Though the project would be larger than the four- story, 93,000-square-foot building at 7900 Triad Center Drive that Falk developed in 1999, it would be a sister building of sorts to the first building. A tunnel would connect the two buildings, sources said.

    [*]At the time the first building was announced, Falk told The Business Journal he planned to add two more buildings of 75,000 square feet and 96,000 square feet, respectively, along with a hotel. It was not immediately clear how Triad Tower might affect those plans or if Triad Tower was being developed instead of two separate buildings.

    -Article was from July 9, 2004 http://www.bizjournals.com/triad/stories/2004/07/12/story1.html

    While these are not the most current articles I think you can see that the vision is for a "mixed use" concept that will eventually have all the parts of an "Urban" type development. You have to remember that there is a lot of speculation and plans have yet to be finalized. There is a lot of open land in this area that is ripe for development with all the business and residential growth. I am usually one of the first people to be skeptical of these type of projects but to me this one clearly makes sense. There may even be more reason to build this project than anything on the books for downtown Greensboro.

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JerseyBoy Burg

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Cityboi, why are you so confident that residential will work in this building? This project is nothing but a "downtown-killer." You can look in some of the flyovers on their website and the building is surrounded by nothing but sprawl and highways. How is that urban? It would be a somewhat different scenario if this included retail at ground level and at least had wide sidewalks, etc. It's almost impossible to make any building pedestrian friendly in this area since nobody walks and it's not set up for street interaction of any kind.

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cityboi Metropolitan Area

cityboi

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Cityboi, why are you so confident that residential will work in this building? This project is nothing but a "downtown-killer." You can look in some of the flyovers on their website and the building is surrounded by nothing but sprawl and highways. How is that urban? It would be a somewhat different scenario if this included retail at ground level and at least had wide sidewalks, etc. It's almost impossible to make any building pedestrian friendly in this area since nobody walks and it's not set up for street interaction of any kind.
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krazeeboi Gigalopolis

krazeeboi

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As with any development price is always king but if you go back and look at some of the past articles on this project you will see that this is not being built for the everyday professional. There is a clear impression that Falk is looking at top level business executives and corporate condos with this project.
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