Misc. Uptown Projects/News

[kermit]

and in other bank news...

 

This may not amount to anything but, Ally now has a new CEO, Jeffery Brown. He is young (41) and appears to have a history in Charlotte.

 

 

Before joining Ally, he was corporate treasurer for Charlotte, North Carolina-based bank of America Corp., where his duties included managing interest-rate risks. He received a bachelor’s degree in economics from Clemson University and a master’s in business from Queens University in Charlotte.

 

http://www.bloomberg.com/news/articles/2015-02-02/ally-financial-names-jeffrey-brown-ceo-succeeding-carpenter

Edited February 2, 2015 by kermit

[CLTProductions]

and in other bank news...

 

This may not amount to anything but, Ally now has a new CEO, Jeffery Brown. He is young (41) and appears to have a history in Charlotte.

 

 

http://www.bloomberg.com/news/articles/2015-02-02/ally-financial-names-jeffrey-brown-ceo-succeeding-carpenter

Corporate relocation and Tryon Place/Portman/Trinity anchor!  

Edited February 2, 2015 by Jayvee

[rugger62]

My understanding is that the big banks don't tend to own much real estate anymore.  Illiquid assets like uptown real estate aren't good for the ol' Basel capital ratios.

 

They might finance and anchor a new office tower, but they would probably sell the property and sign a long-term lease.

 

Effing UP won't paste tables properly.... .

 

The only major office building that the bank owns is The Corporate Center in Uptown (1.2 millions SF). IN addition: 

 

We own or lease approximately 100.2 million square feet in 23,297 locations globally, including approximately 93.3 million square feet in the U.S. (all 50 U.S. states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico) and approximately 6.9 million square feet in more than 40 countries.

 

We believe our owned and leased properties are adequate for our business needs and are well maintained. We continue to evaluate our owned and leased real estate and may determine from time to time that certain of our premises and facilities, or ownership structures, are no longer necessary for our operations. In connection therewith, we are evaluating the sale or sale/leaseback of certain properties and we may incur costs in connection with any such transactions.

Edited February 3, 2015 by rugger62

[dubone]

http://www.charlotteobserver.com/2015/02/02/5489121/cmpd-central-division-to-relocate.html

 

^  Very interesting.  BofA is not renewing the lease for the Central district police office.  This is in the blue/grey building mid-block surrounded by surface parking along 7th betweeen Tryon and College.

 

Sounds like something is in the work here.  Clearly this is the best site for a new office builing north of Trade st.....hope that's whats in the works.

 

I view that 7th St site and this police offices behind it (I wonder why they didn't combine with the CFD HQ at Graham @ Statesville) as not only being the best site for an office building, but also as a potentially perfect site for an apartment tower.  Residential works there too being so close to both parks, the library and other amenities.   

 

Obviously I am hopeful that this is a sign of movement on BofA's old rumored office tower plans.  Even if they don't build it, they may be willing to occupy some space in it with it being so close to their other buildings. 

 

 

I really hope the CHA is not in a mood to tear down Hall House next door.  

[DMann]

I seem to recall that before the Mint and Bechtler signed on for their south tryon sites, the parcel at 7th and Tryon was in serious consideration for those museums, anyone else have any recollection of that?

[atlrvr]

^^

http://www.bizjournals.com/charlotte/stories/2005/02/21/story1.html?t=printable

[Guest]

^^

http://www.bizjournals.com/charlotte/stories/2005/02/21/story1.html?t=printable

holy crap! Why was this never posted on Urban Planet in 2005. 

[DMann]

^^

http://www.bizjournals.com/charlotte/stories/2005/02/21/story1.html?t=printable

I KNEW I remembered that!  Thanks atlrvr for digging it up.

[kermit]

^ BofA owns the land and building (which also used to contain an art gallery, but that closed a while ago)  BofA leased the building to the City, but is no longer will to extend that lease.  I think that indicates they suspect that either the building will get demoed relatively (within a couple of years) soon, or the City wanted a longer term lease, and BofA wanted the flexibility to do something sooner if they found someone interested in the land.

 

I'm actually optimistic that they themselves are considering anchoring more office space.  This is the last bit of land they control that is suitable for office, except for some of the massive parking decks fronting the LRT.  I would be somewhat suprised for them to sell it to an investor, because in the grand scheme, it's relatively meaningless in terms of $$$, but highly valuable as maintaining that option if they ever wanted to either expand, or just shuffle/condense employees in Charlotte.

 

This news seems awfully unexpected to me based on what little I know about the rumors about BoA's Charlotte future. However, I am really not in the loop on this stuff, anybody have insight on current rumors about the bank?

 

The bits and pieces I have heard are getting stale but were built around notions like: 1) Moynihan certainly isn't more warm and fuzzy about the Queen City than past years; 2) there are few (if any) of old Charlotte society on the board anymore; 3) past (unsubstantiated) rumors in the past that BoA might consider HQ relocation once its legal issues were solved (and they are now mostly resolved); 4) BoA was shedding much of its leased space in uptown; and (contradicting #s 1-4) 5) talk of spinning Merrill off, something that would make CLT a more appropriate HQ site for the consumer bank.

 

While I know the insider version of the story is not available to us, I am desperately in search of a coherent narrative for Charlotte's future as banktown.

Edited February 3, 2015 by kermit

[Spartan]

I view that 7th St site and this police offices behind it (I wonder why they didn't combine with the CFD HQ at Graham @ Statesville) as not only being the best site for an office building, but also as a potentially perfect site for an apartment tower.  Residential works there too being so close to both parks, the library and other amenities.   

 

Obviously I am hopeful that this is a sign of movement on BofA's old rumored office tower plans.  Even if they don't build it, they may be willing to occupy some space in it with it being so close to their other buildings. 

 

 

I really hope the CHA is not in a mood to tear down Hall House next door.  

 

 

FWIW I'm hearing that CMPD wants to build a new station at the 5th/6th intersection next to the railroad tracks in Gateway. Not sure if that's a done deal or not though.

[CLTProductions]

 

 

FWIW I'm hearing that CMPD wants to build a new station at the 5th/6th intersection next to the railroad tracks in Gateway. Not sure if that's a done deal or not though.

 

I think that would be a great spot....I think they already have something in gateway anyway (???) and that is a huge chunk of land that I don't think is fit for much else.

[11 HouseBZ]

They (CMPD) wouldn't fit in the CFD HQ because CFD is already combining 4 of it's divisions under one roof or at least the same area. Parking would be too tight with the amount of cop cars going in and out of a normal precinct, especially since that's one of the busiest ones. It'd be too expensive for the city to build a parking garage to accommodate this, plus the lack of room on site.

[dubone]

 

 

FWIW I'm hearing that CMPD wants to build a new station at the 5th/6th intersection next to the railroad tracks in Gateway. Not sure if that's a done deal or not though.

 

That's interesting.   It's an awful large lot of land just for them, though.   And fair enough on the CFD HQ, but I was suggesting that they would have planned for it and combined the projects.  But it is fine to go somewhere else on their own.  

 

 

 

Yeah the 7th Street BofA and momentarily Bechtler when he was bouncing around hoping for something was discussed on UP.   I couldn't find a thread easily when I looked yesterday but it's probably buried in the then-version of a Misc thread.

 

I also love how CBJ keeps their articles online.  The Observer is nuts to not retain the articles like that to be pulled up and serve ads on old content.  

 

 

 

As for BofA moving, that is really overwhelming to think about, but certainly more and more possible.  I had always assumed if they did that it would be more just the cherry on top moving, but the rest of the sundae would remain as it is, if you forgive the metaphor.  

[11 HouseBZ]

Yeah I definitely see your point, combining would save money. A quick side note, they are combining CMPD, CFD, the county's MEDIC dispatch services in a new 3-4 story building to be built behind the new CFD HQ. Thereby streamlining the 911 call system. The building looks OK I guess for a government building, but I heard at least the building site plan is being redone to bring the building forward to the street pushing the parking to the sides/backside.

[dubone]

There will also be the land up behind there from when RiteAid moves their operation to SC.   Obviously already-owned property by the city will be better, but I suppose since they bought land for the CFD HQ, they may for CMPD too, but then if the D-shaped block at 5th and 6th across from Elmwood entrance is slated for it, then that would already be city property. 

 

But I had hoped it would be part of the mixed use package of parcels around the Gateway Station rather than just a police depot.  

[CLTProductions]

As I don't see a Fourth Ward Apartments thread I will put it here...

 

 

Not sure if it was previously mention but plans for 225 N Cedar apartments are up on Accela

 

https://aca.accela.com/charlotte/Cap/CapDetail.aspx?Module=LandDevelopment&TabName=LandDevelopment&capID1=14LUR&capID2=00000&capID3=00027

 

Not bad lookin to be honest

 

Edited February 5, 2015 by Jayvee

[15895]

Any gossip on the Retail conversion at BoA Plaza?

[videtur quam contuor]

Quiet neighbors. Long term leases on some adjoining properties. (Elmwood)

[CLTProductions]

Quiet neighbors. Long term leases on some adjoining properties. (Elmwood)

Huh?

[tozmervo]

He's joking about Elmwood Cemetery

[caterpillar2]

He's joking about Elmwood Cemetery

My grandparents have a nice condo there. It is 6'x6'x2'.

[CLTProductions]

This could go here, the beer thread or good new restaurants. But I will just put it here. Duckworths just announced they're opening March 2!!! So excited for this place and I really hope they get the vibe right. This could be a great asset to uptowns bar scene if handled properly.

[15895]

^ BofA owns the land and building (which also used to contain an art gallery, but that closed a while ago)  BofA leased the building to the City, but is no longer will to extend that lease.  I think that indicates they suspect that either the building will get demoed relatively (within a couple of years) soon, or the City wanted a longer term lease, and BofA wanted the flexibility to do something sooner if they found someone interested in the land.

 

I'm actually optimistic that they themselves are considering anchoring more office space.  This is the last bit of land they control that is suitable for office, except for some of the massive parking decks fronting the LRT.  I would be somewhat suprised for them to sell it to an investor, because in the grand scheme, it's relatively meaningless in terms of $$$, but highly valuable as maintaining that option if they ever wanted to either expand, or just shuffle/condense employees in Charlotte.

 

 

I was just thinking, isn't Bank of America a major partner in the vision plan for the "North Tryon Civic District?" Maybe this has to do with the North Tryon Civic District plans that aren't yet public information?

 

 

The restoration of the Carolina Theatre is part of a larger initiative to re-energize the North Tryon corridor in uptown Charlotte. A master planning process for the area was announced last month, and is being led by Foundation For The Carolinas, Charlotte Center City Partners, Bank of America and other partners. The project aims to address the area’s urban design and infrastructure needs, and also includes a “civic district” concept that include such institutions as the Charlotte Mecklenburg Public Library, ImaginOn, Discovery Place and the Carolina Theatre, among others.

 

http://newsroom.bankofamerica.com/press-releases/community/bank-america-announces-5-million-gift-foundation-carolinas

Edited February 6, 2015 by AirNostrumMAD

[elrodvt]

I was just thinking, isn't Bank of America a major partner in the vision plan for the "North Tryon Civic District?" Maybe this has to do with the North Tryon Civic District plans that aren't yet public information?

http://newsroom.bankofamerica.com/press-releases/community/bank-america-announces-5-million-gift-foundation-carolinas

Air, I assume that implies to you this could be used for something other than an office tower? That'd be awesome.... any idea What the other options are? Edited February 6, 2015 by elrodvt

[Spartan]

This could go here, the beer thread or good new restaurants. But I will just put it here. Duckworths just announced they're opening March 2!!! So excited for this place and I really hope they get the vibe right. This could be a great asset to uptowns bar scene if handled properly.

 

I'm pretty excited about this. I think it will be a game changer for whatever we're calling this area now (4th Ward/1st Ward/Uptown North/North Tryon/Civic District) to have a non-clubby restaurant/bar.