Misc. Uptown Projects/News

[CLTProductions]

If I remember correctly, BoA was involved in the development of the Ritz property. Rules prohibit banks from actively developing non-bank real estate projects so they worked aroud this by guaranteeing 50% of the rooms would be taken by BoA personel/staff/visitors thus they were "pre-paying' for their future rooms by arranging the Ritz. This leaves just half of the hotel for the rest of us and all other demand. Maybe less than half.

This is mostly correct, I don't believe the number is 50% anymore, but still it is mostly BofA, we just need Wells to do this on their side of town with a JW

Edited April 18, 2015 by Jayvee

[15895]

I would randomly speculate either the Lincoln Harris Charlotte Observer site, or the most obvious block between DEC and the Convention Center for a JW.

[mjcatl2]

 

Marriott or Hilton could bring a luxury brand to the market and compete

I'm sure that you're right, but it's worth noting that Ritz is Marriott. That said there are many upscale and luxury brands that should take a look.

[CLTProductions]

I'm sure that you're right, but it's worth noting that Ritz is Marriott. That said there are many upscale and luxury brands that should take a look.

Yeah I think it was more to mean Marriott could bring another luxury brand

Edited April 20, 2015 by Jayvee

[CLTProductions]

Back in Feb a submittal for a "Sea Level Restaurant" happened in the old Richa Graphics spot on Tryon (in between sip and RiRas). Apparently Damian Dining is heading it up and are putting the finishing touches on the deal. This a huge space and according to Accela they're gonna add a patio too (not sure where). This spot deserves something great and let's hope we get it.

I am sick of seeing this spot boarded up so hopefully it'll get done this year

Edited April 22, 2015 by Jayvee

[CLTProductions]

^^^ Update to this, a UMUD was filed today for "204 N Tryon" but it is not selectable yet. Guess this was closer to coming to fruition than I thought

 

Damian Dining (behind this project) has done Crepe Cellar, Growlers Pour House, Darryl's Wood Fired Grill (Greensboro), Burns Original BBQ (Houston), Energy Cafe and more. All of which have really good reviews, and the local ones I know are all excellent, so I have high hopes here. It was original filed as Sea Level, and while thats a very creative name, I don't want a sea food place.

Edited April 23, 2015 by Jayvee

[nonillogical]

It was original filed as Sea Level, and while thats a very creative name, I don't want a sea food place.

Unless its a raw bar type place (which is possible given Growlers' focus on oysters, some of the best of our limited availability in Charlotte), because that doesn't yet exist uptown and would kill it. 

[CLTProductions]

Unless its a raw bar type place (which is possible given Growlers' focus on oysters, some of the best of our limited availability in Charlotte), because that doesn't yet exist uptown and would kill it. 

It would kill it for sure, but I don't like seafood so I have no use for this, thus (selfishly) it's disappointing to me hahaha

[Spartan]

^^^ Update to this, a UMUD was filed today for "204 N Tryon" but it is not selectable yet. Guess this was closer to coming to fruition than I thought

 

Damian Dining (behind this project) has done Crepe Cellar, Growlers Pour House, Darryl's Wood Fired Grill (Greensboro), Burns Original BBQ (Houston), Energy Cafe and more. All of which have really good reviews, and the local ones I know are all excellent, so I have high hopes here. It was original filed as Sea Level, and while thats a very creative name, I don't want a sea food place.

 

That's awesome.Growlers and Crepe Cellar are two of my favorite spots in Charlotte. Honestly, if they would just take the Growlers concept and open a second location on Tryon Street somewhere I would never need to leave uptown.

[tozmervo]

Sort of hard to find a home thread for this, so "miscellaneous" it is.

 

Came across this article about development in Seattle. Was an interesting compare & contrast to what we see in Charlotte - many of the same complaints we have here. http://crosscut.com/2015/04/the-new-seattle-where-everything-looks-the-same/

[Spartan]

Sort of hard to find a home thread for this, so "miscellaneous" it is.

 

Came across this article about development in Seattle. Was an interesting compare & contrast to what we see in Charlotte - many of the same complaints we have here. http://crosscut.com/2015/04/the-new-seattle-where-everything-looks-the-same/

 

While I think it's true that most cities have problems with crappy development - I would gladly take Seattle's crap over our crap. They have a pedestrian environment that is above and beyond anything we can imagine here. Developers there seem to get that, and build accordingly.

[Crown]

Interesting movement over at Bissell. Curious as to you guys' thoughts. . . 

http://www.bizjournals.com/charlotte/blog/real_estate/2015/04/barry-fabyan-leasing-the-bissell-cos-after-18.html

[cltbwimob]

Ely wrote a good article about the possibility of some of the current apartment projects being converted into condo projects long term.  Although he did not specifically mention Ascent, or the Childress Klein tower above the Mint Museum, these projects seem like they (and perhaps Crescent as well) would be prime candidates for such a conversion in the future as they are probably the most "high-end" projects currently planned/under construction.

 

http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article19406061.html

[ScottCLT]

I'm originally from Indy and the 1005 room JW they opened in 2011 was a huge boost to their sports and convention allure. That and the fact that you can get almost anywhere in downtown Indy without walking outside.

Would love to see a JW in Charlotte

I'm originally from Indy and the 1005 room JW they opened in 2011 was a huge boost to their sports and convention allure. That and the fact that you can get almost anywhere in downtown Indy without walking outside.

Would love to see a JW in Charlotte

My only JW experience was in Dubai, but damn, it was the best hotel I have ever stayed in. I would love to have one here in Charlotte, even though I wouldn't be staying there since I live here.

[tozmervo]

Plan Charlotte has a lovely roundup of the "oldest buildings" in Charlotte - 

http://plancharlotte.org/story/ever-wondered-whats-oldest-building-uptown-charlotte

[navigator319]

Anyone know whats happening with the old Picassos space in Packard Place?  For about a month now there have been dumpsters in the upper parking lot and they seem to be gutting it.  In addition, that upper parking lot has be fenced off for many months now.

Edited April 29, 2015 by navigator319

[CLTProductions]

Anyone know whats happening with the old Picassos space in Packard Place?  For about a month now there have been dumpsters in the upper parking lot and they seem to be gutting it.  In addition, that upper parking lot has be fenced off for many months now.

With all the activity going on in the area, I would imagine this is a pretty coveted spot. I hope something great is moving in. Good question, I will try to get a scoop tomorrow.

[navigator319]

With all the activity going on in the area, I would imagine this is a pretty coveted spot. I hope something great is moving in. Good question, I will try to get a scoop tomorrow.

 

Awesome thanks.  Can you also see what you can find out about DC74 and how they are related to this Packard location?

[CLTProductions]

Awesome thanks.  Can you also see what you can find out about DC74 and how they are related to this Packard location?

I am guessing they just have offices in there or something

[navigator319]

^ I'm not so sure about that. They have offices over by the airport. I really think they put or putting a data center in basement.

[CLTProductions]

State of center city video from the vision awards. Some cool stats in here

[CLTProductions]

Anyone know whats happening with the old Picassos space in Packard Place?  For about a month now there have been dumpsters in the upper parking lot and they seem to be gutting it.  In addition, that upper parking lot has be fenced off for many months now.

Old Picassos spot is going to be a "beer garden concept" of some kind....working on more info now. That would do AMAZING in that spot if executed properly.

[CLTProductions]

Plans submitted today for the suspected Sea Food place in the old Richa Graphics spot next to RiRa. I am excited for this place to not be boarded up anymore

[dubone]

MOD NOTE:

I broke off the discussion for 1 Brevard to here:

 

http://www.urbanplanet.org/forums/index.php/topic/117250-1-brevard-28-story-tower-at-4th-brevard-in-2nd-ward/

[atlrvr]

File this under complete rumor mill, but reading the Cousins Properties earnings call transcript today, I read this:

 

 

We are also deeply engaged with a longstanding Cousins customer on another build-to-suit opportunity in an existing Cousins market. Similar to our Atlanta opportunity we would execute a long-term operating lease, but in this case and surprisingly $70 million project would be capitalized on a 50/50 joint venture with the customer.

 

I follow the company pretty closely, and the only thing that makes sense to me from these vague clues would be developing 400 N Tryon surface lot into an office building for Bank of America.

 

1)  Cousins is only in Charlotte, Austin, Atlanta, Dallas, and Houston

2) 50/50  JV is something that banks like to do for capital and regulatory reasons

3) Assuming their statement meant market besides Atlanta

4) BofA is a lonstanding customer (BofA and Cousins own Gateway Village in a 50/50 JV)

5) BofA obviously has an interest in doing something with the site (developing or selling) given they didn't renew CMPD office

6) Cousins on their last earnings call mentioned they were interested in development opportunities in Charlotte

 

I dunno...maybe I'm way off, but also makes a lot of sense. They just bought 5/3rd Center, where BofA is a large tenant.  If BofA wants to leave that building to consolidate, Cousins would clearly be interested in JV'ing with them to build custom space. That would then allow Cousins to back-fill 5/3rd space at much higher rents that BofA is currently paying.