SouthEnd Midrise Projects

[kermit]

Thanks very much for the pointer.

 

I was holding out hope for a different source since CCCP can be a little loose with their numbers.

 

This sort of revitalization is an area where our traditional methods for gathering demographics and population data really fail us IMO.

[Guest]

Really!? I will check up on this, that would be phenomenal news.

Quoting myself...

I see a retail space smack dab in the middle. 

This is a HUGE project, I had to piece two pages together to have an entire elevation show up, lol. So if it looks crazy I appologize.

This thing is crazy huge.

Edited September 24, 2013 by Guest

[ES Charlotte]

I can't really see it very well  ... Any idea on the retail sizes?

 

 

And hell. It's massive.......

 

There's also some umbrellas and outdoor seating in the rendering on the morehead st. side although that doesnt mean too much.

Edited September 24, 2013 by ES Charlotte

[Guest]

I can't really see it very well  ... Any idea on the retail sizes?

 

 

And hell. It's massive

I have no idea. However looking at the Plans, it appears that there are also two "Ground Floor Active Space" places right on the Rail line.  They are all pretty tiny, I would guess between 700-1200 sq feet.

[Dub_Ag]

This deal is huge with remarkably small courtyards/amenity spaces. That pool is tiny and although i know these are just architecture drawings, but i counted, at most, 18 lounge chairs. If you're going to cram the people in, you gotta at least give them some outdoor space to breathe.

[nowensone]

^ not if the goal is "urban", that's what the neighborhood is for.

[vassago]

^ not if the goal is "urban", that's what the neighborhood is for.

 

^ funny that you said that.  when i moved into my itty-bitty apartment in cambridge, ma years ago that was exactly the answer i got from the realtor when i remarked about how cramped the building was.  if not for the excellent urban neighborhood around central sq. my time there would have been miserable.  southend is definitely building the right type of neighborhood.

Edited September 25, 2013 by vassago

[Prodev]

Meck Times reports that the Carson-South (Simpson Lighting) project will break ground "within the next month."

 

The article is subscriber only (and I am not) but the first paragraph tease contains the above info

 

http://mecktimes.com/news/2013/09/23/avoiding-the-rush-south-end-apartment-project-finally-set-to-break-ground/

I am torn on whether I hope this is true or not. Such a good site, especially for retail, that it's a shame it will be the same product as everything else going up in South End right now, albeit one of the more dense midrise projects at 115 units per acre with only 4 stories of resi (wow!!). I've heard from various sources in the last few weeks that this project was dead after Cambridge's equity pulled out of the deal. Given that they probably have +/-$1 mil invested in the deal between nonrefundable deposits and pursuit costs, I'd imagine they would likely try and get an extension to find another equity partner before dropping the deal. 

[Guest]

I am torn on whether I hope this is true or not. Such a good site, especially for retail, that it's a shame it will be the same product as everything else going up in South End right now, albeit one of the more dense midrise projects at 115 units per acre with only 4 stories of resi (wow!!). I've heard from various sources in the last few weeks that this project was dead after Cambridge's equity pulled out of the deal. Given that they probably have +/-$1 mil invested in the deal between nonrefundable deposits and pursuit costs, I'd imagine they would likely try and get an extension to find another equity partner before dropping the deal. 

My Source from CBJ says they found an investor, and the project is a go.

[Dub_Ag]

Sure you can use the neighborhood as your courtyard or amenity, but renters still want private space. They dont want to have to sun bathe out on the rail trail...

[ah59396]

Sure you can use the neighborhood as your courtyard or amenity, but renters still want private space. They dont want to have to sun bathe out on the rail trail...

 

 

While that's true, it would certainly give me more incentive to run along the rail trail on a nice summer day!

[Matthew.Brendan]

Will there be any 3br units?

Entry level price for a studio/1br?

[nonillogical]

I have lived in cramped buildings with tight halls and small units before and didn't mind it, but my windows faced the street. I think I'd go a little crazy looking out at nothing but 3 walls of my neighbor's balconies and windows across a very small courtyard, with no more than a couple of hours of direct sun per day. Most of these developments have such a courtyard, but I hope those units are much cheaper. 

[kermit]

Sure you can use the neighborhood as your courtyard or amenity, but renters still want private space. They dont want to have to sun bathe out on the rail trail...

 

That is what they do at Junction 1987 (and what they will do at Silos)

Edited September 25, 2013 by kermit

[tozmervo]

What nonillogical said. It was the courtyard-facing windows that made my skin crawl looking at that plan. I'd go berserk! 

[Guest]

Couple extra things to note. 
There is a "rooftop deck" on the 4th floor facing downtown. Will be one of the best unobstructed view of downtown that I can think of.

Here are the two "Active Use Areas" along Light Rail.

Massive Second floor "Club House"

SouthEnd Facing "Active Use Area"

Landscaping towards lightrail.

The Courtyards look to be 3000-5000 sq feet. Speaking that I once had a Paved 400 Sq. Foot Courtyard at the bottom of a 7 story building in Brooklyn, I think people can live with 3-5k.

 

Edited September 25, 2013 by Guest

[Guest]

The Courtyards look to be 3000-5000 sq feet. Speaking that I once had a Paved 400 Sq. Foot Courtyard at the bottom of a 7 story building in Brooklyn, I think people can live with 3-5k.

[kermit]

Fountains Southend has been sold to Trade Street Residential for $34 million ($163,500 per unit).

 

The press release says Fountains is currently 96% occupied.

 

http://online.wsj.com/article/PR-CO-20130925-910236.html

 

That seems like a pretty good price, does anyone remember how much they put into it?

[ah59396]

I'm impressed with the occupancy. I guess the apartment boom hype is real.

[SouthEndCLT811]

For reference, when Post bought Circle at Southend they paid $206K per unit.

[MilZ]

I guess they're banking on future developement around new bern station. Upgrades and rebuilds are everywhere.

[tozmervo]

Maybe it won't be too much longer before this thread becomes active again.

[Dub_Ag]

Fountains Southend has been sold to Trade Street Residential for $34 million ($163,500 per unit).

 

The press release says Fountains is currently 96% occupied.

 

http://online.wsj.com/article/PR-CO-20130925-910236.html

 

That seems like a pretty good price, does anyone remember how much they put into it?

If I recall, there was an old CBJ that quoted Profitt-Dixon as saying it cost $26.2M to build ($125k/unit). They bought the land for $1.6M (dirt cheap, no pun intended) so they no doubt made a nice little spread with sale.

 

I also heard a rumor that PD offered Trade Street $1m to walk away from the deal. This was a pre-sale (meaning the price was agreed to a long time ago) and PD was leaving money on the table. Junction 1504 is on the market and is expected to trade for at least $205/unit. That makes Post purchase look like a steal!

[Guest]

3D rendering of Publix.

 

[15895]

Underwhelming compared to The Harris Teeter in Plaza.