SouthEnd Midrise Projects

[ah59396]

Ah yes, maybe that's it.

[Guest]

http://looplink.charlotte.cbre.us/xNet/Looplink/Profile/Profile.aspx?stid=cbre/charlotte&LID=16629513&LL=true&UOMListing=&UOMMoneyCurrency=&RentPer=PY&SRID=4386521916

Looks like Uptown Caberet and the adjoining motel site are up for sale. They can be yours for the low price of $20,255,400!!

Seems very high for 3 acres of land... but what do I know...

[DEnd]

http://looplink.charlotte.cbre.us/xNet/Looplink/Profile/Profile.aspx?stid=cbre/charlotte&LID=16629513&LL=true&UOMListing=&UOMMoneyCurrency=&RentPer=PY&SRID=4386521916

Looks like Uptown Caberet and the adjoining motel site are up for sale. They can be yours for the low price of $20,255,400!!

Seems very high for 3 acres of land... but what do I know...

Do the strippers come with that?

[ah59396]

Do the strippers come with that?

They do, but only compose $400 of that cost.

Jokes aside, I'd imagine Uptown Cabaret is pretty profitable. It's a seedy craphole, but it's busy pretty much every night of the week (granted I haven't been there in a couple years). That said, I hope someone buys that site and levels that place, it's an eyesore.

[Matthew.Brendan]

That's right where the cap will go, more or less?

[SouthEndCLT811]

Kind of a bummer that this includes the Midnight Diner.  I wonder if they could move right across Carson if something were to be developed on this entire lot.

[CLTProductions]

Is that sketchy motel still in business??

[SouthEndCLT811]

Is that sketchy motel still in business??

 

It was actually torn down about 1.5 to 2 years ago.

[HopHead]

Maybe I'm in the minority, but I'd hate to see them get rid of Uptown Caberet. It kind of adds a little grittiness (and maybe a little sleeze) to the edge of uptown, which is often criticized for being too stale and corporate. 

[nonillogical]

Maybe I'm in the minority, but I'd hate to see them get rid of Uptown Caberet. It kind of adds a little grittiness (and maybe a little sleeze) to the edge of uptown, which is often criticized for being too stale and corporate. 

I agree, and don't consider it particularly seedy unless just all strip clubs are by default. I don't think we need to banish them all to the least desirable parts of town.

[atlrvr]

This land has been for sale for many years.  Right now, Uptown Caberet and Midnight Diner are just cash cows until the owner gets an offer he can't refuse.  Doubt we see anything happen in this development cycle.

[Guest]

This land has been for sale for many years.  Right now, Uptown Caberet and Midnight Diner are just cash cows until the owner gets an offer he can't refuse.  Doubt we see anything happen in this development cycle.

Thats what I figured honestly. Especially with a $20M price tag.

[birky]

Forgive my ignorance, but what would be a reasonable price for this land?

[tozmervo]

Kind of a bummer that this includes the Midnight Diner.  I wonder if they could move right across Carson if something were to be developed on this entire lot.

 

Somewhere else it's been mentioned that the lot across Carson has/is being rezoned for townhomes. In any event, the Diner can be picked up and moved to another location pretty easily. I agree, though - it's a favorite place to grab some cheap grub!

[atlrvr]

Forgive my ignorance, but what would be a reasonable price for this land?

 

I would think $11mm to $14mm is a realistic range.  It has uptown (UMUD) zoning, but obviously it's not uptown. I'd think $4mm+ is probably about right.

 

For example, the Quarters at Morehead site just 2 blocks west sold for $3.4mm an acre, and also had UMUD zoning, but obviously having that Tryon frontage is worth a premium.

[Niner National]

Details on the project at Sedgefield Shopping Center: http://www.charlotteobserver.com/2014/05/01/4878457/rezoning-filed-for-190-million.html#.U2JbmVVdUZt

 

Includes a Harris Teeter and 300+ residential units.

[tozmervo]

Can someone photoshop and epic monster battle between publix and teeter looming over the southend water tower?

[Guest]

Can someone photoshop and epic monster battle between publix and teeter looming over the southend water tower?

If I didn't have such a busy day!! LOL (then why am I on here... I don't know...)

[dubone]

This is epic, especially if they are redeveloping their 60 acres like the article says.

 

I can't wait for the rezoning application to hit the city servers!

 

Competition is pretty interesting.  Harris Teeter ignored this area until Publix comes and now suddenly there will be two major grocery stores?   I at least would have figured HT would try to capture a different area of South End like the part closer to uptown which is growing just as fast, but maybe there is a connection with Marsh that allowed them to pull the trigger to be a part of this massive redevelopment.  

[kermit]

I at least would have figured HT would try to capture a different area of South End like the part closer to uptown....

 

This HT decision also changes the complexion of the Scaleybark area -- the Crossland land (where the public library sits) was intended to become an HT anchored center back before the bubble burst. I know that project is dead now but any future plans for the Pappas and Crossland sites are going to need to get financing without grocery anchors -- which may be a tall order.

 

EDIT: I did not mean to suggest that Scalybark would be a better location for a grocery store -- it is not. Merely that I think the Sedgefield SC revitalization is going to slow traditional commercial development to the South for a while.

Edited May 1, 2014 by kermit

[Prodev]

This is epic, especially if they are redeveloping their 60 acres like the article says.

 

I can't wait for the rezoning application to hit the city servers!

 

Competition is pretty interesting.  Harris Teeter ignored this area until Publix comes and now suddenly there will be two major grocery stores?   I at least would have figured HT would try to capture a different area of South End like the part closer to uptown which is growing just as fast, but maybe there is a connection with Marsh that allowed them to pull the trigger to be a part of this massive redevelopment.  

I think this is as close in as Teeter could get and still have surface parking.It's harder for grocers that are already in the market to get high enough sales projections to justify a store like Publix is doing in Southend b/c they're typically cannibalizing other stores, whereas Publix is only taking market share from others since they have no stores nearby. 

[Guest]

Details on the project at Sedgefield Shopping Center: http://www.charlotteobserver.com/2014/05/01/4878457/rezoning-filed-for-190-million.html#.U2JbmVVdUZt

 

Includes a Harris Teeter and 300+ residential units.

Actually it currently HAS 300 units. 

"With the rezoning, Marsh is seeking approval to develop up to 98,000 square feet of retail space, as many as 1,200 multifamily and for-sale housing units and potentially 100,000 square feet of office space."

[mad_park]

seems like this will cannibalize HT's East Blvd and PRSC stores. Look forward to seeing how they are going to redevelop the apartments behind the shopping center. Hopefully most of the tree canopy remains intact.

[rjp212]

seems like this will cannibalize HT's East Blvd and PRSC stores. Look forward to seeing how they are going to redevelop the apartments behind the shopping center. Hopefully most of the tree canopy remains intact.

 

 

Quote from the CBJ article says:

 

"Marsh is also working to preserve the trees on the property and plans to set its apartment buildings farther back in order to do so. The company also plans to create a park on Ardmore Road at the back of the site.

“The street trees in Sedgefield are as great as any other part of the city, and we’ve made a strong commitment to keeping those,” McLawhorn says."

[MilZ]

http://looplink.charlotte.cbre.us/xNet/Looplink/Profile/Profile.aspx?stid=cbre/charlotte&LID=16629513&LL=true&UOMListing=&UOMMoneyCurrency=&RentPer=PY&SRID=4386521916

Looks like Uptown Caberet and the adjoining motel site are up for sale. They can be yours for the low price of $20,255,400!!

Seems very high for 3 acres of land... but what do I know...

Now the observer has picked up on the Caberet land listing...

http://www.charlotteobserver.com/2014/05/01/4878990/uptown-cabaret-midnight-diner.html#.U2Lmq3-9KSM

Nice to be near the in-crowd.