The Good News Report

[kermit]

3 minutes ago, Larry Singer said:

Are these properly processed immigrants or all?

 

per the text on the map: "Domestic moves only"

[videtur quam contuor]

delete

Edited September 6, 2023 by videtur quam contuor

[15895]

5 hours ago, kermit said:

 

per the text on the map: "Domestic moves only"

Also per the article: “This data excludes international migration.” 

Literally, if you can’t even read the raw data as it is. How does one even interpret the data, think of things in context etc. 

Historically, the largest urban areas have always generally had negative net migration but customarily off set by international migration. That’s true in the US and other wealthier countries. 

I like these graphs despite being 2013 & 2014 because the concept is still the same excluding Covid knocked off International migration for a couple years but has recovered and the data is catching up.

I think San Francisco is still the laggard post pandemic but there’s several reasons that aren’t as much of a cultural lightening rod that people make it out to be. Particularly involving tech, cost of living, and their policies need revamped in housing (it’s too slow there to get permits, etc.). 
 

But this is exactly what I’d expect. Denver & Salt Lake are the surprises to me. Seattle I’m surprised is negative but it’s international migration must be quite large because they had a pretty significant increase in population YOY if I’m not mistaken. It did have strong domestic migration I thought in the past. 

[CLT Development]

On 9/5/2023 at 8:44 PM, KJHburg said:

Charlotte is one of the few metros still with strong in migration.  Many are slowing down and some are turning negative or no growth. 

Real-Time Migration Data—30 Migration Winners and Losers (jbrec.com)

Gonna need to figure out how to build more housing, because a lot of things are going on hold all of a sudden.

[Norm2]

3 hours ago, CLT Development said:

Gonna need to figure out how to build more housing, because a lot of things are going on hold all of a sudden.

The high interest rates will do that.....

[KJHburg]

Great viewership for the Dukes Mayo game last weekend lots of people were viewing the skyline.

from the Biz Journal 

""More than 5 million people glimpsed at Charlotte’s Bank of America Stadium and the uptown skyline last weekend as the Duke’s Mayo Classic between UNC Chapel Hill and South Carolina was ABC’s Saturday prime-time game as well as the site of ESPN’s “College GameDay.” 

Organizers were pleased by those numbers as well as a near-capacity crowd of 68,723 at 74,000-seat BofA Stadium. Only the sold-out Clemson-Georgia matchup two years ago, with an attendance of 74,187, has attracted a larger audience for a kickoff game here since the Charlotte Sports Foundation started the series in 2015.

“It’s a great way to showcase Charlotte,” Danny Morrison, the sports foundation’s executive director, told CBJ. “I heard over and over again how perfect Romare Bearden Park is for ‘GameDay,’ the way it sets up. (We had) a fabulous crowd, a lot of energy.”""

UNC-South Carolina football game a big win for uptown Charlotte - Charlotte Business Journal (bizjournals.com)

[KJHburg]

This is good for local tourism and Mr Tepper's organization.

George Strait and Chris Stapleton
with Special Guests Little Big Town
Bank of America Stadium | Saturday, June 1, 2024

Edited September 12, 2023 by KJHburg

[KJHburg]

I would normally put this under affordable housing but this is so usual that is really good news.  Not only is this apartment complex Charlotte Woods being retained as NOAH naturally occurring affordale housing the rents will be DROPPED with the new owner even after some renovations. 

""Charlotte-based Ascent Housing recently closed on the first multifamily acquisition under its second round of the Housing Impact Fund.

Ascent, a sister company of Ascent Real Estate Capital, closed Sept. 8 on the $37 million purchase of Charlotte Woods at 1116 Scaleybark Road. The firm's Housing Impact Fund covered $12.85 million of the total investment. The remainder of financing came from the city of Charlotte and Mecklenburg County as well as a senior mortgage from Freddie Mac.

Ascent closed on the fund's $67 million second round in August with a $15 million lead investment from Truist Financial Corp. PNC Bank also contributed $8 million to the fund. Other investors include Atrium Health, Honeywell International Inc. (NASDAQ: HON), the Leon Levine Foundation and numerous other companies, foundations and individuals. 

Rent at Charlotte Woods currently runs about $1,200 for a one-bedroom unit. Ethridge said that's still under market rate for the area but is higher than what most people looking at the property can afford. Ascent plans to stabilize rates across the board by several hundred dollars, with an up to 80% decrease in rent depending on a tenant's area median income.

"We want people to be able to go back and get modest rents in a place where rents had been going up," he said. "This is a case where it’s taking the property and bringing it back down to size because it’s getting to the point here people looking at Charlotte Woods wouldn’t be able to afford the rent."""

this is win for affordable housing in this city and great private public partnership that made it happen. 

Ascent Housing to drop rent at Charlotte apartments after $37M buy - Charlotte Business Journal (bizjournals.com)

[JHart]

17 hours ago, KJHburg said:

Ascent, a sister company of Ascent Real Estate Capital, closed Sept. 8 on the $37 million purchase of Charlotte Woods at 1116 Scaleybark Road. The firm's Housing Impact Fund covered $12.85 million of the total investment. The remainder of financing came from the city of Charlotte and Mecklenburg County as well as a senior mortgage from Freddie Mac.

this is win for affordable housing in this city and great private public partnership that made it happen. 

As long as credit is rightfully given, the preservation and rent reduction is entirely funded by the City of Charlotte and Mecklenburg County. The "Housing Impact Fund" is a private equity fund that is still expecting to generate consistent 8% returns, even after renovations and "rent reductions" (subsidized). One of its founders, Erskine Bowles insists this is not philanthropy. “We are capitalists,” he says. “We believe in capitalism."

Is this a better use of city's affordable housing bond than subsidizing apartments 15 at a time in new developments? Probably. But it still highlights how much money is being siphoned off of low-income renters and public funds and how much money it would take in public funding to solve the current affordability issues this way. 

[atlrvr]

8% is still very low long term target return for real estate private equity funds, especially in the current environment, which would suggests the ultimate investors (the equity in that fund) is ok for low-risk/low-return strategy, especially if there is a "social good" component to it.  Ascent making their money on the capital management fee and then asset management fee I'm sure.

[JHart]

35 minutes ago, atlrvr said:

8% is still very low long term target return for real estate private equity funds, especially in the current environment, which would suggests the ultimate investors (the equity in that fund) is ok for low-risk/low-return strategy, especially if there is a "social good" component to it.  Ascent making their money on the capital management fee and then asset management fee I'm sure.

That was just the number thrown out in a fluff piece so we don't know if that's real but still, 8% consistently paid out quarterly just from the immediate cash flow of these properties is certainly not very low and they are also entitled to 40% of sales proceeds after the 20 year land restriction expires on an already underutilized plot of land in a growing city. Atrium, Truist, Honeywell, Lowes, PNC, etc. are more than happy to sign up for that, they had to turn people down after the last fundraising session and it's not because everyone is feeling altruistic towards housing all of a sudden. 

[rancenc]

Good news as it relates to the state's environment for start up businesses.

https://wraltechwire.com/2023/09/22/north-carolina-is-more-than-best-state-for-business-its-no-1-for-startups-too/

[KJHburg]

This is a good news bad news report.  

From the Charlotte Ledger this morning about social districts in the Queen City. 

""Social districts proposed in 8 spots around Charlotte; Plaza-Midwood could get hearing next month
Eight businesses and neighborhood groups have submitted applications to the city to establish social districts — some in areas that are obvious (South End) and some in areas that are not (the Elizabeth neighborhood).

The Ledger this week asked the city for the list of proposed social districts, which are areas in which people can walk outside with open containers of alcohol. More than 45 North Carolina cities and towns have established such districts, but Charlotte has not and has instituted a thorough 15-step process before winning approval.

Only one area — Plaza-Midwood — has submitted a formal application, which is Step 9 in the process. The other seven have submitted what the city calls “pre-applications,” which is Step 3.""

Here is Charlotte's extra layer of rules and regulations social-districts-sandp-final.pdf (charlottenc.gov)   Plaza Midwood is furtherest along and I hear Charlotte makes the process very complicated yet others are doing it including Greensboro and Raleigh with no additional problems. 

To see a social district in action just drive to nearby towns like Kannapolis, Mooresville, Gastonia, Salisbury, Monroe, Hickory, Albemarle etc.

Or make a vacation out of it Manteo in the Outer Banks or Sylva in the mountains.  

[tozmervo]

1 hour ago, KJHburg said:

Here is Charlotte's extra layer of rules and regulations social-districts-sandp-final.pdf (charlottenc.gov)   Plaza Midwood is furtherest along and I hear Charlotte makes the process very complicated yet others are doing it including Greensboro and Raleigh with no additional problems. 

How exactly does this compare to the other cities? This list of steps seems pretty straight forward to me. I was expecting something way more complicated the way you were describing it. 

[KJHburg]

Just now, tozmervo said:

How exactly does this compare to the other cities? This list of steps seems pretty straight forward to me. I was expecting something way more complicated the way you were describing it. 

Not sure but I heard the process was complicated from someone who had knowledge of the NoDa district plans.  Tiny towns seem to be able to roll it out quickly with very limited municipal staffs.  You would have to ask someone involved in the process here in Charlotte. 

[atlrvr]

As someone who doesn't drink very much I appreciate that this doesn't matter much to me, but I can't figure out what problem we're trying to solve with a "social district".  Is the legal ability to walk from 1 bar to the next holding a drink in their hand holding us back as a city?   All the proposed areas already have plenty of drunk people stumbling around, yelling 3-4 nights a week.  Is there right to stumble around with a drink in the hand something that makes Charlotte a more desirable place to live?   Totally get that this is a "get off my lawn while I wave my fist" post, but a more serious take is, at some point, the marginal tax revenue a city gains from a couple more drink sales than current regulations "allow" , there at some point is a declining (or negative) net benefit when it leads to more public safety/health issues.....though my more libertarian take is...not sure why we would have regulations in the first place.

[kermit]

I would think there would be some capacity advantages for businesses in these districts. The social district allows will allow patrons to spill outside (after grabbing a properly labeled plastic cup) when things get crowded or they want to smoke. Essentially every alcohol-serving business in a social district gets a much larger patio. I won't suggest this will be a huge revenue boon for the city, but its a handy (zoning-like) tool for encouraging these businesses to cluster and perhaps use as a neighborhood revitalization tool (although I suspect the novelty of these districts will wear off quickly).

The current laws on public consumption are pretty draconian IMO, weather or not someone has a drink in their hand has very little to do with their behavior. Particularly in an age when its cheaper to be addicted to drugs than alcohol. If I have my crap together why shouldn't I be allowed to take my beer to the sidewalk? The ridiculousness of these laws is even more apparent on BoA Stadium game days when -most- people get a tacit exemption from public consumption laws 9 days per year.  Do FC fans get the same treatment? (I honestly don't know and am curious. I know that Knights fans don’t get this curtesy).

I doubt I'll take advantage of the districts much, but I like them since they feel like a 'camel's nose under the tent' approach to traffic calming and pedestrian district development (and its a bonus that they might help prevent 'the man' from hassling me if I feel like having a drink outside).

At the risk of totally apples-oranging this, Bunny Colvin gave us a compelling speech about a semi-related issue (unfortunately we are not allowed to BYOB social districts)

 

Edited October 2, 2023 by kermit

[rancenc]

New affordable coming to West Charlotte spearheaded by Habitat for Humanity.

https://www.wcnc.com/article/news/local/outreach/make-a-difference/carter-work-project-habitat-for-humanity-meadows-at-plato-price-charlotte-north-carolina/275-3f3ff1fc-ba84-4753-8d33-eec51666ecb0

[RANYC]

4 hours ago, rancenc said:

New affordable coming to West Charlotte spearheaded by Habitat for Humanity.

https://www.wcnc.com/article/news/local/outreach/make-a-difference/carter-work-project-habitat-for-humanity-meadows-at-plato-price-charlotte-north-carolina/275-3f3ff1fc-ba84-4753-8d33-eec51666ecb0

I'm a huge fan of the Carters and of the concept of constructing affordable homes.  I'm just a bit floored that a habitat-for-humanity project to build 27 affordable homes requires $10.6 million.  That works out to about $392,000 per home.  

2 minutes ago, RANYC said:

I'm a huge fan of the Carters and of the concept of constructing affordable homes.  I'm just a bit floored that a habitat-for-humanity project to build 27 affordable homes requires $10.6 million.  That works out to about $392,000 per home.  

Might we want to think about log cabin kits?

[KJHburg]

On 9/29/2023 at 8:44 AM, KJHburg said:

This is a good news bad news report.  

From the Charlotte Ledger this morning about social districts in the Queen City. 

""Social districts proposed in 8 spots around Charlotte; Plaza-Midwood could get hearing next month
Eight businesses and neighborhood groups have submitted applications to the city to establish social districts — some in areas that are obvious (South End) and some in areas that are not (the Elizabeth neighborhood).

The Ledger this week asked the city for the list of proposed social districts, which are areas in which people can walk outside with open containers of alcohol. More than 45 North Carolina cities and towns have established such districts, but Charlotte has not and has instituted a thorough 15-step process before winning approval.

Only one area — Plaza-Midwood — has submitted a formal application, which is Step 9 in the process. The other seven have submitted what the city calls “pre-applications,” which is Step 3.""

Here is Charlotte's extra layer of rules and regulations social-districts-sandp-final.pdf (charlottenc.gov)   Plaza Midwood is furtherest along and I hear Charlotte makes the process very complicated yet others are doing it including Greensboro and Raleigh with no additional problems. 

To see a social district in action just drive to nearby towns like Kannapolis, Mooresville, Gastonia, Salisbury, Monroe, Hickory, Albemarle etc.

Or make a vacation out of it Manteo in the Outer Banks or Sylva in the mountains.  

follow up now with Pineville proposing a Social District in their downtown and this article does explain some of the extra steps Charlotte is requiring that other NC cities do not.

Pineville to get social district while Charlotteans wait for theirs – WSOC TV

[kayman]

On 10/2/2023 at 10:11 PM, KJHburg said:

follow up now with Pineville proposing a Social District in their downtown and this article does explain some of the extra steps Charlotte is requiring that other NC cities do not.

Pineville to get social district while Charlotteans wait for theirs – WSOC TV

Yep, when cities, especially small cities, towns, or villages, operate the social districts then yeah it's pretty easy to do as a part of its daily municipal operations. However, when you give a neighborhood merchants' or community business association the authority to run them then it does become more complicated.  North Carolina’s municipal service districts (MSD) law needs to be amended to include allowance of the business improvement districts (BIDs) also known as MSDs here in NC for policing power [which includes permitting, limited regulatory enforcement responsibilities (code enforcement) and security enforcement powers (additional assistance/supplemental force to the local law enforcement entity)] like their peer states who allow such in their BIDs and Community Improvement Districts (CIDs) in Georgia.  At this moment, Charlotte has to basically support any MSD such as Center City Partners, University City Partners, and SouthPark Community Partners along with the boatloads of community business associations and neighborhood merchants associations with law enforcement (CMPD) because of the curent half-a**ed MSD law.  That local authority/enforcement would help with the social district implementation and regulation(s) within the City of Charlotte.

In other words, it's a lot more complex than just create one in Charlotte and "ready, set, go!"  Also Raleigh only has one social district that was enlarged in a contiguous area around their downtown area basically managed by and co-operated by the City of Raleigh & Downtown Raleigh Alliance.

Charlotte is going to be a behemoth in NC because it has 15, mostly discretely separate, areas that qualify for a social district designation status within an approximately 900,000+ municipality.  However, they must have significant support of the said areas' business or merchants associations before it can do it.  It's a lot of moving parts.

Edited October 11, 2023 by kayman

[KJHburg]

Top Metro area zip codes by median household income.  They are 12 over $100,000 in the metro.  Some of the top ten may surprise you.

1, 28207   Meck       Myers Park Eastover

2. 28173 Union     Marvin, Weddington, Waxhaw

3. 28036  Meck   Davidson

4. 28075 Cabarrus Harrisburg

5. 28104 Meck Union    Matthews and Weddington

6. 29708  York  Fort Mill

7.  28270  Meck south Charlotte Waverly PCC

8.  28277  Meck  south Charlotte Ballantyne

9.  28278 Meck south Charlotte

10.  28226  Meck south Charlotte Carmel 

From the Biz Journal and 2022 US Census  all the top 10 have median income in excess of $107,000

 

[KJHburg]

Despite the poor performance of the anchor tenant at the Bank of America Stadium  Mr Tepper has done a great job bringing in additional concerts and special sporting events.   

From the Biz Journal today

""A crowd of 60,963 fans watched the Mexican Men’s National Team beat Ghana at Bank of America Stadium over the weekend, meaning the 74,000-seat stadium was filled to 82% of capacity.

Joe LaBue, president of Charlotte FC, the Major League Soccer team that calls BofA Stadium home, told CBJ that strong support for soccer should no longer be a surprise.

“I think it was bang on; it met expectations,” he said. “I had very high hopes for the match. You can see the power of international soccer, especially the Mexican National Team, historically coming into Charlotte, bringing great crowds.”""

Charlotte FC pitches balance in adding MLS, international matches - Charlotte Business Journal (bizjournals.com)

Edited October 17, 2023 by KJHburg

[J-Rob]

"Poor performance" might be generous if considering the record since 2018. "Painful, "disappointing," and "cringeworthy" come to mind for me, lol

But very glad for the addition of Charlotte FC and the increased programming in Uptown! Can't deny the positive impact of those decisions. 

 

[kayman]

At point, Tepper is only good for one thing, additional programming like more sporting events  and concerts for the BOA Stadium. He'll be the lynchpin for an eventual rebuilding of the facility as a  retractable roof multi-use stadium within the existing stadium footprint within Uptown along with hosting a Superbowl, College Football Championship, and Final Four tourney  events coming to Charlotte.