Friday, December 18, 2009

Musical Chairs

Lots of movement comeing to downtown Charlotte soon. With the Duke Energy building about to open, Wells will be consolidating many of their offices near their South Tryon turf. They will be opening several other buildings that they currently have people in.

Couple this with the announcement that because of the Electrolux relocation to the Fifth/Third facility on David Taylor Road, and 5/3's desire to relocat to downtown and you will find an additional 150 people walking our streets.

Getting back to Duke, when they move into their new building, there should be some more musical chairs taking place as well. One that I hope for is the relocation of their data center from College and MLK Jr Blvd to their current headquarters office building on Stonewall and Church. That would open space for a redevelopment of the MLK Jr / Church site, perhaps as another convention center hotel.

Stay tuned, it should be a fun year.

Friday, December 4, 2009

Strange Things Happening At The VUE

All the active listings for The VUE Charlotte have been withdrawn from MLS! This is a strange thing to happen since the construction has restarted, and the exterior should be completed shortly.

Or is it?

There certainly is no equilivant for the type or size of building that The VUE will be. It's distinctive crown, and the amenities that will be available will be amazing, but the prices have been significantly higher than the market, and while our market is recovering, it is recovering slowly.

I was contacted by a real estate consulting firm inquiring about recent sales and rentals in the downtown Charlotte market. One of the issues I was asked was my opinion as to whether the building should be converted to rentals vs condos. I was also asked if I thought the existing pricing structure was correct.
My guess is that the developer is considering a repricing of the building.

Fourth Ward Square Begins To Close

The ambitious project to turn a 154 unit apartment complex into affordable condos is entering into the closing stage!

The complex, consisting of 7 buildings and a clubhouse with pool, have been going through extensive renovations since this summer. New roofs, new windows, and a repair and painting of the exterior is the most visable signs of this rebirth.

The developer also installed all new air handling equipment, heat pumps, water heaters, floor coverings, kitchen and bathroom cabinets and fixtures countertops and all new appliances.
The extension of the $8,000 Tax Credit has been a blessing for the developer. The initial goal of completing all the units and having them ready for a November 30 closing quickly faded away as the volume of work became apparent.
What will emerge from all the dust will be a vibrant community with a great location in the Fourth Ward.