As an owner in ChapelWatch, it is somewhat discouraging to note the deterioration of property values in the building. This is especially true when compared to The Ratcliffe located on South Tryon near the Wachovia Cultural Campus. Since 2007, there have been 15 sales in The Ratcliffe, and 2 sales in ChapelWatch. The average dollars per square foot for The Ratcliffe has averaged $385, while ChapelWatch has averaged $338. I should also note that there have been no sales in ChapelWatch since 2007.
The product is similar, both buildings are well constructed and well appointed, so then, why is there such a difference?
ChapelWatch is in what many consider to be the premier neighborhood, the Fourth Ward. There is truly a feeling of being in a neighborhood. The Ratcliffe on the other hand is clearly in an urban environment, Overstreet Mall connections all the way to the Hearst Tower.
ChapelWatch sits at the end of the current downtown expansion, whereas The Ratcliffe sits clearly in the center of it. With the Betchler Museum of Modern Art, the Knight Theatre of Performing Arts, and the soon to be completed Mint Museum, not to mention the NASCAR Hall of Fame, South Tryon is awash in activity.
ChapelWatch is also burdened by being next to the Days Inn. Hardly a showing goes by without a client making a comment about that property.
As sobering as that information is, there are changes that are taking place which will slowly shift the area of growth from South Tryon to North Tryon.
The construction of the UNCC building is rapidly rising from the ground to make a dramatic statement in the First Ward skyline. It’s commanding height, 12 stories, will stand out like a beacon, and will be followed by additional development. The First Ward Park and associated parking deck are awaiting groundbreaking sometime this summer.
The North Carolina Dance Theatre on North Tryon next to the McColl Center for Visual Arts is nearing completion.
Other projects will emerge to change the complexion of this area of the city, and increased property values will follow.