A Request For Help

I received this request the other day and feel it is worth forwarding:

March 20, 2012

Re:  We need your help to Bring the Knights Home

Dear Friends of Baseball:

We need your help. We are at a crossroads for AAA Baseball in our community. I am requesting your active support of our efforts bring the Charlotte Knights to Center City Charlotte. 

The Charlotte Knights are requesting funding support from the City of Charlotte to build a new AAA Ballpark. It will bring affordable family fun to the most convenient location in our region. The new ballpark will provide a facility for youth and amateur sports tournaments that support the hospitality industry.  We also know this AAA Stadium will bring jobs of all types, including youth employment. This public investment will be super catalyst for private investment and redevelopment of 36 acres of vacant land and surface parking lots. This stadium will bring life to Romare Bearden Park and will spur the creation of restaurants and retail as well as a hotel, office and residential development.

Please help us by doing five things:

1.      Write a letter to the editor of the Observer, Creative Loafing or any newspapers you read…here are two options:

Charlotte Observer:    opinion@charlotteobserver.com     Subject line: Letter to the Editor

Creative Loafing:         backtalk@creativeloafing.com        Subject line: Letter to the Editor

2.      City Council (email addresses below or write to 600 E. 4^th Street, Charlotte, NC 28202) In your note to City Council:

a)      Share with City Council who you  are and that you support this investment in the new ballpark.

b)      Ask City Council to support this investment in affordable family entertainment.

c)      Share why you support this project and how you will use it personally.

d)      Provide your name, address and phone number.

e)      Thank them for their service to Charlotte and their thoughtful consideration of this investment.

3.      Go to our Facebook page and “like” us at http://www.facebook.com/BaseballUptown.

4.      Send us an email at info@charlottecentercity.org and we will keep you in the loop about events and this effort.

5.      Lastly, ask friends and family to support this effort by doing these five things.

This is the list of Charlotte City Council representatives and emails.

Mayor Anthony Foxx     afoxx@charlottenc.gov

Patrick Cannon               councilmancannon@gmail.com    
David Howard                 info@davidhowardclt.com 
Warren Cooksey            warren@warrencooksey.com       
James Mitchell                JamesDistrict2@aol.com
LaWana Mayfield           councilwomanmayfield@gmail.com
Beth Pickering                 pickeringbeth@aol.com                  
Clair Fallon                      CGFTJF@aol.com
Patsy Kinsey                    pkinsey@charlottenc.gov                              
Michael Barnes               barnesdistrict4@aol.com   
John Autry                       john@johnautry.net                         
Andy Dulin                       adulin@charlottenc.gov

We have seen the power of this downtown development strategy in cities across the country, including Indianapolis, Columbus, Louisville, Toledo, Durham, Oklahoma City, Greenville and Birmingham, just to name a few.  If you want to see concrete examples, click on these links to see news stories about 3 of those cities:
News 14 - Columbus & Durham
WSOC - Greenville SC - Minor League investment pays off

Please stay in touch with us through email, Twitter (#BringBaseballBack), Facebook and www.charlottecentercity.org. With your help, we will bring this affordable entertainment option and redevelopment catalyst to Charlotte.

Sincerely,

Michael J. Smith
President and CEO
Charlotte Center City Partners

Again With The VUE!

This article contains no new news, no concrete information, just observations about The VUE.

Recently there was a flurry of activity in the Charlotte Observer indicating that one of the junior partners on the mortgage loan was trying to get the building to go rental.  That story was followed by the developers vehement denial and an indication that the plan to remain condos would continue.

In the midst of this, I continue to show the building to prospective clients.  If you have not been into the building, you owe it to yourself to go to see some of the units.  The feeling you get in that building is unlike any other in the city, the size, the scope, the views, the location, Wow.

For sure it is not a typical building.  If you want a place to sleep, or watch television, or just have a dinner party you will find it to be overpriced.  If you are seeking something other than that, you may very well find yourself a home.

All the talk of the lawsuits, and concerns about the HOA's ability to maintain the amenities, and the impression of a pricing structure that is out of line with the rest of the city may have kept people on the sidelines.  No one wants to be viewed as having made a mistake.  My belief is that there are some good values in the building, and that once occupancy begins to increase, it will increase quickly.

From time to time the sales staff sends out a note with value priced units in the building.  They compare favorably with the rest of the city. 

If you are interested in a unique property please call me, 704-236-7119 and let me schedule a time to show you the building.

War On The Freeways

The Little Sugar Creek Greenway currently being constructed in Charlotte is turning into a beautiful place to run, ride, walk sit, play, eat, etc.  The stonework being installed is reminiscent of a different time.  I have often thought how wonderful it would be to remove I-277 that separates downtown Charlotte from the Elizabeth - Myers Park area.  It would rival RiverWalk in many areas.

In my dreams I envision the current off ramp for I-277 by the Metropolitan as being the beginning of Charlottetowne Road, bringing renewed life to that whole section of the city, and without the mound that I-277 is there, it would be a gentile slope from the corner of Trade and Tryon all the way to Presbyterian Hospital.

In a similar light, some have called for the capping of the Belk Freeway separating Dilworth from downtown, another wonderful idea.

Will it ever happen, who knows, but it is not beyond the realm of possibilities.

I have come across an article on a blog site called citiwire.net.  Go here to read the full article.  The article speaks about the history of how freeways were used as a form of urban renewal (removal?) during the 50's, 60's, and 70's and how that type of thinking is no longer valid, or at least has changed in nature. 

It speaks of how cities that have reclaimed land from freeways, which pay no taxes and develop no business, are experiencing a significant uptick in related property values.  A case in point was the San Francisco Embarcadero Freeway, which was significantly damaged in a 1989 earthquake, and how the replacement boulevard increased nearby property values by 300%.  Wow.

One of my personal favorite cities is Vancouver, British Columbia Canada.  The city made a conscious effort during those freeway building years to say no.  The result is a more vibrant city with more vibrant neighborhoods and less crime.

The ability to reclaim land for tax valuation contributes to the common good, and the result increases property values.

Two Way Streets Rock!

What a difference a two way street make!  Mint Street has just been converted from a one way stretch from Trade Street to Martin Luther King Jr. Blvd. to a fully functional two way street and you can feel the difference. 

Urban planners will tell you that a one way street is a way to exit traffic quickly from an area, where as a two way street has a calming effect, and will encourage street front retail to grow, something everyone in Charlotte would like to see. 

The two biggest embarrassing views of one way streets destroying a street scape is on College between Third and Fourth, and Third Street between College and Brevard.  Both of these streets were destroyed by the construction of the exits for the BBT Center.  When it was built, the idea was to be able to drive to work, park your car, take an elevator to your office, and then leave the building without ever having to walk on the streets.  The parking garage holds over 1500 cars, and one exit runs next to One Wells Fargo and the Hilton Hotel, killing any street presence there, while the other exit heads north on College and makes the entire ground floor of the BBT Center worthless to any serious street retail.

What were they thinking!  AARGH!

Contrast that now with what is happening in the Third Ward.  The Mint Street conversion is the first step.  The attached photo shows the J-Hook that was Poplar connecting to Mint Street being closed to begin the construction of the Romare Bearden Park, and the photo also shows the asphalt surface parking lots being ripped up to facilitate the building of the park.

In conjunction with that is the changes coming to Third and Fourth Streets. Utility work has begun to extend Third Street up Fourth Street to Mint, where traffic will be diverted a block to connect once again to Third Street. 

Take a walk there and you can feel the changes taking place.

All this means that this section of the Third Ward will begin to become vibrant, as the empty property there will be removed from future market considerations, making the existing property values begin to rise.

New Office Space For Church Street Realty

March 1 2012 found me hanging out in a new office space on West Trade Street. 

It was funny how this happened, I was looking to try to help a friend find space in that area, and in the process, found that a small but affordable office would be unused as part of the changes.

I did the standard Benjamin Franklin pros and cons and discovered that it made more sense to be around people than not.  In this new office, I will be sharing the water cooler with other professionals as well as other industries that I currently do not have any tie with.  These budding relationships will be beneficial as the housing market continues to grow.

The building itself sits across from the Federal Courthouse Building, destined to become part of Queens College in the not too distant future. It is one of the most architecturally interesting buildings in Charlotte with it's distinctive green terracotta facade.

With the advent of the "Cloud", my files are always with me via any computer,or even my phone!  And speaking of my phone, 704-236-7119, this is my only number, no office number, no pager, just 704-236-7119, it is always with me.

My website, www.churchstreetrealty.com is already producing leads for me, and my blog site, www.uptownrealtor.blogspot.com has also added leads from all over the world for me.  I post many of the articles from this newsletter as well as other content on my blog, so please check it out, and add an RSS feed.

An additional benefit of being in an office environment is to get out of the house.  As a realtor, I often say that I am always at work.  While that can be good, there are times when separation is a good thing too!

So, the next time you find yourself walking down West Trade Street, pop in 402 West Trade Street, Suite 102 and say Hi!

Charging Stations for Electric Vehicles

Looking eerily like a landing pad for a Vulcan Space Ship, solar panels have shown up on top of the Discovery Place garage to provide power to charge Electric Vehicles.  A similar station has been constructed on top of the parking garage for the Government Center.  Add these to the stations located in the parking lot across from Rock Bottom, and you get the start of a trend.

Granted, it is a very small trend at this point, but to encourage people to use Electric Vehicles (EV's) there needs to be a way to recharge them.  Sounds reminiscent of "Field of Dreams" "If you build it, they will come!"

In previous articles I have highlighted Brooks Agnew of Vision Motor Cars who is about to go into production in Michigan of his Electric Delivery Vehicle.  It is a fascinating concept especially here in Charlotte where all our natural sunlight will be providing enough power to keep the vehicle going at highway speeds for FREE!  This truck, called the Everest, joins the ranks of the Chevy Volt, the Nissan Leaf, as well as others now coming on the market.

The ability to recharge vehicles while at work will speed the adoption of these vehicles.  The adoption will lead to obvious benefits, no emissions and lower operating costs. 

In the February 27th edition of the Charlotte Observer, Bill Ford Jr., the great-grandson of Henry Ford, talked about the time when his great-grandfather started Ford how people seldom went 25 miles from their homes, and how the automobile gave them the freedom to travel. Density, by it's nature, encourages a lifestyle that would normally not exceed 25 miles!

The coming of EV's will certainly highlight that smaller traveling radius and make living in a densely populated city more attractive.  As that becomes attractive, our property values will rise.

More Information About Rentals

There has been a flurry of activity in the rental market recently.  Here is a map created by one of the frequent posters to Urban Planet.  This map shows the new apartment complexes that have been announced, and their location on a map.

There is no surprise that a lot are clustered around the LYNX Blue Line in the SouthEnd.  Whole new communities are popping up, and the existing projects all have pretty good reputations.  It is reflective of two things; people still being unsure of their situation, and developers finding that financing for apartment complexes is far easier than condos.  With condos, a developer needs to have a certain number of units presold to get the financing needed.

They are not always welcomed however.  I wrote earlier this week about the Mercury project in the NoDa area.  Area residents are not all that happy about how it will change the fabric of the neighborhood.  The developments in the SouthEnd were basically being put in areas that were undeveloped, and other than some empty buildings, there were no one to object. 

In some areas, large developments have caused a significant drop in property values for their neighbors.  An example is Fifth & Poplar.  The units on the Pine Street side of the building have all lost significant value, approximately 40%, when The VUE was built.

The one thing that is for sure is that as the LYNX line is extended to UNCC, all stops along the way will be getting interest from developers.

Following Up On Electric Vehicles

A few weeks ago I wrote about Brooks Agnew and his company, Vision Motor Cars.  Brooks was kind enough to follow up with me and provided a video with more information about the Everest light urban delivery truck, what his production plans are, and what the future may hold for a automobile version of this car.  Go Here to see the video.

The truly incredible part of this technology is that the vehicle can be configured to include solar cells that will recharge the vehicle.  Imagine never running out of fuel again, especially here in sunny North Carolina.

Check out the link, you won't be disappointed.

Who Is Right?

A friend of mine lives in NoDa, and is being faced with a serious dilemma.  The issue in question is for the Mercury Development around the Neighborhood Theatre on approximately 3.5 acres.  Go here to see the site plan.  It calls for the construction of up to 260 apartment units to be built on that site. 

Density in NoDa is certainly something that the city wants, as there will be a light rail stop nearby on 36th Street.  Funny, the coming of rail to this town reminds me a bit of the movie "Blazing Saddles", and the rush to get the right land.

The issues here are several.  First, on the corner of the parcel in question is a house that has a deed restriction prohibiting it from being altered on the exterior, or moved.  The owner has the prospect of looking out the kitchen window into a 4 story parking garage.  Not too cool.  The developer has requested the Historic Landmark Commission make an exception and allow this house to be moved.  A potential suitable site within a few blocks has been found that could be suitable.  The Historic Landmarks Commission has passed a motion to not allow the house to be moved.

The next issue involves the property values of the houses directly across from the development.  Many are mill houses that owners have invested significant money to upgrade and restore.  The ambiance of a single family neighborhood will be eliminated by a structure up to four stories that will prohibit sunlight from being available in the afternoons to these owners.  The streets in question will become significantly more crowded with the potential insertion of up to 400 residential vehicles, not to mention the vehicles of guests.

The next issue is how does a property owner deal with the loss of the value of their investment?  One solution is to sell below market value and get out.  A second solution is to rent out the property and hope for a better market in the future.  No offense to renters, but they tend to not add to the fabric of a community as they are highly transitional.  So, does the developers rights to a financial gain from his investment come from the loss of value of the neighborhood?

The next issue involves "The Next Dilworth" principle.  That moniker has been applied to Plaza Midwood, Wesley Heights, Noda and Wilmore.  Driving through the streets will show that homes have been upgraded, some significantly, but all in a way that shows individual reinvestment in a  community that was in disrepair.  The rail line may very well tip the balance in favor of NoDa being that "Next Dilworth". 

The next issue will be sound issues.  The Neighborhood Theatre is not known for its sound containment.  An apartment complex surrounding that facility will certainly bring many complaints.  Speaking of The Neighborhood Theatre, the developer is going way out of his way to make sure the character of the commercial establishments remains intact, perhaps at the expense of the neighborhood.

This is a Downtown Blog, so what does this have to do with downtown, and what does this have to do with property values?  Everything!

When downtown was reinventing itself, the Fourth Ward went through as similar process.  As we look at the neighborhood today, we see a vibrant, walkable, livable neighborhood that shares high density with 23 single family homes.  The development was smart, and well thought out, with density located at the edges.  There is room for both. 

It is this balance of growth and respect for neighborhoods that contribute most to property values.

The Changing Face Of Retail

Well, actually that headline is a bit misleading, but go here to read an article from the New York Times that discusses reusing retail space for other purposes..

The lead paragraph in the article discusses a mall project opened in Cleveland over 20 years ago to try to bring retail, and traditional retail mall thinking, back into a downtown area.  Now, being from Cleveland, I have some familiarity with that project.  I recall walking into it back in the early 90's and marveling at the scope of the project.  Those of you who are familiar with Cleveland might recall the similarity of The Galleria to the Arcade between Euclid and Superior.

I recall wondering how the Galleria could maintain it's momentum.  It was located in the base of an office building, which might give it some life around lunch time or dinner time, but had no residential impact around it.  It was inconvenient for someone to go there from the suburbs, and why bother, all the stores there were located out in the suburbs as well.

But, getting back to the headline, this article goes on to say that many traditional merchants are closing some of their less productive locations, and are not adding, at least in a traditional sense, more new locations.  Our shopping habits have also changed.  It is pretty easy to order staple merchandise, such as office supplies, underwear, etc. on line and have it delivered at no charge to our doors.  When I was a buyer for a department store, and budgets were tight, I could always get an order passed for basic merchandise, because it was the basic merchandise that brought people in regularly.

If you take away the basic need to go shopping by using the Internet, merchants need to create other methods to bring you into their stores, the endless sales with inflated regular prices being slashed to show a big deal to buy at their sale prices.  There is always a sale!

So, the article discusses re-uses for traditional retail malls, and even Eastland is mentioned.  The reuse almost always turns to creating mini-downtown's in their spaces, town centers if you will.  These efforts are designed to create reasons to bring people there.  The article also alludes to the fact that stores now see the ability to walk in off the street is preferable to walking in through a mall.

Could this be the advent of the return of Retail to downtown Charlotte?  Maybe, but not the way it was in the past.  For years I have been advocating taking the banks, doctors offices, brokerage houses, copy centers, etc. off the street level access it currently enjoys, and putting those things in the Overstreet Mall.  I would then take the merchants and restaurants from the Overstreet Mall and put them on ground level.  Return street life to Charlotte.

Downtown Charlotte already has the town center.  As this expands, we will all see our property values once again increase.