Posted On: August 26, 2008 By: admin

The options in Uptown Charlotte seem numerous although as soon as they start, they seem to run into problems. With projects like the 210 Trade at EpiCentre, which is bogged down in lawsuits between developer and contractor, 300 South Tryon and One Charlotte all of which are postponed, you wonder what is left.

It seems one address is having very few issues in meeting their intended commitment to start closing in mid 2010. The VUE Charlotte has no anticipated delays according to Brie McNamara, Sales and Marketing Coordinator at The VUE Charlotte. “We continue to receive strong interest from Charlotte area residents as our building goes up. We have received full support from organizations such as Center City Partners and The Friends of the Fourth Ward neighborhood association.” McNamara explained that they are proponents for Uptown growth in general; the delays have helped to boost interest in their project and have brought them several new buyers.

What sets The VUE Charlotte apart? According to McNamara this condo is truly a luxury building. “Our resort-style amenities boast a multi-sport, 25 yard heated pool, 4000 square foot health club, pet park, business center and ClubVUE which includes a giant cinema screen and a recreation center w/pool tables and dart boards. Our security is unmatched with biometric finger print access throughout the building, and a 24 hour doorman. The building is 100 percent residential and we also have a high percentage of $1 million + homes, so the building will truly be upscale. We believe the Fourth Ward location in itself sets us apart. A luxury high rise building in a true residential neighborhood while only several blocks from center city can’t be beat! It has been said on a clear day one can see the Blue Ridge Mountains from the northwestern side of The View.” 

Category: Fourth Ward

Posted On: August 18, 2008 By: admin

Some contract holders of the The Park Condos and local businessman watched with special interest at the Mecklenburg Superior Courthouse on August 8^th, 2008 222 South Caldwell Street Ltd. Partnership, owes BB Syndication more than $27 million on the development’s $30.7 million construction loan.

At the foreclosure proceedings, was the highest bidder at $17.9 Million for The Park development. With this bid, Summit Shores resets the window of time for another suitor for The Park.

The Park was one of Uptown Charlotte’s first pre construction condos during the Uptown Charlotte Condo boom, but has been beleaguered with delays since the start. Accounting to the Charlotte Business Journal the developer had 87 of the project’s 107 units, which had been priced from $450,000 to $750,000.

Category: Second Ward

Posted On: August 10, 2008 By: admin

After decades of pitching several options for a key stretch of First Ward property, Daniel Levine has finally found a partner…us. Charlotte Business Journal reports taxpayer funding will add around $26 million to the project. Although causing skepticism in a few, this massive plan and the accompanying request for public money have given hope to political leaders and Uptown supporters that Levine is serious this time.

Levine controls 20 acres on which he plans to build 2 million square feet of office space, 2,150 residential units, and 282,000 square feet of shops and restaurants. His plans include $26 million in tax-increment financing from the city and county. This would pay for parking decks and other improvements, with $8 million that could be spent by the city on road improvements. The county would kick in money for the construction of a 3 acre park.

There is also a $46 million UNC Charlotte Classroom building planned for the corner of East Ninth and north Brevard streets. This will be the anchor of the initial phase of development, and has a 2011 opening planned.

Levine is showing a lot of enthusiasm for the project to move from planning to ground breaking at last. He is totally committed to bringing the best development to the Queen City, but this complex deal has a long way to go before it’s a sure thing.

Mecklenburg County commissioners will get their first real look at the proposal this week. If they approve moving ahead with discussions, then more details will have to be worked out, starting with land appraisals for a property swap between the developer and county. The city staff hopes to have a deal ironed out for the council to consider by the end of 2008, with the county pursuing the same schedule. That would allow construction on Levine’s first phase, which is dependent on park and tax-increment financing on 1,300 of 2,000 new parking spaces in First Ward, in 2009.

Levine has a 10 – 15 year schedule for the entire project. The county park, UNCC, underground parking, and a 300,000 – 400,000 square feet building would come first. Levine would build the office building with ground floor shops and restaurants. A 1,500 car parking deck and a property with 525 residential units, hotel, and street level retail would come next.

The excitement is spreading with stakeholders gathering to talk about the possibilities and negotiate the framework of a deal. This would copy several other public-private ventures in and around Uptown. We have to credit both Levine and the city and county for coming up with a deal that will put the risk in the private sector not the public.

Category: First Ward, Fourth Ward, Second Ward, Third Ward