Uptown Charlotte 2008: Year in Review

Posted On: January 7, 2009 By: admin

What happened to the condo boom?

The condo boom, which started in 2007 and continued through early 2008, cooled quickly because of the collapsing economy and nervous investors.  Though it once had one of the best real estate markets, Charlotte started to feel the ripple effects the rest of the country felt in earlier months.
One of the first condo casualties in 2008 was One Charlotte.

One Charlotte  was a proposed luxury tower in second ward, but its construction never even started.

One development that finished construction but had trouble selling units was the Enclave.  As a result the Enclave was turned into an apartment complex in first ward.  In third ward, The Catalyst Condos, a high-rise tower, also had problems preselling units and may possibly cancel all the pre-sold units and return the earnest money if 150 units are not sold by end of January 2009.

And the news doesn’t get much better:

*210 Trade Condos was going to be a fabulous high rise at The Epi Centre, but after the developers started suing each other, construction went to a halt and never resumed.

*300 South Tyron was put on hold, and the once-dirt parcel of land has been paved for parking.

*The Park condo tower declared bankruptcy and was eventually auctioned off to the highest bidder.  Then the lawsuits began as contractors wanted to get paid for work done.

*The Citadin lost its funding and never began construction.

But not all the news was doom and gloom:

*The Wachovia Tower, which may eventually be called Wells Fargo tower, is still being constructed, but the plan to build the condos on the Mint Museum has come to a halt.

*The Vue Charlotte is scheduled to be completed in 2010 and is building a floor every 10 days.

*The Trust Condos residents started moving in in October, and the other units should be finished very soon.

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