Posted On: February 22, 2010 By: admin

Courtside Condos at the corner of East Sixth and Caldwell Streets enjoyed the majority of the sales. Of the 20 units sold, six were at Courtside Condos, or 30% of the units sold in First Ward during 2009.  Court 6 Condos located on 6^th Street, between N. Davidson and Caldwell followed Courtside Condos with 3 sales, or half the sales of Courtside, during 2009.

Looking at 2010 year to date, First Ward currently has 18 townhouses or condos on the market, and one unit pending the closing of the sale.  There have been no closed sales in First Ward year to date.

Category: First Ward

Posted On: January 18, 2010 By: admin

Mecklenburg County commissioners have approved a $32 Million mixed-use development in First Ward in Uptown Charlotte.  The Developer, Daniel Levine could be on his way to making a huge impact in first Ward.  Levine Properties owns 23 acres in First Ward.  The plans call for over 280,000 Sq Ft of shops and restaurants, 2,000 Sq Ft of apartments and condos and a 175 room hotel.

The total cost of the development will be around $700 million.

Category: First Ward

Posted On: July 25, 2009 By: admin

The 18 story Ritz-Carlton in Uptown Charlotte is now taking reservations for stays beginning October 1st, 2009.  The hotel, which is a part of a $450 million dollar complex at College and Fifth streets in the 1st Ward.

The hotel will feather 146 guest rooms, a 13,000 sq ft penthouse, saline-treated swimming pool, and over 12,000 sq ft of meeting and conference space.

Category: First Ward

Posted On: March 26, 2009 By: admin

UNC Charlotte recently released plans to build a fantastic building in Uptown Charlotte.  The estimated $50.4 Million dollar 12-story development will be constructed at Ninth and Brevard streets in the First Ward.  There will be a total of 143,000 Sq FT of mixed use space.

Construction starts this spring and is looking to open in late 2011.  The building will house the MBA program and Urban Design Studio.  Students will also be able to attend graduate level courses in engineering, health, human services, liberal arts, sciences and architecture. 

The building will also feature a 300 seat auditorium along with 7,000 Sq Ft of space for public receptions and events.  Currently the plans include parking garages, offices, apartments, condos, shops and restaurants.

Category: First Ward

Posted On: February 20, 2009 By: admin

If you ever wanted to see if living in Uptown Charlotte was it for you, now may be the time to find a great deal.  With the recent recession many owners have opted to take their units off the market and turn them into rentals.  What does this mean for the consumer?  Great Deals!

It’s a buyer’s market out there; it’s also a renters market as well.  Everything in Real Estate is open for negotiations, so be sure you negotiating the best terms possible for you.  Remember these numbers when you are negotiating on a rental lease in Uptown Charlotte.

Currently properties for rent as of February 20th, 2009:

First Ward Charlotte:   21 properties for rent ranging from $835 to $2,800 a month.
Second Ward Charlotte:  0 properties for rent.
Third Ward Charlotte:  34 properties for rent ranging from $850 to $2,600 a month
Fourth Ward Charlotte:  50 properties for rent ranging from $775 – $3,900 a month

These numbers don’t include the 230 rental units that are about to come on the market from The Catalyst Condos.

Current market conditions should also reduce the rent on many Uptown Charlotte apartment complexes.  I recently had a client who was looking to rent out a nice 2 bedroom 2 bath.  He started to give his 60 days notice to the apartment complex and they lowered his monthly rent by over $150 a month!

Not only can you find great deals on renting, but buying as well.  As the uncertain market conditions continue, many units are just sitting on the market with little or no activity to them.  Only 5 units were sold this December 2008 and only 4 units in January 2009.

Currently properties for sale as of February 20th, 2009:

First Ward Charlotte:  32 properties for sale ranging from $166,900 to $659,900.
Second Ward Charlotte:  13 properties for sale ranging from $250,000 to $5,000,000.
Third Ward Charlotte:  66 properties for sale ranging from $164,500 to $689,900.
Forth Ward Charlotte:  161 properties for sale ranging from $145,900 to $1,500,000.

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

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

Posted On: December 10, 2008 By: admin

Last night, the Charlotte City Council approved approximately $160, 000 for the Hall House in Uptown Charlotte, a homeless shelter for children. The Salvation Army hopes to raise an additional $300,000 to open the shelter by December 19, 2008, which is prior to the Charlotte-Mecklenburg winter break for students.
 
The shelter, which will be residence to at least 100 families with children, is located at North Tryon and 8th Street in the First Ward. Before becoming the Hall House, the children’s shelter was first built as a hotel, then operated as a residence for seniors and the disabled.
 
The Salvation Army and the Charlotte Housing Authority will be working on a security plan to maintain safety in Uptown Charlotte businesses and neighborhoods close to the shelter.

Category: First 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