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Old 09-01-2009, 04:00 AM
 
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According to the Charlotte Observer construction on The Vue, a 50 story skyscraper (one of two), being built in uptown Charlotte has stopped work. This is a luxury condo tower, like McMansions to space, built in the middle of a big parking lot. It's very obvious from I-77. Charlotte is starting to look like a bad sci-fi movie with this being the 3rd partially-built skyscraper in the skyline.

Sounds as the contractors have not been paid for a couple of months and hence, they are packing their bags and leaving. It might be some time before they start back work on this monument to the housing bubble. They only managed to pre-sell less than 50% of the units and it sounds as if most of those were years ago. Nothing in the last year. Sounds like the Pallisades and countless others in this price range.

Now the question comes, how much of this will the rest of us be asked to pay to cover this debacle? All taxes are going up and this seems to be one of the biggest reasons why.
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Old 09-01-2009, 04:56 AM
 
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we don't need the Vue to remind us... we have you and couponjack to hammer any optimism from us daily!

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Old 09-01-2009, 06:09 AM
 
Location: Matthews, NC
14,693 posts, read 23,136,361 times
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Quote:
Originally Posted by Native_Son View Post
we don't need the Vue to remind us... we have you and couponjack to hammer any optimism from us daily!
That looks shopped. I can tell from the Picksels.

I agree that our skyline is starting to look like a post-apocalyptic landscape.

Adding emoticon to denote sarcasm:

Last edited by bs13690; 09-01-2009 at 07:19 AM..
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Old 09-01-2009, 06:22 AM
 
Location: NE Charlotte, NC (University City)
1,894 posts, read 5,739,398 times
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Seriously folks? Post-apocalyptic?!?! I see one building 95% done and still moving (The Power Tower--one of the most unique looking buildings in our country--signifying progress, if you ask me), the Vue (stalled as of today, but not bad looking--unlikely that it will sit long given it's percent complete, but anything's possible), and then there's....ummm, The Park Condos?...no they don't count since you can't see that building on the skyline. I don't recall any others that are obviously stalled, scarring our skyline.

I don't see how "the rest of us" will be asked to pay anything to any stalled project. The City sure as hell doesn't go around bailing out stalled buildings (case in point, The Park Condos, at the City's front door). Sure, there's the lost tax revenue of 100 residential units (or however many the Vue holds)...peanuts in teh grand scheme of things. There are much bigger issues at hand causing tax revenue problems than The Vue shutting down.

I'm not saying put on the rose colored glasses (like I'm suspected of wearing--even though I hate John Lennon!)...but would it kill us around here to keep a semi-positive outlook on things and not compare our fine city to a "bad sci-fi movie?!?!"
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Old 09-01-2009, 07:17 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,676,091 times
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Quote:
Originally Posted by Native_Son View Post
we don't need the Vue to remind us... we have you and couponjack to hammer any optimism from us daily!
I'm an optimistic person, but I don't tell lies and sugar coat stuff (when I know its not true) like maybe you do. Things WILL get better in Charlotte but not for a long time. We are going to hear about more of this stuff happening for awhile.

Is this really any surprise? Commericial real estate as I've been saying is in trouble here and nationally. Some on here who I've argued with think the commercial real estate market is about "normal" uptown right now....yeah right.

Count the # of big projects that have had financing trouble here...

I saw the guys yesterday take their tools off the site and leave....this is not good for several subs I deal with.
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Old 09-01-2009, 08:26 AM
 
Location: Crown Town
2,742 posts, read 5,995,487 times
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Quote:
Originally Posted by Metallisteve View Post
Seriously folks? Post-apocalyptic?!?! I see one building 95% done and still moving (The Power Tower--one of the most unique looking buildings in our country--signifying progress, if you ask me), the Vue (stalled as of today, but not bad looking--unlikely that it will sit long given it's percent complete, but anything's possible), and then there's....ummm, The Park Condos?...no they don't count since you can't see that building on the skyline. I don't recall any others that are obviously stalled, scarring our skyline.

I don't see how "the rest of us" will be asked to pay anything to any stalled project. The City sure as hell doesn't go around bailing out stalled buildings (case in point, The Park Condos, at the City's front door). Sure, there's the lost tax revenue of 100 residential units (or however many the Vue holds)...peanuts in teh grand scheme of things. There are much bigger issues at hand causing tax revenue problems than The Vue shutting down.

I'm not saying put on the rose colored glasses (like I'm suspected of wearing--even though I hate John Lennon!)...but would it kill us around here to keep a semi-positive outlook on things and not compare our fine city to a "bad sci-fi movie?!?!"
I agree with this. Just go ask The Park developer if the ďrest of usĒ were asked to bail him out. And as you said, The Park is the only unfinished building uptown. I think the OP is thinking of 210 at the EpiCentre, which never started construction.

There is a lot of optimism to consider in Charlotte now though. The supply of new homes is back in line with historical levels now. Itís just the condo market uptown that has a massive oversupply. Which I think may be another problem for The Vue. Itís one thing if this project gets finished, itís another to have folks try and close on their contracts they signed some time ago. Weíll see, but I donít see this as a major problem, not when the housing market in general appears to be improving, just a minor setback for uptown though.
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Old 09-01-2009, 08:40 AM
 
Location: "The Gorge"
905 posts, read 3,069,061 times
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Which article did you read? The one I am seeing says 55-60% of the units are pre-sold. http://http://www.charlotteobserver.com/408/story/920257.html (broken link)

I am trying to figure out which is the 3rd unfinished skyscraper.
1. The Vue
2. Epicenter Condo's. Which is basically some pillars sitting on top of the Epicenter entertainment complex. It never went vertical. Not sure if I would call that an apocalyptic vision.
3. The Park. Has been sold and will be completed. Park condos get a buyer - CharlotteObserver.com (http://www.charlotteobserver.com/business/story/895556.html?q=The+Park+Condos - broken link)

Increased taxes due to failure of residential construction projects? I hardly think so. Have you heard the news about the economy? It has not been so great the past 18 months or so. Cities, counties, and states generate taxes from sales, and employment taxes among other sources. Unemployment has been over 10% for awhile now. Homes are not selling, people are not buying as much. As a result you have a huge shortfall in revenues for towns, cities, and states. So they have to find another way to generate revenue. Unfortunately for us it is higher taxes. But to say our taxes will go up because The Vue stopped construction defies logic.
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Old 09-01-2009, 09:02 AM
 
Location: State of Being
35,885 posts, read 67,179,255 times
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IF credit had not dried up, I would suspect things would be moving forward. As soon as folks can get lines of credit back, the project will be on again. The owners may have to reconfigure interiors and cut back on some of the high dollar items in order to lower the prices some on the units, but it won't sit there half-constructed forever. Work will start back eventually.
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Old 09-01-2009, 09:10 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,676,091 times
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Quote:
Originally Posted by anifani821 View Post
IF credit had not dried up, I would suspect things would be moving forward. As soon as folks can get lines of credit back, the project will be on again. The owners may have to reconfigure interiors and cut back on some of the high dollar items in order to lower the prices some on the units, but it won't sit there half-constructed forever. Work will start back eventually.
I agree it won't sit there 1/2 constructed, however it takes a good amount of time to VE (value engineer as we call it in the trade) high dollar items and cut back. You have to go through approvals, submittals, etc...its takes quite a good deal of time. How about the stuff that's been purchased but not installed?

My point is that every deviation from the original plan takes time away from completing the project. When material sits, the warranty clock doesn't stop in most cases. Everything is affected which drives up the cost of the project.
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Old 09-01-2009, 09:15 AM
 
Location: Matthews, NC
14,693 posts, read 23,136,361 times
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Perhaps this is a selfish thought but with that construction stopped, my commute home is a lot easier. I was always stopping for them to get some equipment out.
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