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Old 02-12-2016, 04:45 AM
 
Location: Greensboro, NC USA
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Looks like developer Marty Kotis has big plans for the Red Cinemas on Battleground Ave

http://www.bizjournals.com/triad/pri...n-the-map.html
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Old 02-12-2016, 09:57 AM
 
Location: Greensboro, NC USA
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Parts of the very long lofts style apartment building will be 8 stories with a 10 story section. This is a very unique project for Greensboro having a multiplex theater, restaurants, retail and residential in one compact complex.
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Old 02-12-2016, 11:34 AM
 
Location: Greensboro, NC USA
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Old 02-12-2016, 01:24 PM
 
Location: Greensboro, NC USA
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More renderings. Kotis says it will have more of a feel of a Four Seasons resort rather than just a n apartment complex with a nice weight lifting room. It will have 300 units.

The Lofts at Red






Last edited by gsoboi78; 02-12-2016 at 01:38 PM..
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Old 02-12-2016, 01:30 PM
 
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Good lord, that's a massive project. Not only would this add a massive amount of density in the "midtown" area, it would also have a pretty big effect on the skyline since it's probably a good 100' above downtown.

And I thought the only thing he was planning on building was the small commercial project in front of Battleground.
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Old 02-12-2016, 01:50 PM
 
Location: Greensboro, NC USA
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It shocked me too when I saw the renderings. I knew Kotis was considering some sort of apartment high-rise but I never imagined it being so massive. He's really playing in the big leagues now. Its like a Bellemeade Village for "midtown" However the quality of the design and amenities in this project appear to be superior over Bellemeade Village. This is probably what Bellemeade Village should have looked like. Even the exterior of the parking decks look great. Its designed by West and Stem Architects of Winston-Salem. They've done some great work across the country. They also designed the Charles Aris building downtown which in my opinion is the most attractive "modern" bulding downtown. Marty Kotis has also entered the downtown market and if he builds large scale projects like this downtown, Roy Carroll won't be the only developer building projects of this scope in the center-city. Its going to be some sight seeing this development in the foreground and Greensboro's skyline in the background from the Wendover Ave bridge over Battleground Ave.

Last edited by gsoboi78; 02-12-2016 at 02:26 PM..
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Old 02-12-2016, 02:54 PM
 
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Its hard to imagine the economics of this will support the cost of multiple parking decks. I wonder if he'll be approaching the city about incentives in order to make it happen.
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Old 02-12-2016, 03:01 PM
 
Location: Greensboro, NC USA
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I'm sure he has a lot more experience than yourself when it comes to development like Roy Carroll. This guy has years of experience as a developer. Greensboro is no longer the sleepy little southern town it once was. Greensboro is finally starting to become a real city and is transitioning into becoming an urban destination. The market and location is right for this project. It will sit nestled between downtown and upscale shopping options at Friendly Center. A number of breweries, shops and restaurants are nearby along the corridor. Leasing rates may be slightly higher than downtown. But consider rental rates downtown are already high and occupancy in downtown apartment complexes are above 90%. Most apartment complex elsewhere in the city are well below 90%. What does that tell you? There is a demand for upscale apartments in the downtown area. Marty Kotis has done his homework.

In addition to retail, restaurants and 10 stories of residential, Kotis said the project could eventually include a hotel.

Also here is an interview with the developer talking about his plans for this project and "midtown" in general. He envisions more midrises and tall buildings in the future as the district develops out.


https://www.youtube.com/watch?v=KefJeki4yEA

Last edited by gsoboi78; 02-12-2016 at 03:36 PM..
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Old 02-12-2016, 04:55 PM
 
Location: Greensboro, NC USA
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BTW the Business Journal reports that If Marty Kotis builds a hotel in this development, it would be even taller than the apartment building








Last edited by gsoboi78; 02-12-2016 at 06:20 PM..
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Old 02-12-2016, 06:52 PM
 
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Quote:
Originally Posted by gsoboi78 View Post
I'm sure he has a lot more experience than yourself when it comes to development like Roy Carroll. This guy has years of experience as a developer.
And I have more experience than you, lol. You really need to grow up and stop taking any perceived criticisms of G'boro as a personal slight aimed at you. It isn't, and its a ridiculous attitude.

In case you haven't noticed, Kotis hasn't actually committed to anything, nor to a specific timeline. He has a track record of taking a long time to get projects moving.

Quote:
Originally Posted by gsoboi78 View Post
Greensboro is no longer the sleepy little southern town it once was. Greensboro is finally starting to become a real city and is transitioning into becoming an urban destination. The market and location is right for this project. It will sit nestled between downtown and upscale shopping options at Friendly Center. A number of breweries, shops and restaurants are nearby along the corridor. Leasing rates may be slightly higher than downtown. But consider rental rates downtown are already high and occupancy in downtown apartment complexes are above 90%. Most apartment complex elsewhere in the city are well below 90%. What does that tell you? There is a demand for upscale apartments in the downtown area. Marty Kotis has done his homework.
That tells me there may be too many empty apartments in G'boro to make this project a reality. That's what it tells anyone with knowledge of real estate. And that's what it should tell you.
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