Major Charlotte Construction Project Stalled

by Deidre Woollard (RSS feed)
Sep 1st 2009 at 9:01PM

Another condo project has stalled out. This one is in Charlotte, North Carolina. The VUE Charlotte is a 51-story uptown condo tower that recently stopped construction because the developer hasn't been paying the bills. The Charlotte Observer has an email to subcontractors from contractor R.J. Griffin & Co.'s senior project manager that says that Griffin had not been paid for work done in July and asks subcontractors to stop work. The $275-million-plus project is just one of many high-rise projects which sprouted up in uptown Charlotte over the past couple of years. Of around 20 projects announced only half a dozen have been completed others, have either been scrapped or halted mid-construction.

The developer says that between 55 and 60 percent of the tower's 409 units are under contract. Purchasers were expected to move in next summer. The building has a fitness area, wine cellar and an outdoor deck with a pool tennis court and dog-walking area. Units have been listed for between $319,000 and to over $2 million. The company must be pretty confident that the situation will be worked out. It is still planning a topping out party in September.

UPDATE: Debts have been paid and construction is set to resume on the project.

Tags: charlotte, condo, condo project, CondoProject, vue

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 1)

msrev10 Nov 19th 2009 5:31PM

Please advise me as to who and how to contact for information about availalbe condo's at the VUE. Is the project going ahead?
Are there models availalbe to see?
How can I find floor plans?

Many thanks
Rev. Barbara Miller