charlotte

More bad news for CNET founder Halsey Minor. We've been watching as he has divested himself of some of his art and real estate and now his long-stalled Landmark Hotel project in Charlottesville, Virginia is in major trouble. Minor Family Hotels, LLC, the official owner of the hotel, filed for Chapter 11 bankruptcy protection in federal bankruptcy court.

Minor made around $100 million from the sale of his technology company CNET in 2000 but he has spent quite a bit since then. In 2006 he bought a home in the Bel Air area for $20 million. In 2008 he put the home on the market for just $12.9 million and rumors were that much of the home was in disrepair. He eventually cut down the price to $11.4 million. It appears to be still owned by Minor and is not on the market. In 2007 he bought the Koshland mansion in San Francisco, an eight-bedroom mansion built to resemble Marie Antoinette's Le Petit Trianon and was reported to be spending $15 million to fix it up. Fox Ridge Farm, his 205-acre farm near Charlottesville, Virginia faced foreclosure twice but Minor eventually brought the mortgage current avoiding a second public auction in February 2010. The stalled Landmark Hotel project has remained in a state of partial construction for years.

In a press release Minor Family Hotels stated that it filed Chapter 11 "in order to more quickly resolve the burdensome lawsuits that have prevented it from completing construction and putting people back to work." Minor is fighting off a total of eight lawsuits involving the Landmark Hotel, in Georgia and Virginia courts. In the release, Minor says that he remains committed to seeing the project through.

A trial involving Minor, former Landmark developer Lee Danielson, the FDIC and Specialty Finance Group, the real estate financing company that was supposed to lend Minor $23.6 million for the construction of the hotel in 2008 was scheduled for November. Specialty Finance Group's parent company, Atlanta-based Silverton Bank failed in May of last year and was taken over by the FDIC. The Chapter 11 filing means that the trial is on hold. The loan for the Landmark is divided among multiple banks. Documents in the bankruptcy suit show 20 creditors. Some have criticized the Chapter 11 filing as just a stalling tactic and question whether the 100-room boutique hotel project will ever be completed.

Lately it seems that corporate art is spending less time in offices where only a few can delight and into museums where the art is on display for all. Bank of America's art will be on display at the new Mint Museum in Charlotte, North Carolina this fall. October 1 will bring "New Visions: Contemporary Masterworks from the Bank of America Collection" to the museum. It will showcase more than more than 60 paintings, sculptures, works on paper and photographs by American artists such as Robert Rauschenberg and Frank Stella. Ed Ruscha's Clockspeed is shown at right. Pieces date from 1945 to the present.

"(Charlotte) is (Bank of America's) headquarters and the Mint is the flagship arts institution," said Allen Blevins, senior vice president and director of the bank's corporate art program in a quote in the Charlotte Observer. "It's going to be a phenomenal show."

The Bank of America Collection is said to be one of the largest and finest in the world although the size and value are not known. The collection is focused on contemporary American art. The bank did not set out to collect art but it did collect banks. The art was acquired by banks in different parts of the country which were later acquired by Bank of America and so it includes artists from a variety of U.S. cities. The exhibit includes many large pieces, some of which haven't been seen on the East Coast before. The Observer article says that while the Mint had pick of the litter in assembling the exhibit, it was Bank of America that picked up the tab when it came to the many costs of staging the exhibit including crating and shipping. The Mint will keep the money earned from ticket sales. The exhibit is part of Bank of America's Art in our Communities program. From 2008 to 2010, Bank of America will have loaned more than 30 exhibitions to museums internationally.

Those suffering in the real estate market might take some comfort in the fact that they are in the same boat with former Bank of America chief executive Kenneth D. Lewis who has two homes on the market both now deeply discounted. Of course Lewis has an advantage most of us don't, a multimillion dollar retirement plan.

We previously covered Lewis's struggle to sell the South Carolina vacation home he and his wife bought with Dennis Thompson, founder and CEO of Charlotte, N.C.-based restaurant operator Firebirds International in 2002 for $3 million. This home has been on and off the market for the past couple of years and has been listed at $2.975 million since November 2009.

Today's estate is the home that Lewis and his wife Donna are trying to sell in Charlotte, North Carolina, the headquarters of Bank of America. The home has been on the market for around four months and has already had a major price cut of more than 20 percent. The Wall Street Journal's Private Properties reports that Lewis's wife, Donna, bought the four-bedroom home in 2003 for $1.7 million. The home in the Morrocroft Estates subdivision went through a major renovation in 2004. The four-bedroom home is on 1.27 acres. The master suite has his and hers dressing rooms and bathrooms. The home also has a chefs kitchen with paneled walls, three car garage and formal gardens. This home is now listed at $3.999 million.

NASCAR fans are eagerly awaiting the opening of the NASCAR Hall of Fame in Charlotte, North Carolina on May 11. The150,000-square-foot facility is a palace for fans of the sport that will showcase not only exhibits but also driving games and race simulators to give the fans a taste of real NASCAR action. Attendees can compete or take a turn announcing the race like a sports commentator. A replica track mimics the 33-degree bank at the Talladega speedway. The opening will include NASCAR greats in attendance including Richard Petty, Bobby Allison, Johnny Benson, Richard Childress, Brian France, Rick Hendrick, Dale Jarrett, Bobby Labonte, Rusty Wallace and Rex White. Tickets are $19.95 for adults and memberships start at $50 for adults.


[via NY Times]

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.

Guests visiting Bank of America's headquarters in Charlotte, North Carolina will soon have a more luxurious place to stay. As USA Today's Hotel CheckIn reports, the nation's largest bank is opening up a new Ritz-Carlton hotel across the street from its corporate headquarters.

The 18-story building will have a 12,000 square-foot penthouse wellness center, a street-side BLT Steak restaurant and 147 rooms including a 2,900 square-foot Presidential Suite. It will be the first LEED-designed new hotel in Charlotte, North Carolina and is being built for LEED Gold Certification making it the first green hotel under the Ritz-Carlton umbrella. The Ritz-Carlton, Charlotte at Bank of America Center is scheduled for completion in October 2009.

What happens when an executive gets a transfer and can't sell their house? In some cases, no need to worry, your company will buy your slow seller. Bloomberg tells the story of Barbara Desoer, who put her house in Charlotte, North Carolina, on the market in August for $1.675 million when she was named head of Bank of America Corp.'s real-estate unit, Countrywide Financial Corp., in Calabasas, California. She and her husband had bought the home in 2000 for $1.15 million. It sold in December, to Bank of America which has put the home up for sale for $1.295 million. A proxy statement reveals that Bank of America will cover costs associated with the sale of the Desoers' house, plus $1.5 million for costs on their new home in California and another $1.1 million for tax-related costs.
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The home is in one of Charlotte's priciest neighborhoods where the inventory of million-dollar homes on the market is very high. It would take years to sell just what is available now reports a local real estate agent. In Charlotte, which is home to Bank of America, home sales have been falling since June 2007. Wells Fargo & Co.'s purchase of Charlotte-based Wachovia, could mean more job cuts and more homes on the market.

The latest condo auction opportunity takes us to Charlotte, North Carolina. The Abbot is auctioning off 14 brand new condos starting with a minimum bid of $269,000 for condos valued around $500.000. The tri-level condos are located in Charlotte's South End. Each condo has a loft-style interior with the ground floor offering a live or work space with its own ½ bath, the second floor offers the main living quarters while the third floor has two bedrooms each with a full bath. Amenities include outdoor balconies, walk-in closets and modern kitchens. The majority of the auctions are sealed bid ending on October 30 but there is one furnished unit selling by online auction with a minimum bid of $329,000.

A new condo tower in Charlotte, North Carolina promise some of the priciest and most distinctive penthouses in the city. The 20-story Encore condo tower includes the Encore 5 – five 7,000-square-foot units priced from $4.5 million to $5.5 million which are pitched at five specific types of buyers: the art collector, the food enthusiast, the wine connoisseur, the technology buff and the consummate entertainer. So far, condos in the area haven't sold at this price but the developer behind the Encore believes that these five penthouses can sell because they are each aimed at that one special person who will love the idea. Each of the five penthouses will be specifically designed to incorporate the interests of the penthouse buyer.

The Encore project will preserve the 81-year old Carolina Theatre at North Tryon and East Sixth streets and offers three floors of office space, a restaurant level, theater lounge floor, an amenities floor for residents and a 1,400-seat auditorium for movies, live entertainment, charitable benefits and corporate events. The developer Jim Donnelly of Pursuit Group Charlotte told the Charlotte Observer that he has "contracts on nine units priced from $1.75 million to $5.5 million" and hopes to break ground this summer.

More proof that Nascar is big business comes in the plans for a luxury residential tower in Concord, North Carolina near the Lowe's Motor Speedway. The Arcadian will include penthouses, corporate suites and one-, two-, and three-bedroom units as well as a parking garage,conference rooms, a putting green, theater, fitness center, terrace pool, concierge services, shops and a signature restaurant. According to a report in the Charlotte Observer, buyers have sign contracts on 30 units since sales began in late November. The goal is to have the building ready no later than fall 2012 but that depends on sales. One Charlotte, the 40-story luxury building planned for downtown Charlotte, which we covered last May, has now been delayed. The tower will have 13 stories with 151 units priced from $395,000 to $3 million.

A new development will change the Charlotte, North Carolina skyline. One Charlotte is a luxury tower that will have 99 residences priced from $1.5-$10 million, The units, including two penthouse suites, range from 2,000 to 8,000 square feet. The 40-story tower has floor-to-ceiling glass and balconies that pinwheel around the facade to create an asymmetrical silhouette. The peaked crown will form a vaulted ceiling penthouse. One Charlotte residents will also have individual elevators with direct access to residence foyers, valet and private parking. The main entry will have works of art and be home to a full-service concierge. A24,000-square-foot terrace will form an outdoor living environment that includes a fountain, fire pit and a fully equipped outdoor kitchen for group gatherings. There is also a lap pool that will spill into a resort-style water feature, surrounded by Portman-designed cabanas. The building will also have a 10,000-square-foot fitness and spa club. A demonstration kitchen and a private dining suite will be served by an on-site chef service that will pre-prepare custom meals, and cold storage lockers will be available at the concierge level for on-site grocery delivery. Sales start in September.