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Major Charlotte Construction Project Stalled

Filed under: Real Estate Developments

charlotte vueAnother 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.

Bank Of America's New Green Hotel

Filed under: Journeys, Green

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.

Bank Of America Buys Exec's Slow Selling Home

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.

Condo Auction in Charlotte, North Carolina

Filed under: Auctions, Real Estate Developments

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.

The Encore 5, Five Condos For Five Hobbies

Filed under: Real Estate Developments


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.

Vrroom, Vrroom, Luxury Condos Planned Near Speedway

Filed under: Estates, Sports


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.

One Charlotte

Filed under: Estates


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.


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