Uptown – Page 10 – New Angle Realty

March 20, 2016September 21, 2016

New beer and music hall coming to Uptown

A new place is opening in uptown that is sure to be the best new spot for happy hour beverages or weekend afternoons with friends. The same creative business minds that brought Angry Ale’s, Draught, Libretto’s, Prohibition, Neighborhood Theatre and Pint Central to Charlotte, are working together to bring “Flight” to the Queen City.

Flight will be a “North Carolina-centric traditional beer and music hall,” slated to open in early April in the old Republic space, right next to the popular Bar Charlotte. The new venue gets its name from the phrase “First in Flight,” which you can find on every North Carolina license plate, really driving home the state-centric idea. In addition to state pride, the bar also promotes a commitment to the local community and economy. It strives to keep money in the Queen City, and gives Charlotte consumers another way to do this, by offering an environment in which to imbibe and enjoy themselves. The local craft beer scene has really renewed the desire to keep it local, from beer, to restaurants, to music.

Flight aims to offer a laid-back, neighborhood vibe without dress codes or dance parties. The beer will certainly be a focus, with 80 offerings on tap, including all of the Charlotte staples and other Carolina brews, like Wicked Weed from Asheville and craft brews from Raleigh and Wilmington. There will be food to complement the wide range of beers, with a traditional beer garden menu, including homemade brats.

The music will be diverse, and will include a house band and local groups performing weekly, as wells national acts performing a few times a month. The venue also plans to have open mic nights on the schedule for up-and-coming local singer/songwriters.

For more details on Flight and the entrepreneurs behind it, check out the article at charlottefive.com.

March 17, 2016March 17, 2016

Developer scratches 1Brevard

A previously released rendition of 1Brevard tower.

The developer of the 30-story condominium high-rise at Fourth and Brevard streets has canceled plans for the building citing low pre-sales, according to a notice posted on 1Brevard.com.

The 174-unit building was tentatively scheduled to be completed in late 2017 and would have been the first condo tower built since the market crash in 2008. More than 4,000 square feet of ground-level space was going to be donated to McColl Center for Art + Innovation for a gallery. The development also included plans for a small park/green space.

According to the 1Brevard announcement, the group marketing the project found there was not a big enough pre-sale market to support a project of this scope.

Gundolph LLC, the developer on the project, was a collaboration of Greg Rudolph of RTG Holdings and Robert Gunn of Gunn Financial. The residential tower was due to have residences priced from $400,000 to $7 million for the penthouse unit.

“The developers are considering alternative uses for the property. It is their expectation that these alternatives will work to the benefit of Uptown and fulfill unmet needs of the City of Charlotte,” the 1Brevard announcement stated.

While the condominium market may not be ready for a project of this scale, the Charlotte/Uptown apartment market is booming.

According to a Real Data report, there are more than 12,000 apartments under construction in the Charlotte area with average rents exceeding $1,000 per month. Uptown has the highest average rent of a Charlotte area at $1,694, according to Real Data.

For the full scoop on the apartment boom, see the Charlotte Observer report.

March 14, 2016March 14, 2016

At home in Uptown: Fifth & Poplar

The housing market is alive and well in Center City. If you work Uptown and think you could not possibly afford to call it home then Fifth & Poplar’s prices might surprise you. Living within walking distance to work and play definitely improves quality of life!

Its great location is in the heart of Uptown, just 2 blocks from Trade and Tryon and in walking distance to Discovery Place, EpiCentre, Bank of America Stadium, Knights stadium and all things Uptown entertainment. For more green space, Fourth Ward Park is just across the street.

For pet lovers, Fifth & Poplar does allow pets – but only 2 per unit. There is a small dog park area in the courtyard and mulched areas around the building for walking dogs.

Fifth-and-Poplar-Kitchen — A renovated kitchen in a Fifth & Poplar residence.

Formerly a rental apartment building, Fifth & Poplar was converted into 300 condominium units in 2006. The 8-story building’s entrance faces the intersection of Fifth and Poplar streets, while the property wraps around the entire city block surrounding a 1-acre residents green space, pool and putting green.

The resort-style property has a variety of on-sight conveniences like a Harris Teeter, Versa Salon and Spa, a full-service Aveda salon, dry cleaners, nail salon, building-wide Wi-Fi service, cyber cafe with brewed Starbucks coffee and a 24-hour fitness center. The building also has full-time maintenance staff and concierge services. Residents also get designated parking spaces.

Granite countertops, hardwood floors and stainless steel appliances are standard in most of the residences. Many residents have made upgrades to kitchens and baths. All the residences have sizable balconies from which residents can enjoy the views of Uptown.

Homes are priced in the high $100,000s for studios to $1 million-plus for penthouse units. Square footage ranges from 550 square feet to 2,400 square feet.

There are currently 15 Fifth & Poplar units for sale, 9 of which are under contract as of March 13.

There are several units of more than 1,000 square feet on the market as well as smaller studio residences.

The average sales price of a Fifth & Poplar residence is $276,371 or nearly $273 per square foot during the last 12 months. Approximately, 1.8 homes sold each month during the last year for a total of 22 residences sold during the last 12 months for an average of nearly 98% of list price.

At an average of 1.8 units sold per month, the current listings give the property about 8.6 months of inventory. Nearby 230 South Tryon, which sells at a much higher price point, has 6.7 months of inventory. The average for Charlotte is 3.7 months.

The highest and lowest sales prices during the last 12 months were $340,000 and $194,500, respectively.

With the Blue Line light rail expansion in full swing and a bustling nightlife, Uptown has never looked better!

February 15, 2016

At home in Fourth Ward: Ivey’s Townhomes

With the building boom going strong Uptown and the trend toward more urban, walkable space, now is the perfect time to consider a Center City address. One of the more affordable Uptown addresses is in Ivey’s Townhomes at 127 N. Tryon Street.

The building, completed in May 1924, has a rich history as the former site of an Ivey’s department store location. The six-story building was renovated in 1995 and now consists of 66 condominiums and ground-level shops and dining.

Residences in Ivey’s range from 1,000 square feet to 4,000 square feet and are priced from the $200,000s to more than $1 million.

Besides walkability, there are perks to living in an upscale condo building Uptown. Ivey’s has 24-hour concierge and security and private, secured parking.

The condos have hardwood floors, large floor-to-ceiling windows and contemporary designs with high ceilings.

Currently, there are 2 units available in the building. Both are third-floor, 2-bed, 2-bath homes priced at $375,000. One of the homes is under contract as of Feb. 14.

In the last 12 months, 4 units have sold in Ivey’s for an average sales price of $367,300 and an average price per square foot of $234.

The Avenue, a newer 36-story residence in the Fourth Ward, has 20 residences for sale as of Feb. 14. That is approximately 5.6 months of inventory for that building. Ivey’s has 8 months of inventory.

Fourth Ward is in the northeast quadrant of Center City. Its boundaries are Tryon and Trade streets and the 277 business loop.

Fourth Ward is home to Discovery Place, Gateway Village and the Fillmore. Ivey’s is walkable to a myriad of Uptown locations such as the EpiCentre complex, Blumenthal Performing Arts Center and Time Warner Cable Arena. The light rail makes the rest of the Uptown and South End very accessible.

February 5, 2016February 5, 2016

Walkable urbanism leads the way

Construction started this week on a new apartment complex along the light rail route as part of the Blue Line’s extension.

Three hundred seventy-six apartments are planned at the corner of North Tryon and the I-85 connector road, according to a Charlotte Observer report.

Carolina States Regional Building is developing the apartments and raised some of its funding from Chinese investors as part of a program that allows the investors to get green cards for investing $500,000, the report said.

These apartments, that will be within walking distance of the light rail, are just the latest in a long line of projects slated for the Blue Line extension project.

There are plans for 1,900 apartments in total along the 11-station extension project, as well as retail and office space. The light rail extension is slated to be functional in 2017. For a full breakdown of what is happening along the Blue Line, see The Charlotte Observer report.

This latest groundbreaking comes just a day after real estate experts gathered Uptown for a symposium sponsored by the Real Estate & Building Industry Coalition.

Experts like Synco Properties President Tim Hose and developer and real estate consultant Chris Leinberger agreed that walkable urbanism and mixed-use developments are the future of real estate development.

Changing demographics and lifestyles have pushed market demand into more urban areas of the city. The trend is toward people remaining single or marrying later in life and having fewer children at home. People are also driving less and willing to pay more for what amounts to less living space, according to Leinberger.

Waverly on Providence and Synco’s planned redevelopment of The Colony apartments are prime examples. Skye Condominiums in Center City and The Ratcliffe are also technically mixed-use projects, having designated retail space on the ground floors.

According to an Observer report, city officials are hoping the trend catches on in areas that have been neglected, specifically citing the 80-acre tract of land where Eastland Mall once stood and revitalization of some tired suburban areas.

The business of building is booming in the Queen City. If you follow the trends, then take a look at these Uptown listings.

February 1, 2016

Report: Uptown home values outpace burbs

Home values in urban Charlotte rose more than home values in the outlying, suburban areas of Charlotte last year.

Online real estate company Zillow reports that urban Charlotte home prices rose by 6.4%, while suburban prices were up just 6% over last year.

The trend, Zillow reports, is nationwide due to young professionals choosing living locations closer to jobs rather than settling down in the suburbs so early.

Nationally, suburban home values were up 5.9% in 2015, while urban homes gained 7.5%. In 1997, the trend was reversed and suburban growth outpaced urban, 4.1% to 3.8%, respectively, the report said.

“This trend, in part, reflects home buyers’ changing preferences, as they seek amenity-rich, dense and walkable areas that are often closer to their workplace,” said Zillow Chief Economist Dr. Svenja Gudell. “In the future, this lifestyle trend will change some suburbs as we know them, and they’ll start to feel more urban as buyers move further from city centers in search of affordable housing in communities that still feel urban.”

Young buyers are willing to trade space for convenience. That’s a good thing, because those larger, suburban homes are costing more than urban spaces right now. Zillow reports the median price of a home in the Charlotte suburbs is $186,922, while median price of an urban space is $170,506.

Construction is booming around Uptown right now, and the Chamber of Commerce just reported in its “New and Expanded Business” report released Jan. 29 that homes sales in 2015 increased 8.8% over year-ago figures.

“Pent-up demand” also pushed closing prices up 5.1%, according to the Chamber report.

There are more than 60 projects ranging from apartments, hotels, mixed-use, office space and residential towers going on around the Queen City, many of which are happening in Center City and will bring more people Uptown.

Follow the boom in the Charlotte Business Journal’s “Crane Watch” report and interactive map.

If you want to follow the trend and move Uptown, there are spectacular homes available in Skye, The Ratcliffe and 1 Brevard. There has never been a better time to live in Center City!

January 14, 2016January 14, 2016

Destination Uptown: Housing, entertainment on the rise

If you lived in Charlotte in 1994 then you might recall the Final Four coming to the Queen City. In an effort to liven Uptown, which became a veritable ghost town after 5 p.m. and completely lacked a pulse on weekends, the city erected pop-up entertainment venues for visitors.

The Final Four lit the proverbial match under the city to start thinking about creating a thriving downtown area. Since then, it’s been a whirlwind of growth.

The city has lost and regained its NBA team and added an arena for the minor league baseball team. Housing, restaurants and entertainment venues have grown in leaps and bounds.

According to the 2015 State of the Center City report, there is more than 300,000 square feet of retail space in planning or construction stage; more than 1,600 hotel rooms in planning or construction; and 28 residential projects planned or under construction.

There are now more than 232 restaurants and clubs Uptown. Upscale Essex Bar and Bistro is set to open in March at 101 S. Tryon. Just this week ground broke on a new 22-story hotel tower to rise above the entertainment and dining complex EpiCentre.

According to the city’s report, the population of South End and Uptown has grown more than 300% for residents ages 20-34.

There are currently 159 residences listed for sale in Uptown, including 4 single-family homes in First, Third (2) and Fourth wards.

Thirty-two of the listings are for pre-sales for space in the new 1Brevard condominium tower that is still in planning stages at the corner of Brevard and Fourth streets. The 174-unit building will include one-, two-, and three-bedroom condos ranging in size from 687 square feet to 3,197 square feet. Prices start in the $400,000s and exceed $1.5 million.

The newest mixed-use housing tower SKYE condominiums has 13 units available, including one of its two nearly 3,800-square-foot penthouses for $2.35 million. The other units range from 2,077 square feet listed for more than $918,000 to 848 square feet for $315,000. Four of its smaller units are already under contract.

Two of the more established housing towers, Courtside and The Ratcliffe, have a combined 17 spaces available. Courtside, which, as its name implies, is situated adjacent to Time Warner Cable Arena, was completed in 2006. The 10-story Ratcliffe was completed in 2002 and is attached to Overstreet Mall and overlooks The Green park space on Tryon.

The housing growth continues rising to meet the demand of people who want to live and work in Uptown. Gone are Charlotte’s days as a 9-to-5 city!