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The Vue spurs mixed opinions on Uptown condo market
By Sam Boykin CHARLOTTE — If you think of the Uptown condo market as the Wild West, then consider The Vue the last gunslinger standing. While other projects have fallen to the recession, The Vue remains the only condo under construction in Uptown. Dan McLean, president and CEO of Chicago-based MCL Companies, which owns the project, said the 51-story luxury high-rise will be finished this summer and residents will start moving in by fall. Although The Vue has managed to survive the plummeting real estate market, it’s had its share of setbacks. The project’s original developers, Churchill Development Group and Westminster Partners, sold it to MCL in 2007 after failing to gain financing. Last fall, construction stalled because MCL hadn’t paid the subcontractors. According to McLean, the lender, the London-based consortium Cairn Capital, had grown hesitant about the project because of the economy, but a revised deal was negotiated and construction resumed after about a six-week lull. McLean said the timing has actually worked to the developer’s benefit. When they start closing on the condos in late 2010, he expects to be the only Uptown project with new product.