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Commercial Real Estate

March: Homebuilding comes in like a lion


New home starts in Mecklenburg County for 2013 continued their surge in March, as did new home prices. As of March 31, the county had issued 834 building permits for the benchmark detached single-family home. That’s up nearly 33 percent over the first three months of last year, according to an analysis of county records.

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The South will rise (maybe) (access required)

The old power house on the Rock Hill Printing and Finishing Co. plant site in Rock Hill's textile corridor is being reimagined. (photo by Tony Brown)

At the southern tip of a thriving metropolitan area, Rock Hill seems like a little neighbor, a quiet old mill town turned Charlotte suburb. But 22 of the upper South Carolina city’s public and private sector leaders are thinking big, new and loud.

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Managing to make a profit (access required)

Andrew Laing (right) and Steve Gassaway launched Cassidy Turley's product and services development division two years ago this month.  Photo by Payton Guion

The way things used to work: A Cassidy Turley client would have an office space renovated, but wouldn’t think about furniture until just before moving in. The result: Hastily ordered furniture that would have fit perfectly in the old space, but looks as out of place in the new as boulders in a bathtub.

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NoDa-bly different (access required)

Construction is set to start next week on The Yards at NoDa, on 10 acres behind the Johnston YMCA. Photo by Payton Guion

The tattoo parlors, art galleries and bars served as the inspiration from which Gvest Partners drew its apartment design.Over the past decade, the community called NoDa, centered at the intersection of 36th and North Davidson streets, had successfully transitioned from one of Charlotte’s biggest mill centers into the city’s arts district.

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Renovation Report: TCBY Davidson (access required)

TCBY in Davidson replaced a failed yogurt shop and held its grand opening on Saturday. Photo by Payton Guion

When Sam Batt was looking for space to add a TCBY store in Davidson, he didn’t have to use much imagination. With frozen yogurt stores popping up like Internet ads, Batt, a TCBY franchisee, was able to find a storefront at 610 Jetton St. in the space of a former Red Mango, yet another frozen yogurt shop.

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Council approves rezoning for exterior signs on the Charlotte Knight’s ballpark (access required)

Rendering courtesy Charlotte Knights

Down to their third strike Monday night, the Charlotte Knights rallied and won the Charlotte City Council’s approval of a rezoning that will allow signage on the exterior walls of BB&T Ballpark. The 10,000-seat, $54 million ballpark is under construction on 8.42 acres surrounded by Graham Street, West 4th Street, Mint Street and Martin Luther King Jr. Boulevard. Opening of the park is about a year away.

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Praise the land use (access required)

This rendering for the transformation of the Palace movie theater into a new Elevation Church worship center was approved last week by the Cornelius Architectural Review Board. Courtesy of the town of Cornelius

A proposed $6.5 million renovation of a former movie theater into the latest location of a Charlotte-area megachurch and a 210-unit Class-A apartment complex next door could breathe new life into the moribund Kenton Place mixed-use development, the principals behind the separate projects assert.

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Commercial Confidential: NorthPointe Executive Park

Despite a lack of submarket demand, NorthPointe Executive Park has only about 4 percent vacancy. Photo by Payton Guion

In terms of demand for office space, Downtown and SouthPark dwarf the North submarket, which paradoxically pays off for NorthPointe Executive Park. Northern Mecklenburg County is home to Northpointe, and John Ball, a senior leasing agent with Charlotte-based Trinity Partners, said, “There’s not as much deal velocity in that submarket” as in Downtown and SouthPark. “Landlords (in the North submarket) have to really get in there and make deals happen because you don’t know when the next deal might come through.”

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