The Park, a 25-story condo tower, back on track
For the second time in three weeks, a developer has
disclosed plans to build a condominium tower in Charlotte's center city.
Pete Verna, president and managing director of 222
S. Caldwell Street Partnership, said Tuesday he will start work in June on
The Park, a 25-story project sidetracked two years ago by the effects of
9-11 and a soft economy.
The 105-unit building -- to be constructed atop an
existing parking garage at Third and Caldwell streets -- will be uptown's
tallest residential tower and will include an unusual rooftop park.
Verna said that despite the economic slowdown, buyer
interest remained firm in the $43 million project, which he conceived
about four years ago.
With the economy improving, he was able to secure
financing and dovetail his plans with the new arena construction -- about
two blocks from The Park.
Charlotte Center City Partners President Tim Newman
had been anticipating the announcement since Boulevard Centro disclosed
plans last month for 16-story Courtside condominiums about a block from
the arena.
Fueled by buyers seeking to eliminate long commutes
and live closer to uptown's entertainment and employment hub, that
104-unit project sold out in about two weeks.
"There has been a desire on the part of a
number of developers for some time -- five to seven years in some cases --
to do high-rise living in the center city," Newman said.
High-density urban housing sprang up earlier in
large cities such as Atlanta, Boston and Chicago, but market forces that
drive condo towers are just now coming together in Charlotte.
The key factors, Newman said, are "phenomenal
demand, affordable financing and the right pieces of property."
In addition to being near the arena, due to open in
fall 2005, the towers will be close to a proposed entertainment center at
the old convention center site and convenient to the trolley, which could
start regular service by next month.
Construction of The Park and Courtside is expected
to be completed about the same time as the arena.
Newman anticipates more residential high rises, but
probably not at the density of cities like Atlanta "because we still
have the capability to build out as well as up" in the urban core.
About 8,500 people live uptown, where most condo and
apartment buildings now are fewer than 10 stories.
The Arlington, on South Boulevard just outside the
Interstate 277 loop, is 25 stories.
Verna used the time during the economic lull to
tweak the design of The Park, which originally had 21 more units.
Buyers sought larger units, he said, and the
redesigned space accommodates them. Prices start at $156,850 for a
506-square-foot studio.
Thirty-five units -- including two penthouses priced
at more than $700,000 -- are under contract to buyers who have held on for
two years, he said.
Verna expects the average sales price to be about
$381,000.
The building would include one-bedroom flats,
two-bedroom lofts and two- and three-bedroom condos of up to 1,859 square
feet. Buyers can select from 18 floor plans.
The Park will be built on top of a four-story
parking garage. The fifth through ninth floors will be private parking for
residents, and the 10th floor will accommodate mechanical systems and
residential storage units.
Floors 11 and up will be condos. A fitness center on
the roof will push the height of the structure to 25 stories.
The Park also is to include about 2,000 square feet
of street-level retail space.
Verna, a structural engineer and contractor, has
participated in construction of many of Charlotte's largest buildings.
And, he said, he incorporated that experience into The Park.
For example, Verna doesn't like heat pumps and
mechanical systems on top of tall residential buildings, robbing residents
of space they could enjoy.
So, inspired by a garden he saw on top of San
Francisco's posh Fairmont Hotel, he designed The Park's roof as a
residents' amenity including a skylight pavilion, gardens, walking paths,
a putting green and a swimming pool.
Also, relying on experience, he included trash
compactors instead of smelly trash chutes and windows that open for
cleaning from inside. Other features: terraces, solid cherry doors,
granite countertops and bamboo floors.
Charles McClure of McClure Nicholson Montgomery, the
project's architect, said the building would have granite, stucco and
brushed metal accents -- a nod to old-style Chicago architecture -- with
Charleston-inspired balconies.
AlexanderDavis Capital is the financial adviser and
World Group Mortgage is the lender.
Helen Adams Realty has opened a sales center on the
fourth floor of the parking deck at 222 S. Caldwell St.
Other project team members include Verna
Engineering, McKnight Smith Ward Griffin Engineers Inc. and The Design
Group, interior designers. Verna is negotiating with a contractor.
