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April 25, 2005
UPTOWN LIVING
Fifth And Poplar going condo for sure
DOUG SMITH
Fourth Ward's 304-unit Fifth And
Poplar Apartment Homes is going condo.
Confirming recent speculation, the
developers said Wednesday they are notifying renters of the conversion
plan and offering them the opportunity to buy their units.
Condos, ranging from studio-size
765 square feet to three bedrooms and 2,800 square feet, will sell from
just under $200,000 to more than $1 million.
The 550,000-square-foot apartment
complex is only 2 years old, but demand for center-city housing is so
strong the owners say experience tells them now is the time to act.
Spectrum Properties, which is
spearheading the project, also is converting a 31-year-old office building
at
230 S. Tryon St
.
About 90 percent of the 110 units
sold in a week, and the others were gone within 30 days, officials said.
"What really brought it to
the forefront at Fifth And Poplar was the response we had at 230
South Tryon
, said John Gray, president of Spectrum's residential division.
The 13-story building was one of
seven high-rise condo projects totaling nearly 1,700 units announced or
started uptown since early 2004.
The resurgence in center city
living is part of a nationwide trend fueled primarily by young
professionals and empty nesters seeking to live near urban entertainment
and amenities.
Some of
Charlotte
's announced projects won't open for two or three years, which prompted
Fifth And Poplar to plunge into the market ahead of them.
"You can see our product now,
and it will take only 30 to 45 days from contract to closing and
move-in," said Darryl Dewberry, Spectrum's chief executive officer.
Gray said the apartment building
and its common areas were constructed with amenities that would appeal to
condo buyers in anticipation of conversion.
In recent months, condo converters
have scoured the center city for opportunities to take advantage of the
sizzling interest in urban living.
Real estate watchers expect to see
others soon, especially in South End, which is on the trolley and future
light-rail lines.
Fifth And Poplar is
Charlotte
's largest apartment-to-condo conversion in number of units in at least a
decade.
Amenities in the building include
a business center, a cyber cafe, a game room with a billiards table, a
fitness center, a pool and a 1-acre outdoor plaza.
The building also houses a Harris
Teeter supermarket and other service-oriented retailers.
During the conversion, apartments
will be upgraded as they are sold, Dewberry said. Depending on demand,
some smaller units might be combined to form large condos, he said.
Planned improvements include
granite countertops, new fixtures, stainless steel appliances,
smooth-finish ceilings, new carpet in bedrooms and hardwood flooring in
certain areas.
Buyers will be able to select
finishes and upgrades individually for their unit.
The conversion entity -- Fifth And
Poplar Associates LLC -- includes Spectrum principals and WAFRA Investment
Advisory Group of
New York
.
Dewberry estimated the value of
the project after sellout will be about $100 million. The county lists the
current assessed value of the building and land at
300 W. Fifth St.
at nearly $38 million.
The developers said they're going
into the project with a list of 500 prospective buyers. They generated
names from the 230
South Tryon
sales center. Others came through calls generated by conversion
speculation.
Fifth And Poplar renters will have
30 days to decide on purchasing. After that, Dewberry said, the apartments
will become available to the public.
As word of the conversion spread
Wednesday afternoon, some renters said they were upset they would have to
move. Gray said speculation prompted others to ask how soon they could buy
their units.
Typically, developers say, few
renters buy when their apartments are converted, but Gray hopes Fifth And
Poplar will be an exception based on its amenities and proximity to
uptown's nightlife, restaurants and businesses.
The complex is about 95 percent
occupied, he said.
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