THE VUE
Fourth Ward tower is a go
Developers of 50-story project buy property
DOUG SMITH
The developers of The Vue, a 50-story condo tower planned at Fifth and
Pine streets in Fourth Ward, have purchased their nearly 1.5-acre site.
The $7 million transaction closed Tuesday.
It's a crucial step for the 403-unit project, which was announced
almost two years ago.
"What this means is it's a go," said Charlotte residential
real estate analyst Emma Littlejohn of The Littlejohn Group. "You
don't buy the land and up the investment unless it is."
Demolition of an existing building and site work are to start in 30 to
60 days, and tower construction is get under way by early second quarter,
said Hope McCampbell, The Vue's vice president of marketing.
Negotiations are under way with Turner Construction Co. to be the
contractor. The Vue is to be completed by 2010.
In Charlotte, the high-rise residential boom is a relatively new
phenomenon.
The surge occurred so quickly -- 18 projects announced in 3 1/2 years
-- that real estate watchers have become concerned that not all of them
will be built.
That's why when one makes progress, the entire market benefits,
Littlejohn said.
"This is a big step for The Vue and other projects," she
said. "It's confirming the depth and velocity of the downtown
market."
So far, two residential high-rises have been completed and five are
under construction.
The Vue's developers, Churchill Development Group and Westminster
Partners, applied last fall for a building permit.
McCampbell said they're preparing to go back into the permitting
process for some minor revisions before construction starts.
The developers don't disclose sales, but McCampbell said they're happy
with the progress.
Prices at The Vue, which will have 6,000 square feet of street-level
retail, range from the low $200,000s to the millions for units with
floor-to-ceiling glass.
Construction is under way on the EpiCentre mixed-use site at College
and Trade streets for 210 Trade, uptown's other 50-story condo tower.
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