Office Development in Charlotte Essays

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PROJECT OVERVIEW:
According to market research and investment professionals, the slow real estate recovery should continue in 2013 and onto 2014. Quick wins and fast returns are still a bit away so investors must be more calculated and patient. This is where we developers come in. We have done the patient calculations and investment analysis for you. Returns are still attractive as real estate assets will outperform fixed-income products. However, the returns can be more attractive when you can get in on the ground floor and capture more upside. There is tremendous opportunity when you can be an investment leader. We have located the perfect property, for the perfect asset, in the perfect business cycle.
We have located 1.7 total acreage to use, UMUD zoned, in the Uptown area of Charlotte’s Third Ward. It is inside the I-277 beltway with I-77 exposure. It is a diverse, turn of the century neighborhood home to Bank of America Stadium and Johnson & Wales University. It is adjacent to Gateway Village, one of the state’s largest mixed-use developments of office, shops, and restaurants. It has easy access to Charlotte’s Area Transit System including the Gold Rush, free shuttle service, the Sprinter, airport shuttle, and all CATS buses. It is also nearby the nearly completed “Ballpark Neighborhood in the Third Ward” It will be a place like no other in Charlotte. The new vibrant area will bring together a new state of the art AAA baseball park with nearby existing sports facilities, new sports themed retail shops, restaurants and bars, new park and green spaces, new residential developments, and a transit station that will be a national hub and an example for the rest of the country.
Office space in this distinct location would be the most preferred real estate investment. The office development will be a 15-story state of the art Class A building. It will be constructed with the vision of the ever changing needs of employers and demands of sustainability. Therefore the office will be built with more flexibility. Information, mobility, and quality of shared space will be important features. It will be built with LEED certifications and be a leader in today’s green conscious environment. In addition to capitalize on the location will be a premier rooftop entertainment lounge. Not only does it present an opportunity of prestigious brand marketing, but it also generates revenue, and satisfies the retail portion of the zoning ordinance.
The investment potential of real property is influenced by the timing of its existence in the business cycle. It is then multiplied by the specific submarket it resides within during that business cycle. The four business cycles are as follows: Recovery, Expansion, Hypersupply, and Recession. The CBD office is located in the recovery phase. According to Integra Realty Resources, it is the second most preferred real estate investment sector after multifamily. However, upon planned completion of our project, multifamily is expected to be over supplied. This leaves the timing of office buildings in the CBD as the prime real estate investment. It will be climbing through the Recovery phase and capturing returns based on growth during the Expansion phase. Moreover, the office space in the CBD of Charlotte is especially unique due to the lack of competition. The vacancy rates are at dangerously low rates and there is little to no new construction planned for office space.
Ownership of the land is one of the most basic things to consider when planning a development project. Too often, ownership of land is overlooked or not dealt with until the construction phase of a project. It is an important part of our initial planning phase. This will avoid delays or serious legal problems further along the development process.
The land is owned by the Bank of America and is represented by the Commercial Real Estate Broker, Lincoln Harris. A purchase and sale agreement was drawn up
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