News
O, ONE CHARLOTTE, WHERE ART THOU?
May 16, 2011
 |
| Shelved permanently, so it seems. It was four years ago this month when Atlanta-based Portman Holdings, owner and developer of The Westin Charlotte convention hotel, announced plans for One Charlotte, what would have been one of the priciest and most luxurious condo towers in the Southeast. Sadly, the 40-story One Charlotte has collapsed under its own splendor. ?It's unlikely it will come to fruition,? says Portman?s Carey Owens. The project may have been a little over ambitious, and construction lending isn't what it used to be, Carey tells us. But it would have been a daisy. One Charlotte (the cost of which was never released) was expected to feature 99 units from 2,000 to 8,000 SF ranging from $1.5M to $10M. Local condo expert Wendy Fields of Cottingham Chalk Hayes (which isn't associated with the project) says developers are having trouble getting financing for projects of all kinds now, but particularly condo projects on the scale of One Charlotte. The city can offer up only so many sports stars and corporate execs with seven-digit salaries, she adds. ?There's definitely a market in Charlotte for some of that, but not a whole building.? |
