News
WHAT’S THE NEXT THING IN CRE?
December 20, 2011
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| The sun hadn?t even risen over the yardarm, but Charlotte's real estate elite came locked and loaded to last week?s Bisnow Future of Real Estate summit. Argus Development Group's Tom Cluderay (a former Navy man, Vietnam vet, and panelist) told the more than 150 local CRE execs gathered that retail probably won't move until residential development gets in gear. Our distinguished panelists: Grubb Properties' Clay Grubb (he's a multifamily residential guy who is now making more money buying and selling properties than he is building them), our pal Tom, The Bissell Co's Barry Fabyan (whose company is building the largest spec office development in the country), Wells Fargo economist (and Georgia Bulldog) Mark Vitner, event sponsor Dixon Hughes Goodman?s Joel Flax (who moderated, and is also a former newspaper prep sports writer), and the City of Charlotte's Peter Zeiler, who works in economic development. | ||
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| We caught Wood Partners' Jamie Solesbee, Spectrum Properties'Trudy Dixon, and Greystar?s Marcie Williams enjoying the coffee, croissants, and conversation. ?The downturn is finally turning,? says Marcie, who works locally for one of the largest multifamily developers in the country. ?Any company that has been lucky enough to make it through the recession is in a good place right now,? Jamie echoed. | ||
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| Where is the growth going? The rapt audience listened as Peter said that growth corridors go where the transit is: the I-485 outerbelt, (tried-and-true) South Boulevard, and the undeveloped (and in some cases under-developed) land along the Lynx light rail line. Peter added that there have already been musings from (unnamed) developers interested in the (as-yet-unfunded) rail line proposed from Uptown to the University area. (That nine-mile link could cost almost $1B. That got their ears up.) | ||
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| Before the ?Big Shew? (for you youngsters, that's how Ed Sullivan used to talk 100 years ago, when we walked to school, uphill, both ways), Joel reminded us that Charlotte-Douglas International Airport, under the guidance of Airport Director Jerry Orr, is one of the city's best assets. We snapped Joel with Dixon Hughes? marketing manager Susan Ramsey. The Charlotte airport recently attractedChiquita, Joel said, but he also mentioned the lesser-known but no-less significant relocation of such companies as Electrolux. ?Charlotte is a destination that people want to move to,? Joel told us. ?What's the next thing?? | ||
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| The Keith Corp?s Alan Marshall said he decided to attend theBisnow conference to get a better handle on where the Charlotte region?s economic market is headed. ?The news is positive for retailers,? says Alan, who, with Keith?s Dave Osterhus, works with large-scale retail clients. Among the biggest retail challenges Alan sees: meeting today's value-driven consumers. Where do they go? Drug stores, gas stations, and the grocery, he says. |
