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In The News

Charlotte - New Condo Tower Planned For Uptown
by Doug Smith
December 27, 2006

Charlotte developer David Furman of Boulevard Centro has finalized plans for a 25-story condo-hotel next to the Charlotte Bobcats Arena, extending uptown’s run of condo and office towers reshaping the skyline.

He plans 117 condos atop 155 boutique hotel suites in an estimated $56 million project called Concourse.

Boulevard Centro would like to start construction by summer and finish in spring 2009.

The city has agreed to sell the company a one-third acre parcel on the Caldwell Street side of the arena, but the City Council still must approve an amendment in January reducing the price and clearing the way for the sale.

Furman, who won the right to buy the land in January after a bidding competition, is seeking a reduction from $2.5 million to the appraised value of $2.1 million, said Tom Flynn, city economic development director.

The council is expected to go along with the deal.

The city believes it’s fair, Flynn said, because of the additional expense Boulevard Centro will encounter in putting a parking deck for hotel guests on top of the arena’s loading dock.

Also, he said, the city likes the plan and has confidence in Furman’s ability to get it done.

Boulevard Centro has completed the 17-story Courtside condos on Caldwell Street, and is working on 28-story TradeMark on West Trade Street.

Furman said the company became interested in the arena property about a year ago. After contracting to buy the challenging site, he plunged into designing a building that would fit.

He said the location next to the arena and near the planned EpiCentre entertainment complex, the courthouse and a proposed Brevard Street stroll district seemed ideal.

The hotel operator, LodgeWorks of Wichita, Kan., also was impressed with the site, he said.

The planned masonry, metal and glass building will have a ground-level lobby with a restaurant, bar and other amenities for both residents and hotel guests.

Residents would be able to use a pool on the seventh-floor terrace, a fitness center and a meeting room with a 15th-floor terrace.

Condo owners also could use the use services of the hotel, including housekeeping.

The condo floors, which start at 17th level, will give residents an unobstructed view of the skyline over the top of the arena.

Furman said the condos were priced to satisfy a shortage in the most popular uptown price range. Units at Concourse will sell mainly from about $180,000 to $300,000.

The average condo size will be about 660 square feet, but the building will have 25th floor penthouses of roughly 1,300 to 1,400 square feet each.

The average price of penthouses will be about $700,000.

Furman said every unit will be furnished with a flat-screen TV, refrigerator and washer/dryer.

Boulevard Centro began contacting a list of prospective buyers this week, and so far has reservations on 25 units.

Concourse likely will appeal most to young, single professionals who have helped fuel 14 other high-rise residential announcements in the center city over the past three years.

The building’s first six levels will be parking.

Furman said parking floors will be screened with louvers, colored glass panels and lighting to give the base a soft glow at night.

The hotel suites will be spread over 10 floors just above the parking structure. The condos will fill eight floors. Penthouses will be on the top level.



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