Thursday, October 4, 2012

Charlotte's Vue leases 70 units and plans Sky Lounge bar up top


The Vue has leased 70 apartments since this summer, when the uptown high-rise's new owner converted 392 condominium units into rentals.

"We have had overwhelming interest from people wanting to be uptown and to live in the one-of-a-kind Vue high-rise," said David Ravin, president and chief executive officer of Northwood Ravin, which manages the property. Northwood Ravin also is an affiliate of Northwood Investors, which purchased the Vue at foreclosure auction in June.

"We are seeing interest actually accelerate into the fall as people become aware the building now has luxury rental options," Ravin said.

Nearly 60 residents currently live in the building, alongside 16 condo owners. The Vue was built as for-sale luxury condominiums but struggled to close sales after construction finished in fall 2010. The former owner later defaulted on the loan.

Northwood Ravin is also building out several spaces that had been left for future penthouse expansion.  The firm is remodeling the sales center in the building and plans to begin outdoor additions on the eighth floor pool deck this winter.

The company is also building the Sky Lounge on the 50th floor. Work has been permitted and is expected to be finished by New Year's Eve, Northwood Ravin says.

The Sky Lounge will be 3,800 square feet on the Vue's top floor and include a bar and lounge seating overlooking Bank of America Stadium and the new Knight's ballpark.  The lounge, which will be available to residents and guests, will also have a demonstration kitchen and dining room, entertainment room with piano bar, private game room, meeting and conference rooms and a wireless business center with private seating areas overlooking uptown.

These amenities join features already available including 24-hour concierge and security, heated junior Olympic-sized pool and sundeck, and health club with yoga room.

"We really wanted to provide top notch amenities to match the top of the line finishes of the units themselves," Ravin said. "The private Sky Lounge on the 50th floor is really something no one else can offer in Charlotte."

Rent for the units, which range from 650 square feet to 3,586 square feet, is between $1,100 and $5,800 a month.

The conversion to rentals marked the end of two years of uncertainty and legal squabbles for the building.
In 2010, the Vue was lauded as one of the few proposed uptown high-rises that made it up out of the ground despite a crippling recession and weak housing market.

The former developer said he would never lower the luxury-level prices nor convert the building to rentals. Condos started selling in the mid-2000s from just under $200,000 to more than $2 million.

Many would-be buyers lost deposits when they either decided to walk away or couldn't secure financing to complete a sale.

Charlotte's apartment market, meanwhile, has been booming and developers have announced scores of new multifamily projects for the area. Northwood Ravin is actively involved in other local apartment complexes.








18 comments:

Anonymous said...

"The lounge, which will be available to residents and guests..."

Does that mean it will not be open to the general public?

Anonymous said...

They are averaging almost a lease a day. That's pretty strong!

Anonymous said...

How cool will it be when the ball park opens to sit up there and watch the game from 50 stories? That will beat looking over Wrigley any day.

in da h said...

It will be very hard indeed to see a ballgame from there. It will be almost a mile away and the football stadium will block most if not all the view.

Anonymous said...

How will it block the view of the football stadium is on the OTHER SIDE of the ballpark...idiot.

J said...

I know the economy is still rotten. I know the banks have gone to the other extreme and will not loan money to almost anyone. But, if you can afford $5,800 a month to rent an apartment, I would think every bank on Earth would beat your door down, begging you to borrow their money. You could probably buy a 5,000 sq ft house and an acre of land for $5,800 a month.

David said...

@ in da h... Geography is not your strong suit. The Vue is 2 blocks from the new baseball site. Panther stadium is on the other side of the new baseball park.

Anonymous said...

J,

The $5,800 units are 4 bedrooms I believe.

A group of young friends that all work uptown could split the cost on that and it'd be $1,450/mo. That's still pretty pricey, but not completely unreasonable considering there is nothing else in Charlotte like it.

Anonymous said...

J, maybe everyone does not want a "5000 square foot house on an acre of land."

That may be your ideal, but obviously it's not for everyone.

Some wealthy people may prefer to rent because their income is shielded in ways other than mortgage interest deduction and they don't want a house.

As another poster said, a unit that large could be shared.

Everyone does not want a house in the 'burbs with an acre of land, thank goodness.

But it's ok with me if you want it and choose that for yourself.



CosmikDebris said...

Charloot is getting so cool...

Anonymous said...

Once baseball starts in 2014, can you imagine how much they will get for VUE apartments then? Right now, there isnt much on the block,but I bet alot of resturants are going to open soon around the park. Glad CHarlotte continues to recover, that should help everyone.

Larry Comrades said...

"We have had overwhelming interest from people wanting to be uptown and to live in the one-of-a-kind Vue high-rise,"

Just not three hundred who are willing get stuck up there for more than a year.

Anonymous said...

The VUE Charlotte on 5th is unlike any other Luxury Apartments in Charlotte. They have beautiful studio and one bedroom homes that are a great price and thats why I leased with them. I look forward to being so close to Bank of America for work now and having a beautiful amenity deck to lounge after my long days! It really blows every other place out of the water and I cant wait for the "Sky Lounge" to come!

Anonymous said...

The lounge will be so cool. 90% full of fratboys like everywhere else around here.

Anonymous said...

If I didn't own somewhere else already and wanted to rent uptown, I'd be like white on rice at the Vue. As some others have mentioned, these luxury apartments are unlike the others in uptown.

Anonymous said...

It looks like the leasing agents made quite a few comments on here bordering on full blown ads.

Gaile said...

There's a lot of interesting information here and hope to see the photos of those units. I am also looking for the new condo for sale. Hope I could find there. Thanks.

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