The Vue
| The Vue | |
|---|---|
 | |
| General information | |
| Status | Complete |
| Type | Single-use residential |
| Location | Corner of 5th and Pine Streets in the Fourth Ward |
| Construction started | 2007 |
| Opening | Fall 2010 |
| Cost | $275 million |
| Height | |
| Roof | 600 ft (180 m) |
| Technical details | |
| Floor count | 50 (no 13th floor; top floor will be 51st)[1] |
| Lifts/elevators | 4 |
| Design and construction | |
| Architect | Forum Studios |
| Developer | MCL Companies |
| Structural engineer | Fisher and Partners |
| Main contractor | JE Dunn Construction (formerly RJ Griffin & Co.) |
| References | |
| www.vuecharlotte.com | |
The Vue or The Vue Charlotte is a 600-foot (183 m) tall skyscraper in Charlotte, North Carolina. It was completed in 2010 and has 50 stories. The sales center for The Vue was located on the bottom floor of 101 Independence Center at the corner of Trade and Tryon streets. The Vue is one of the tallest residential buildings in the state and the Southeast. Residences range from studios to penthouses, all with floor to ceiling glass and private balconies. The Vue features a 35,000 sq ft (3,300 m2) amenity deck with a heated Jr. Olympic-sized pool, tennis–sport court, pet park, and landscaped courtyard with fire pits. Other amenities include a 24-hour doorman, concierge, business center, and recreation lounge. State of the art technology includes biometric fingerprint access and Wi-Fi throughout the building.
The Vue is located in the historic Fourth Ward residential Uptown Charlotte neighborhood. Several local buildings are on the National Historic Registry. Other major projects under construction in Fourth Ward include a condominium–concert venue complex called the North Carolina Music Factory and the proposed Citadin.
The developer of The Vue, MCL Companies, has 30 years experience building luxury communities in Chicago, Boston, New York City, Miami and Las Vegas. Current projects also include the Four Seasons in Denver.
History
MCL Cos. of Chicago took over the project in summer 2007, at which time the Mecklenburg County Register of Deeds office said the company received a $195 million construction loan.
On September 1, 2009, general contractor R. J. Griffin & Co. said it had not been paid since June 30. The building was about six stories short of topping out.[1]
Construction was put on hold as lenders worried about the decline in real estate sales. Griffin announced in early October that after five weeks, work would begin again. Dan McLean, CEO of MCL, said that after renegotiation with lenders, The Vue would have until the end of 2012 to sell all of the 409 units. About half were already sold as of October 2009.
Unlike other condo developers, McLean said The Vue would not rent. He also said sales would likely rebound in 2011. Michael Smith of Charlotte Center City Partners believed that demand would increase after the economic slowdown caused a decline in the number of new projects.[2]
On September 16, 2010, the first resident closed on a unit, and other residents were able to start moving in the following weekend.[3] Dan McLean of MCL said late in October that 55 to 60 percent of units had sold, a figure disputed by court documents. However, because of lower appraisal prices, some buyers may not be able to get financing and could end up backing out of deals made as long as four years earlier.[4]
MCL defaulted on its loan in 2012, and NWSF LLC began foreclosure in April 2012.
On June 12, 2012, NR Charlotte LLC bought The Vue (except for "fewer than two dozen" condos and parking spaces already sold) for $102,750,000 at auction at the Mecklenburg Superior Courthouse. With little demand for condominiums, a conversion to apartments took place. Real estate professionals also expect this event means no more residential high-rises in the area.[5][6] By October, 70 of 392 apartments were leased.[7]
See also
- List of tallest buildings in Charlotte
- Uptown Charlotte
- Charlotte
- TradeMark
- NC Music Factory
References
- ↑ 1.0 1.1 Singe, Kerry Hall (2009-09-01). "Griffin: Vue owner 2 months late paying". The Charlotte Observer. Retrieved 2009-10-22.
- ↑ Singe, Kerry Hall (2009-10-07). "Lenders' worry about sales stopped work at The Vue". The Charlotte Observer. Retrieved 2009-10-22.
- ↑ Singe, Kerry Hall (2010-09-17). "Uptown high-rise ready for first residents". The Charlotte Observer. Retrieved 2010-10-19.
- ↑ Singe, Kerry Hall (2010-10-22). "Battling weak housing market, Vue may get tough if buyers try to bail". The Charlotte Observer. Retrieved 2010-11-04.
- ↑ Singe, Kerry Hall (2012-06-12). "VUE Charlotte sells at auction for $102 million". The Charlotte Observer. Retrieved 2012-07-03.
- ↑ Singe, Kerry (2012-06-29). "Mostly-empty Vue uptown condos turning into luxury apartments". The Charlotte Observer. Retrieved 2012-07-03.
- ↑ Singe, Kerry (2012-10-05). were leased.misearch "Uptown’s Vue finding its niche in luxury rental market". The Charlotte Observer. Retrieved 2012-10-06.