Jan
06
Blount Street Commons Slows, Loses Local Management
TBJ is reporting that LNR Property Corp is asking for more time to purchase parts of the Blount street property it had agreed to buy. Also, the state is keeping the lieutenant governor’s office, the Hawkins Hartness House. The economy is being blamed for the changes.
The delays aren’t the only bad sign revealed in the article. It also mentions that Doug Redford, the local guy who made this his pet project from the start, has left LNR. The project is being managed by executives in Charlotte and Atlanta. Uh oh.
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January 7th, 2009 at 10:01 am
Economy aside (this group has moved slowly from the start). I knew from the begining that LNR was the wrong group for this project, the city just had to pick someone because they had ties to the area. We deserve this, the design and layout was pathetic from the start. Sell the remaining parcels to a “Real” developer.
January 7th, 2009 at 10:13 am
Mike said it right. Not that I have anything against LNR’s vision – to their credit, they worked closely with the nearby residents, as far as I know – but we needed someone more aggressive. This project should have been nearly completed by now. They had the chance to move fast and secure financing long before the lending mess took place. At least the first two phases should have been done.
Transferring/selling the rest of the land to a new developer would be fine for me, although I am not sure it would be feasible right now. For one, a new developer would have to start all over again, from the scratch. If it happens, I surely want to see a few mid-rises (at least 10 stories tall) along Wilmington Str and hopefully Beacon Hill type of row houses along Blount and Person streets. What I’ve seen so far is not impressive, at all.
January 8th, 2009 at 12:26 pm
I believe LNR’s proposal is a good one, and would have been a success if not for the financial crisis. And it will be a success, once the crisis is over. LNR moved with all deliberate speed, considering the complicated nature of the project. The land is a local historic district, with its own requirements. The project is unusual, and therefore presents a challenge to all entities involved. Furthermore, it would not be wise to flood the market all at once with these houses and condos; even in normal times, there is only a certain number of folks on any given day who want to pay the premium to live in such a special development. It’s a shame that the project has lost Doug Redford; he did almost everything right, but fell victim to the real estate bust.
January 9th, 2009 at 8:57 am
Yes, I think that Doug Redford was a positive force. Let’s hope that his successor will be able to understand the complexities behind this redevelopment effort. With that having been said, I wish I had the money to purchase and restore some of those old historic homes. Some of them are simply fabulous!!!