Strange start of the week in Charlotte | CLT Blog
Completed 4th floor unit at The Vue condominiumsCompleted 4th floor unit at The Vue condominiums

Strange start of the week in Charlotte

Posted on 1 Sep 2009 by Rob Cummings

Two shocking announcements have come in less than 24 hours from one another.  First, in a short press release Monday night, the General Contractor for The Vue condominiums announced they were halting construction on the project because they had not been paid the July draw by the owner, MCL Companies of Chicago.

And then on Tuesday afternoon, the Panthers announce Team President Mark Richardson and Stadium President Jon Richardson are resigning from the Panthers organization.  These are two stories that are missing some details – I am sure we will hear much more in the coming weeks.

Completed 4th floor unit at The Vue condominiums

Completed 4th floor unit at The Vue condominiums


Scott Fowler does a nice job in his blog assessing the Panthers announcement.  Read his response, “Strange Panther doings at the Top”

As for the Vue, this announcement is particularly unsettling.  The work stoppage may just be a blip and restart fairly quickly, or we may have a 51-story condominium shell sitting empty in the historic Fourth Ward neighborhood.  As a Fourth Ward resident I don’t want to hit the panic button as of yet since everything that I am hearing and reading is all second hand.  But to find out that MCL was unable to obtain financing for a halted Atlanta condo project last year is particularly unsettling.  That project, The Skyline @ Lindbergh, is apparently sitting with 4 of 21 stories completed.  When clicking on the project website, I get the infamous “page cannot be found” message.

We are continually reminded of a bad ending to a promising condo project every time we look towards the government center and see The Park Condominiums.  That project was halted over a year ago and has been through several foreclosure and auction proceedings.  As the legal ramifications are played out, the building is being battered by the weather and likely occupied by vagrants.  Simply put, it is an eyesore and the one “black eye” that I am always asked about when conducting my center city tours.

Could this be the path for The Vue?  I really hope it is not.  The trickle-down effect and impact to the condominium buyers and subcontractors in Charlotte would be widespread. 

MCL’s website has the tagline, “A Foundation of Integrity”.  I certainly hope that is the case.

Comments

  1. Dane Abernathy 1 Sep 2009 at 5:04 PM

    This also puts the subcontractors in a bad position, as well as the construction workers like myself. My company is now trying find other projects to place the 6070 employees on this job. This could also potentially cause a high amount of layoff, if it is not a temporary shut down. As for me, I an just hoping and praying that my company will find somewhere for me to go, other than the unemployment line.

    • Avatar of Justin Ruckman
      Justin Ruckman 8 Sep 2009 at 3:58 AM

      It really is a shame. I hope they can come to a solution soon, Charlotte doesn’t need any more scandalous projects.

  2. Jessica 2 Sep 2009 at 10:41 AM

    Troubling news indeed. Let’s hope for the best (maybe they can stop at four floors?).

  3. ShKira 4 Sep 2009 at 1:08 PM

    There really should be a (more thorough) bonding of the developers to show that they actually HAVE the capital to complete these projects. Because the poor contractors certainly have to go through that process.

    Also Charlotte really needs to have some new rules for big box stores. We have too many vacant. There should be binding legislation that ties an economic penalty for over building these things and then just moving them farther to the exurbs a couple years later.

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