|“Light Rail, Heavy Rail, Commuter Rail, Streetcar
Pinch me please; I don’t think I’m in Charlotte anymore. Why are developers and brokers salivating over asphalt plants and old warehouses? I’ll tell you if you haven’t heard….it goes by 3 letters, T.O.D…Transit Oriented Development. The City draws a ¼ mile radius around each Light Rail Station and designates this a TOD Overlay which allows high density development within its boundaries. So far it is doubling my wildest imagination as far as
|Take Bland Street at South Boulevard for instance, near Jillian’s and Greek Isle Restaurant. Crescent Resources has announced two 10-story residential high-rises next to the proposed Rensselaer Light Rail Station. One high rise is going condo…the other, apartments for lease. I must be losing my touch because just two nights before Crescent’s announcement, while dining at Greek Isle on Bland Street I was asked by a friend about the Charlotte Skyline and what would we see 5 years from now. Little did I know that just a sand wedge away would be enough residential density and height to spark more restaurants, retail and more offices. Got the picture? It is a frenzy that is unparalleled and extremely linear. In real estate “Following the Path of Growth” was a coverall adage….now the rule is find a Light Rail Station and buy anything within a ¼ mile on any side of it. Our Woodlawn Crossing Shopping Center sits inside the Woodlawn Station TOD and it will be interesting to see how the density picture unfolds there.
Now how about Heavy Rail or Commuter Rail? This is the high volume transit mode dubbed for the North Corridor through Huntersville, Cornelius, Davidson and Mooresville. Five years ago this freight train line was a man-made barrier that brought property values down due to the noise and unsightly tracks… now its fertile ground for mixed-use, high density TODs. It appears that the Mooresville line is slated for year the 2012 (the Stations should start construction in 2008). Don’t forget to pay attention to the NoDa Line (first phase of the Northeast Corridor) …Doug Smith calls it the Next Big Thing. This line ultimately will reach the UNCC Campus and link it to UNCC’s Uptown Campus….Wow!
At this point, we see on the horizon a new mass transit mode…Street Cars. There is a wave of support swelling that is taking a page right out of Portland, Oregon’s success handbook. The prognosis is strong for an Uptown (Trade to Elizabeth Ave.) to Central Avenue to Eastland Mall Street-car line, and an Uptown to Morehead Street to Wilkinson Blvd. line may be a reality in the next 10 years. What a boom if this happens. We are talking from First Class to World Class City. Some feel mass transit as ludicrous and a debacle. I see it as strong leadership, clear vision and environmentally smart. Oh, and did I say a really awesome
Check our attached portfolio and our website www.griffithrealestateservices.com to view what we offer for Sale and Lease that might fall in “The Path of Tracks.” and the TOD Overlay. I hope to see you next fall at the 4th Annual Transit Summit put on by CATS…don’t miss it!
We would like to thank Jubal Early of Lincoln-Harris for representing Carolinas HeathCare Systems in the build-to-suit at Museum Medical Plaza – 3030 Randolph Road. The tenants that will occupy the building are Mecklenburg Medical Group, Pediatric Associates, Southeast Pain & CPTN a Physical therapy division of CHS.
We also would like to welcome Level Four Pediatrics Orthotics and Prosthetics to 1901 Brunswick Avenue. Level Four specializes in prosthetics and orthotics for children. Our close proximity to the new Levine Children’s Hospital at CMC was a key factor for their Charlotte location.
Two footnotes on our office portfolio, we can accommodate a Corporate or Instituitional end user with a 15,000 square foot Free Standing Single Story Building at Tyvola Executive Park. Museum Medical Plaza has just one build-to-suit site left that can accommodate 10,000 square feet of prime exposure Clinical Space. I look forward to talking with you further.
Until summer, I bid you a refreshing and prosperous spring.
Have a great week!
Preston “Fred” Griffith
Director of Marketing, Griffith Real Estate Service