Montgomery development news - Page 27

thoraudio · #**521** Posted **Jun 6, 2006, 8:47 PM**

It was a bank.

Hopefully, one of those two buildings will make a nice coffee shop....

pkp · #**522** Posted **Jun 6, 2006, 8:48 PM**

It is much better looking than my employer's buildings (Regions).

bystander1 · #**523** Posted **Jun 7, 2006, 3:11 AM**

Quote:

Originally Posted by Brown Duckz

Anything new @ Eastchase to hear about?

!!!**********EastChase Update:**********!!!

It looks like Jim Wilson may have pulled off a huge coup against its rival McClinton & Co.

Wilson may have convinced Lowe's to become an anchor of his newest planned shopping center called EastChase Market Center.
Lowe's was believed to become a part of McClinton's planned shopping center, Chantilly Station, along with Walmart.
These two shopping centers will only be about a mile apart from each other when they are completed.

Also, Dick's Sporting Goods is negotiating for space in the EastChase Market Center.

More info as it becomes available...

Brown Duckz · #**524** Posted **Jun 7, 2006, 3:28 AM**

Wow..... what do you think the complete cost will be of the complete Eastchase parkway.

bystander1 · #**525** Posted **Jun 7, 2006, 4:14 AM**

Hmm, I have the slightess idea. The rest of Eastchase parkway was supposed to be made up of homes, apts., and offices.

thoraudio · #**526** Posted **Jun 7, 2006, 1:11 PM**

Quote:

Originally Posted by Brown Duckz

Wow..... what do you think the complete cost will be of the complete Eastchase parkway.

One MILLION dollars!

Brown Duckz · #**527** Posted **Jun 7, 2006, 4:16 PM**

Quote:

Originally Posted by thoraudio

One MILLION dollars!

Haha..... maybe the Dillards alone.

bystander1 · #**528** Posted **Jun 8, 2006, 3:56 AM**

Quote:

Originally Posted by thoraudio

FWIW, I'll be checking out two buildings on Commerce thursday, the City Federal building and the AWF building (on the left in the following pic)... I'll take my camera of course

I'm looking forward to your pics, thoraudio. Do you have any formal proposals in mind for those buildings? BTW, I think the City Federal building would be perfect for a coffee shop type of business.

Brown Duckz · #**529** Posted **Jun 8, 2006, 5:28 AM**

Quote:

Originally Posted by bystander1

I'm looking forward to your pics, thoraudio. Do you have any formal proposals in mind for those buildings? BTW, I think the City Federal building would be perfect for a coffee shop type of business.

I'd imagine that would be a pretty busy spot.

thoraudio · #**530** Posted **Jun 8, 2006, 12:50 PM**

Quote:

Originally Posted by bystander1

I'm looking forward to your pics, thoraudio. Do you have any formal proposals in mind for those buildings? BTW, I think the City Federal building would be perfect for a coffee shop type of business.

I was talking to my 'partner' about a coffee shop idea. I was thinking in the Icehouse (2000 sq ft available in the retail portion), but he suggested looking at the AWF building, as it's closer to the two Regions towers, whatever businesses will populate the Colonial building, the CC/Hotel etc...

Then we brought up the CF building as well. They've recently dropped the asking price from $500k to $395k... at 11,000 sq ft. that's still pretty pricey (~$35/sq ft) considering the work that needs to be done, but not outta contention. A coffee shop needs ~2000 sq ft at the most, so we're going to look at evaluating other potential uses for the rest of the buildings.... Condo's would be tough because of lack of window space, but we're going to look anyway.

The asking price for properties that require renovation in downtown is nuts... They're asking downtown big city prices for Mtgy...

DruidCity · #**531** Posted **Jun 8, 2006, 12:59 PM**

Quote:

$395k... at 11,000 sq ft. that's still pretty pricey (~$35/sq ft) considering the work that needs to be done...

The asking price for properties that require renovation in downtown is nuts... They're asking downtown big city prices for Mtgy...

I'm not very familiar with downtown Montgomery, but that price doesn't sound out of line - cheaper than most (probably all) of what's listed up here.

thoraudio · #**532** Posted **Jun 8, 2006, 1:35 PM**

old buildings in need of serious renovation usually sell in the $20's or lower.

The 60,000 sq ft Commerce Building sold for about $1.7m ($28/f^2). It had been renovated in the 80, new fire suppression, metal studs and drywall (easy demo), and had working water/power/ac.

The City Federal building in Bham sold for not much more than that.... and it is significantly larger.

Several buildings on Dexter ave. are for sale for astronomical prices (almost $40/f^2) that need major work.

DruidCity · #**533** Posted **Jun 8, 2006, 1:58 PM**

Those are interesting numbers. Up here, a small number of owners seem to have gobbled up all the old buildings downtown & jack the prices way up, in some cases causing them to remain empty for years.

Does Montgomery have some laws/tax issues designed to keep investors from "squatting" on buildings like that ?

thoraudio · #**534** Posted **Jun 8, 2006, 2:08 PM**

Quote:

Originally Posted by DruidCity

Those are interesting numbers. Up here, a small number of owners seem to have gobbled up all the old buildings downtown & jack the prices way up, in some cases causing them to remain empty for years.

Does Montgomery have some laws/tax issues designed to keep investors from "squatting" on buildings like that ?

there have been some proposed, but nothing yet. That's why the 100 block of Dexter Ave is dead. One guy owns about 75% of the buildings there, and is asking $37.5/ft^2 . Nobody will touch them for that price, not with the amount of work necessary. Renovating/refitting for condo's or apts can cost upwards of $150/sq ft, and Mtgy isn't ready for >$250/ft^2 condo's right now.

thoraudio · #**535** Posted **Jun 8, 2006, 7:54 PM**

wasn't able to get into see the CF building, but the AWF building has lots of potential... maybe too big for a coffee shop, we'll have to see what the build out and lease numbers look like.

Brown Duckz · #**536** Posted **Jun 8, 2006, 9:10 PM**

How much interest is there in these vacant properties along Dexter and Commerce?

bystander1 · #**537** Posted **Jun 8, 2006, 9:27 PM**

Quote:

Originally Posted by thoraudio

Then we brought up the CF building as well. They've recently dropped the asking price from $500k to $395k... at 11,000 sq ft. that's still pretty pricey (~$35/sq ft) considering the work that needs to be done, but not outta contention. A coffee shop needs ~2000 sq ft at the most, so we're going to look at evaluating other potential uses for the rest of the buildings.... Condo's would be tough because of lack of window space, but we're going to look anyway.

Hmm, that's less than what I thought they would've asked.
What is the asking price for the AWF building? (per sq ft)

thoraudio · #**538** Posted **Jun 8, 2006, 9:34 PM**

The owners are fairly new, and are looking at it as an investment, and don't want to sell. Lease will depend on the amount of buildout required, so it's ongoing. It's looking like it'll be less than the $15/ft^2/year that they're asking for the Icehouse retail.

bystander1 · #**539** Posted **Jun 8, 2006, 10:04 PM**

Hey, that doesn't sound too bad. Should attract some promising prospects.

Brown Duckz · #**540** Posted **Jun 9, 2006, 3:10 PM**

What about the warehouse disctrict - what's going on over there? What properties are for sale/have sold? Any proposals? That area should really BLOW UP soon considering it's proximity to the riverfront and the rest of the revitalization.