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Takeaways from CoffeeTalk: The Next Phase of First Ward
January 20, 2015
(l-r) Panelists Pat Mumford, City of Charlotte, Marvin Bethune, Ruff, Bond, Cobb Wade & Bethune (Mecklenburg County Attorney), Daniel Levine, Levine Properties and moderator, Jeff Brown, Moore & VanAllen
ULI Charlotte members at CoffeeTalk: The Next Phase of First Ward (1/8/15)
- How do you balance current market demands, vision and a large site? Great planning and keeping an eye on the ultimate vision; sticking to solid urban design principals.
- Synthetic TIF – the risk is on the developer. As the developer builds (and pays for the cost of development), the developer only gets money back if the development generates the revenue. This project must generate $700M in revenue to reach full TIF funding. Keeps the development moving forward swiftly.
- Gap financing is all tied to the parking. Made it more reachable when the plans for parking were moved above ground. Project expects a loss on parking costs for 10 years.
- City of Charlotte and Charlotte Center City Partners are working together to develop a comprehensive parking plan.