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
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.