Meeting |
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Report |
Meeting |
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Report |
January 5, 1999 |
| President Ronnie Pruett
called the meeting to order. John Stedman introduced our visitors and Tom
Hutchins entertained us with Health and Happiness. Ray Brietz
led us in song and Paul Betzold gave the invocation. Don Carmichael introduced Stuart "Chip" Hemmingway III as the first new Downtown Rotary member of 1999. President Ronnie advised the group that if you were making up at another club, you needed to be aware that the club being visited will no longer send the cards in for you. You will have to do it yourself. Sam Woodard introduced Doug Smith, The Charlotte Observer business columnist. Sam and Doug had gone through Jr. High School, High School and college together. Sam pointed out that Doug at least had the good sense not go on to law school with him. Doug talked about how real estate development in Charlotte has changed since he began writing his column nine years ago. At that time, Charlotte was experiencing an economic downturn and he found it difficult to find news on real estate development to report. Since he was writing five articles a week, he had to find new subjects to write about. He told us how he drove a Bentley and then wrote about that experience. He told us about trying to break Paul Newman’s Legend Car speed record at Charlotte Motor Speedway. Now that the economy is strong and the banks are fueling real estate development, Doug finds there is more to cover than he has space for. Doug said the vacancy rate for the office market in Charlotte is 7.2% and the uptown area’s vacancy rate is 3.7%, a record low for our city. He told us the ideal vacancy rate is 10%, which allows for job growth. This low vacancy rate is what is driving the building boom inside the freeway loop. Bank of America is the force behind the office and residential growth on North Tryon, he said. We already have the 10-story Transamerica Square tied together with the 400 N. Church condos. The Interstate Johnson Lane 30-story tower is in that same area and is the tallest building to open since the NationsBank Corporate Center. The first Bank of America employees are moving into a 23-story office building which is being developed by The Harris Group 9th Street and North Tryon. Thirty-six ChapelWatch condos are also a part of this project and are selling out fast at prices ranging from $220,000 to $650,000. Bank of America is also involved with The Charlotte Housing Authority in redeveloping Earle Village as a mixed-use residential project in the First Ward. The bank has also opened the new 1,600 space parking garage behind the Museum of the New South. There is retail on the first level. Remember CityFair. Trammell Crow and The Keith Corp. are developing the 46-story Hearst Tower on the CityFair block. This building will open in 2001. Bank of America is also refurbishing the old stone church ruins at N. Tryon and 11th streets as an artist community. They are also opening the old Montaldo’s building on N. Tryon this weekend as a Mint Museum branch. Doug told us that with the Nordstom’s announcement last week, he doubted if the new upscale mall project at the old convention center would come to fruition. He believes developers will use the site for an office building. There is a plan to move the train station back to where it used to be, the existing bus station, and move the bus station to the current train station location. Doug detailed a timetable for the new Bank of America and Cousins Properties Gateway Village. Doug then moved to what development was expected on South Tryon. He said that the North Tryon area is developing as an arts and cultural hub, with museums, galleries and an artists’ community, South Tryon would see hotels, offices, entertainment related to the stadium and convention center, a basketball arena and possibly even a public aquarium. We’re starting to see some of that development on South Tryon, he said. Childress Klein Properties is developing the 30-story Three first Union Center for the bank on the old Federal Reserve block. It is due to open this fall. Gateway Center Partners is working to arrange financing for a convention hotel and parking deck on Stonewall Street across from the convention center. The hotel and a 1,750-car parking deck could be open by early 2002. Tryon Development LLC is remaking the 14-story Barclays Building into a mixed-use project called South Tryon Square. In addition to office space, it will include a 700-car parking deck and 180-room Courtyard by Marriott hotel. The hotel should be open in late 1999. Cornerstone Real Estate Advisors have announced a 28-story tower call 300 South Tryon on the corner next to Latta Arcade. No construction date or anchor tenant has been announced. Doug said he knew we had all heard the rumors about the new First Union Tower. He said it would be taller than the Bank of America Corporate Tower and rumor had it going where the old 12-story building with the Hornet mural is currently located. All these rumors have sent property values on South Tryon skyrocketing he said. Once vacant parcel sold recently for $120 per square foot and experts said the prices will go higher. First Union seems to be behind the assemblage of property in this area. It was disclosed in October that they were bring back Alexander Cooper, the New York architect who designed the First Union atrium and plaza nine years ago to look at thirty blocks south of the square and make recommendations on how to develop it. Doug mentioned the growth of South End and the trolley and the impact that will have on our center city. He closed and took questions from the members. President Ronnie thanked Doug Smith for coming and presented him with a Rotary pocketknife. * * * |
New Member
STUART C. HEMINGWAY III Joined 1998 Management Recruiting, General Carnegie Worldwide, Inc. Stuart C. "Chip" Hemingway III was born in Columbia, S.C. and raised in the northeast, graduating from Suffield Academy in Connecticut in 1966. He received a B.A. degree in English from Waynes-burg College in Waynesburg, Penn., in 1970, where he was also a member of the 1967 NAIA Championship football team. Chip began his professional career with Aetna Life and Casualty Company in Hartford, Conn., in the group sales division, before moving to Charlotte in late 1971 as vice president and branch manager for J. W. Burress, Inc., a family owned construction equipment dealership. He was accountable for the operation's profitability, as well as for growing the business by providing sales, service and parts support to his customer base in Charlotte, western North Carolina, and throughout South Carolina. In late 1985 Chip joined Robison and McAulay (later known as Robison and Associates) as an executive search consultant for this well-known firm. Bringing fifteen years of business experience, he successfully completed search assignments -in a broad spectrum of disciplines with clients in financial, industrial, legal, commercial, utility (including fossil and nuclear generation, transmission, distribution, and power marketing), education, and non-profit organizations. In April 1998, he was named a managing partner of Carnegie Worldwide, Inc., a local retained executive search and consulting firm. An active member of Christ Episcopal Church in Charlotte, Chip has served on the Vestry and numerous search committees, to include the past chairman of the Personnel Committee. Chip and his wife Suzi have three children ages 26, 23, and 19, and Suzi owns and manages a successful interior design business. Don Carmichael introduced Chip on January 5. Welcome to Charlotte Rotary, Chip. * * * DID YOU KNOW? The monthly meeting of Charlotte area club presidents has declared that henceforth NO MAKE-UP CARDS will be mailed by any of the 12 Area Rotary Clubs. Only four of the 12 are involved because the others did not mail make-ups anyway.Like ALL make-up cards, same should be mailed to the Rotary Club Office, 801 Baxter St., Ste. 405, Charlotte, N.C. 28202 OR turned in to the check-in desk at Four Points on Tuesday next. Make-up cards held and mailed beyond 13 days are not acceptable because such records are not reported to the District 7680 secretary, thus cannot be counted for attendance * * * |
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Revised: January 24, 2008.
