urbanscraper
08-24-2007, 02:49 PM
Greensboro, NC -- John Adcox, 26, who heads The Adcox Cos., now located in Charlotte, said he has been scouting downtown Greensboro for locations since last year and, without saying where, has identified two possible center city sites and is now negotiating to get one of them under contract.
Ray Gibbs, the former president of Downtown Greensboro Inc., said Adcox came close to obtaining the building at the southwest corner of South Elm and Washington streets, now a gift shop, but the deal fell through several months ago.
"There are a couple of other pieces of land that we're looking at, but I am limited in what I can say," Adcox said from Charlotte this week. "But we are ready to go. We have our plans, and all the players assembled for it. We're just looking for the best home."
Adcox said he has financing for the project lined up through a private investment firm in Atlanta, which he declined to name. He also declined to name his local investors, but said several are involved.
Like the huge mixed-use project downtown being pursued by another first-time developer (please see Triad Talk, page 1), Adcox's proposed project is raising eyebrows in the Gate City. "There is a market here for high-end condos," said Ken Mayer, a principal with the architecture firm Moser Mayer Phoenix. "I just don't know how deep that market is. I wouldn't bet on it."
Adcox admitted that "while any number of things can go wrong" to derail the project, he hopes to have the land secured this fall and start pre-sales soon after. All marketing materials for the condos, he said, are already prepared.
Groundbreaking would depend on the rate of pre-sales, he said; the boutique hotel would be handled by an outside developer.
Downtown Greensboro, which had few residential units five years ago, is suddenly awash in condos and apartments, from Roy Carroll's high-end renovation of the old Wachovia tower to the nearly completed, more moderately priced Arbor House condos on Market Street to the new apartments coming online this fall in Southside.
Across the board, absorption has generally been moderate to good, observers says, which is in line with Greensboro's moderate growth rate overall.
Bob Braswell, CEO of Carolina Bank, which financed Governor's Court, Greensboro's first upscale condos on Friendly Avenue, said that despite the perception of a nationwide credit crunch, there is plenty of capital still available for the right construction projects in the right locations.
"Believe it or not, there is a lot of buzz occurring about Greensboro outside the area," said Braswell, who is not familiar with Adcox or his proposed project. "If the investors believe the market analysis, the money is available."
But Carroll, whose Center Pointe condo project carries a $37 million renovation cost, doesn't entirely share Braswell's optimism.
"With the environment we're in, it's extremely tough to get financing if you're pursuing a project with a higher degree of risk," Carroll said. "I've heard of similar projects in Charlotte that can't get financing, and one of them is 80 percent pre-sold." As for Adcox's plans, Carroll said, "I've heard about it. And I think it's great that people are looking at investing in downtown. The more the better. But I've heard of a half-dozen similar projects this year, and none has shown me that they have any legs."
Meanwhile, Adcox said his market analysis of Greensboro suggests there is capacity in the affluent "empty-nesters" market, folks looking to sell mansions and relocate to spacious, cushy condominiums.
"Roy Carroll is building a beautiful project; I've seen it," Adcox said of the 17- story tower called Center Pointe, where pre-sales are taking place for the more than 100 units. "We're looking to serve a more exclusive market."
Adcox said his project, yet unnamed, will offer 25 to 30 condo units ranging in size from 2,500 square feet to 4,000 square feet. Prices will start at $550,000, he said. Residents would have access to hotel amenities, including room service and housekeeping.
"From what I've seen around town, there is a big gap in the market," he said.
At Center Pointe, smaller, one- bedroom condos are starting at below $182,000 with three-bedrooms topping $500,000. Some buyers are said to be doubling up on space with costs reaching $1 million. Carroll has reportedly pre-sold more than half the available units.
Aside from Center Pointe in Greensboro, Winston-Salem developers also see a market for high-end condo living downtown. The eight-story One Park Vista, now under construction on Fourth Street, is selling 33 units from $290,000 to more than $1 million.
Regarding his background, Adcox and his Web site indicate that he received training as a residential Realtor after graduating from Page High School in 1999. He worked locally as a sales associate for Coldwell Banker for a year or so, and then moved to Charlotte to start his company in 2000.
His experience to date has been largely in brokerage work and property management.
"Yes, this is my first foray into development," said Adcox, who recently closed on a home in Greensboro and is moving back to town. "I passed a lot of opportunities to my friends in Charlotte, and saw them come out of the ground. I finally asked: Why am I not doing this myself?"
Adcox, who has pictures of himself on his Web site with President Bush and Sen. Elizabeth Dole, said he does not intend to request government incentives for his proposed project.
also there are still plans in the works for a 500 room 20-story luxury hotel/convention center and an additional 18-story tower thats part of a secret $300 million 3 block complex
Ray Gibbs, the former president of Downtown Greensboro Inc., said Adcox came close to obtaining the building at the southwest corner of South Elm and Washington streets, now a gift shop, but the deal fell through several months ago.
"There are a couple of other pieces of land that we're looking at, but I am limited in what I can say," Adcox said from Charlotte this week. "But we are ready to go. We have our plans, and all the players assembled for it. We're just looking for the best home."
Adcox said he has financing for the project lined up through a private investment firm in Atlanta, which he declined to name. He also declined to name his local investors, but said several are involved.
Like the huge mixed-use project downtown being pursued by another first-time developer (please see Triad Talk, page 1), Adcox's proposed project is raising eyebrows in the Gate City. "There is a market here for high-end condos," said Ken Mayer, a principal with the architecture firm Moser Mayer Phoenix. "I just don't know how deep that market is. I wouldn't bet on it."
Adcox admitted that "while any number of things can go wrong" to derail the project, he hopes to have the land secured this fall and start pre-sales soon after. All marketing materials for the condos, he said, are already prepared.
Groundbreaking would depend on the rate of pre-sales, he said; the boutique hotel would be handled by an outside developer.
Downtown Greensboro, which had few residential units five years ago, is suddenly awash in condos and apartments, from Roy Carroll's high-end renovation of the old Wachovia tower to the nearly completed, more moderately priced Arbor House condos on Market Street to the new apartments coming online this fall in Southside.
Across the board, absorption has generally been moderate to good, observers says, which is in line with Greensboro's moderate growth rate overall.
Bob Braswell, CEO of Carolina Bank, which financed Governor's Court, Greensboro's first upscale condos on Friendly Avenue, said that despite the perception of a nationwide credit crunch, there is plenty of capital still available for the right construction projects in the right locations.
"Believe it or not, there is a lot of buzz occurring about Greensboro outside the area," said Braswell, who is not familiar with Adcox or his proposed project. "If the investors believe the market analysis, the money is available."
But Carroll, whose Center Pointe condo project carries a $37 million renovation cost, doesn't entirely share Braswell's optimism.
"With the environment we're in, it's extremely tough to get financing if you're pursuing a project with a higher degree of risk," Carroll said. "I've heard of similar projects in Charlotte that can't get financing, and one of them is 80 percent pre-sold." As for Adcox's plans, Carroll said, "I've heard about it. And I think it's great that people are looking at investing in downtown. The more the better. But I've heard of a half-dozen similar projects this year, and none has shown me that they have any legs."
Meanwhile, Adcox said his market analysis of Greensboro suggests there is capacity in the affluent "empty-nesters" market, folks looking to sell mansions and relocate to spacious, cushy condominiums.
"Roy Carroll is building a beautiful project; I've seen it," Adcox said of the 17- story tower called Center Pointe, where pre-sales are taking place for the more than 100 units. "We're looking to serve a more exclusive market."
Adcox said his project, yet unnamed, will offer 25 to 30 condo units ranging in size from 2,500 square feet to 4,000 square feet. Prices will start at $550,000, he said. Residents would have access to hotel amenities, including room service and housekeeping.
"From what I've seen around town, there is a big gap in the market," he said.
At Center Pointe, smaller, one- bedroom condos are starting at below $182,000 with three-bedrooms topping $500,000. Some buyers are said to be doubling up on space with costs reaching $1 million. Carroll has reportedly pre-sold more than half the available units.
Aside from Center Pointe in Greensboro, Winston-Salem developers also see a market for high-end condo living downtown. The eight-story One Park Vista, now under construction on Fourth Street, is selling 33 units from $290,000 to more than $1 million.
Regarding his background, Adcox and his Web site indicate that he received training as a residential Realtor after graduating from Page High School in 1999. He worked locally as a sales associate for Coldwell Banker for a year or so, and then moved to Charlotte to start his company in 2000.
His experience to date has been largely in brokerage work and property management.
"Yes, this is my first foray into development," said Adcox, who recently closed on a home in Greensboro and is moving back to town. "I passed a lot of opportunities to my friends in Charlotte, and saw them come out of the ground. I finally asked: Why am I not doing this myself?"
Adcox, who has pictures of himself on his Web site with President Bush and Sen. Elizabeth Dole, said he does not intend to request government incentives for his proposed project.
also there are still plans in the works for a 500 room 20-story luxury hotel/convention center and an additional 18-story tower thats part of a secret $300 million 3 block complex
