While Charlotte’s housing market hasn’t been hit as hard as other cities, the slump paired with the current economic crisis has caused developers of Catalyst Condominiums to re-evaluate their investment.
The Atlanta developer of uptown Charlotte’s newest residential high-rise is converting about half the building’s 462 units to rental apartments in the wake of the housing downturn.
Only about 60 condos have been sold since sales opened last summer.
Tony Skillbeck, president of Novare Group’s Carolinas division, said the 27-story building should be ready for occupancy within two weeks. Units on floors 2 through 14 will be for lease and the condos above that for sale.
Residences, from 676 to 1,113 square feet, will rent from about $1,200 to about $2,300 a month and sell from the $170,000s to about $375,000. The building will have 228 apartments and 234 condos.
Conor McNally, senior vice president of development at Novare Group, said the decision to convert from all condo to half apartments was made after Novare’s discussions with senior lender Wachovia and other lenders over concerns that the original financing plan wouldn’t work.
The Atlanta developer of uptown Charlotte’s newest residential high-rise is converting about half the building’s 462 units to rental apartments in the wake of the housing downturn.
Only about 60 condos have been sold since sales opened last summer.
Tony Skillbeck, president of Novare Group’s Carolinas division, said the 27-story building should be ready for occupancy within two weeks. Units on floors 2 through 14 will be for lease and the condos above that for sale.
Residences, from 676 to 1,113 square feet, will rent from about $1,200 to about $2,300 a month and sell from the $170,000s to about $375,000. The building will have 228 apartments and 234 condos.
Conor McNally, senior vice president of development at Novare Group, said the decision to convert from all condo to half apartments was made after Novare’s discussions with senior lender Wachovia and other lenders over concerns that the original financing plan wouldn’t work.
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