I think Charlotteans are in denial about this.We just can't believe this has just happened to our ci

No one knows, of course, what the loss of Wachovia bank from Charlotte will mean long-term. Will it stop the tower under construction? I think that's unlikely. But an oversupply of office space may cause uptown rents to sink. Call it "affordable housing for offices." online travel reservations (Note, Wachovia Corp. will remain headquartered here , but it won't own the retail bank.) Here's one early assessment, from UNC Charlotte's Urban Institute director Jeff Michael: "It just seems to me, as someone who gets paid in part to observe Charlotte and its progress, that something significant and historic just happened here about which we can't even begin to predict the consequences. "On the one hand, we may have just witnessed the beginning of the end of Charlotte's upward trajectory, or alternatively, we may be getting online travel reservations ready to see just how resilient this city really is. Either way, it's going to be a major story that unfolds online travel reservations over many years, and not just over the next six months." Lots of us are wondering whether that huge 48-story Wachovia office tower under construction will ever be finished. I bet it is. Here's what we know: Of its 1.5 million square feet, the bank was to have taken about half. Duke Energy is the second largest tenant of the 48-story building, leasing about 240,000 square feet In June the bank announced Deloitte LLP, the accounting and consulting firm, would lease about 82,000 square feet third largest tenant. Wake Forest's Babcock Graduate School of Management is another anchor tenant. online travel reservations In June, Wachovia said the building was fully leased.
I read that the Citi's retail banking would be headquartered in Charlotte. If this is true then couldn't this be a net positive for Charlotte? Especially online travel reservations with the recent direction of investment banking.
Mary Newsom should wake up and smell the coffee. The retail bank will not be headquartered in Charlotte. It will be here until it can be merged in with Citi's other branches. There will be large job losses. The 'arts' online travel reservations package is in trouble because Wachovia was building the facilities. I doubt that Citi acquired that obligation or will make good on it and the 'new wachovia won't have the money to complete it.
The office tower should be fine, as the arts projects. The proposed Wachovia condo tower is most likely history. With Charlotte having one of the lowest downtown office vacancy rates in the country, we could see some companies online travel reservations jump at the opportunity to have a nice presence in uptown.
Speaking of diversifying the economy, if you haven't read the 2008 Citistates online travel reservations Report, from Neal Peirce and Curtis Johnson, now's a good time. It's at www.charlotteobserver.com/citistates. To "anonymous 12:22," I didn't write about whether the retail bank would remain headquartered in Charlotte. The press release says it will. But of course, things can change.
Mary, I'd be interested to hear your take on the broader community impact. You talk about whether or not the new tower will be finished and what the impact will be on office rents downtown. What about the potential effect on local residential real estate? What about the effect online travel reservations on property taxes when people are paying based on revaluations that did not anticipate any of this? What, in turn, does that do to our tax base? What does that imply about our ability to meet basic services and to pay for the increased debt service we've envisioned? What do you think is going to happen to the bond referenda once people online travel reservations begin to take stock of all this?
With the investment banking moving to NYC, it takes with it a nice chunk of excessive bonus money that finds its way into Charlotte's economy. Maybe this will help curtail online travel reservations some of the obscene McMansions that are cannibalizing our urban neighborhoods. online travel reservations South Dilworth is way overstocked with speculative monster-sized garbage that is sitting empty. There seems to be one of these vacant eyesores for sale on every street corner. The perfect combination of more-money-than-taste, deep pockets, and an overcompensating inferiority complex will be a hard demographic to replace.
The great Ponzi scheme has been unravelled, and the ones at the top escapred w/ countless millions!! To top that look at who's on every major board in this region- bankers and the crooks that have caused the beginning of the 2nd Great Depression. I guess the saying " a fool and his money are soon parted", we the US citizens are fools!!
Surely this will help correct the artificially high housing prices in some neighborhoods. Perhaps then, the average joe can get a house in a decent area agian. As for Wachovia, it's time for the Chamber to bring in some non-banking companies. Who's next?
As a Lehman guy living through this right now I think you can expect to lose about 10,000 jobs. Citi is a monster - they don't need the people - remember what they wanted online travel reservations were "assets". If you work for Wachovia get your resume ready and prepare to move - BofA isn't in any position to hire the excess.
I lived in Charlotte from 1992-1998, working for First Union. I could see then the excess and the inane mergers, the arrogance, the 'my tower is greater than your tower' culture that existed in those days. NationsBank versus First Union. Who was winning? Generally disgruntled with the Charlotte scene, I left to move back home to NJ for career opportunity. online travel reservations I saw the Golden West acquisiton in the press and couldn't believe it. At the height of the real estate market. Maybe Charlotte real estate didn't booming as the rest of the nation had. So short-sighted, so naive. California online travel reservations was the worst possible place to pick up a mortgage lender. Evenone knew it, it was in the WSJ. Now, in 2008, I work for a AAA rated investment firm, not a bank, not an investment bank and I live in one of the most desirable towns in the county, per Money Magazine. Good decision-making? Absolutely. I only shudder to think what might have happened to me and my job had I stayed in Charlotte. Even in those days, it was commonly said in quiet banking circles - nothing better online travel reservations happen to either bank or Charlotte is in big trouble. Self-inflicted? Absolutely. This makes Corestates and the Money Store look like smart deals. Welcome to the rest of your life. Good luck in the Queen City!
I lived in Charlotte from 1992-1998, working for First Union. I could see then the excess and the inane mergers, the arrogance, the 'my tower is greater online travel reservations than your tower' culture that existed in those days. NationsBank versus First Union. Who was winning? Generally disgruntled with the Charlotte scene, I left to move back home to NJ for career opportunity. I saw the Golden West acquisiton in the press and couldn't believe it. At the height of the real estate market. Maybe Charlotte real estate didn't boom as the rest of the nation did. So short-sighted, so naive. California was the worst possible place to pick up a mortgage lender. Evenone knew it, it was in the WSJ. Now, in 2008, I work for a AAA rated investment firm, not a bank, not an investment bank and I live in one of the most desirable towns in the country, per Money Magazine. Good decision-making? Absolutely. I only shudder to think what might have happened to me and my job had I stayed in Charlotte. online travel reservations Even in those days, it was commonly said in quiet banking circles - nothing better happen to either bank or Charlotte is in big trouble. Self-inflicted? Absolutely. Welcome to the rest of your life. Good luck in the Queen City!
I think Charlotteans are in denial about this.We just can't believe this has just happened to our city. Anyway you look at there is nothing good about it other than maybe more affordable homes for first time buyers and newcomers. This is a major blow to this city.
This is exactly what all the rednecks online travel reservations here want. If these economists are right, growth may slow considerably online travel reservations and they can finally have their crappy, old Charlotte back! All you natives should be so happy!
Well at least we got rid of one ya Anonymous. BTW which exit is it you live off of? You really online travel reservations shouldn't worry about us dumb ol' rednecks down here. As one of the few native Charlotteans remaining I have seen the rise and fall of several "Anchor" businesses in my 45 years. Charlotte has always been a town continually searching to grow. Years ago Charlotte was a hub for the textile industry, from that it grew into a trucking and rail hub. Duke Power was and still is a major player in this area. Ahead of the demise of the textile industry Charlotte's movers and shakers sought to diversify and brought in IBM and other computer businesses. Then when deregulation hit the banking industry online travel reservations NCNB (now BofA) took off and First Union and Wachovia followed suit. This town has seen its ups and downs but remember it has always grown. Sometimes in fits and starts and other times in great bursts. We're just stepping back and taking a breath for now. History tells us that we should get ready for the next big jump! Meanwhile, enjoy your great life there in the garden state. I just hope you're not that close to the (poisonous) garden districts of Earl or Jersey City! And rest assured you have made at least one Charlotte online travel reservations native very happy. Now, if you could just get the rest of the arrogant yankees to go back it would really be a perfect online travel reservations city! PS: To all the transplants that have come here and learned that the way of life down here isn't all that bad and don't continually harp on how life was better "up north" I bid you welcome online travel reservations and would like to say we're glad to have you!
All you doom and gloomers are worthless. What the fall of Wachovia should do is underscore the need to increase the diversity of industry in the area. There are still plenty online travel reservations of skilled professionals in the area, and much about the region to draw interest. Anyone who has moved here from the rust belt will tell you that you have no idea what it really means for your city to be in the crapper.
online travel reservations I live in Southern online travel reservations NJ, no exits near me. That's northern NJ gumbo. Haven't regreted leaving online travel reservations Charlotte for one minute. Nice Fall weather, online travel reservations stability,