Catalyst (building)

Catalyst
General information
Status Complete
Type Residential
Location 255 West Martin Luther King Jr Blvd in Charlotte, North Carolina
Construction started 2007
Opened 2009
Owner John Joyce
Management C and J Catalyst
Technical details
Floor count 27
Lifts/elevators 3
Design and construction
Architect Smallwood, Reynolds, Stewart, Stewart
Developer Novare Carolinas Development

Catalyst is a 27-story 462-unit apartment building on West Martin Luther King Jr. Boulevard in Charlotte, North Carolina. The concrete and glass skyscraper in Third Ward,[1] designed by Smallwood, Reynolds, Stewart, Stewart,[2] was built by Atlanta-based Novare Group and completed in 2009.

Tony Skillbeck, president of Novare Carolinas Development, said that the name reflected the building's status as "a literal catalyst for the red-development and the regeneration of Third Ward" as well as the fact that for many residents, this would be their first home purchase, "a catalyst in our buyers' lives."[2]

Groundbreaking took place August 29, 2007.[3] A 15-story, 363,000-square-foot (33,700 m2) office building called 440 South Church was built next door by Trinity Capital Advisors, designed by the same architectural firm.[4] Novare was involved with the office tower, which has Ally Financial as a major tenant. However, Novare was dropped as an operating partner, though keeping its investment, because the company had significant debts that could result in foreclosures, and auditor Deloitte had "substantial doubt about the company’s ability to continue as a going concern." Novare's problems had little effect on the Catalyst project, however.[5]

In February 2009, half the Catalyst units changed from condominiums to apartments due to the decline in the condominium market. As of September 18, 2009, one hundred people lived in the building, and about half the units were leased. As of January 2013, the building is 98% occupied with renters.

Novare managed Catalyst for "an investment fund controlled by affiliates of Lehman Brothers Holdings" with which the developer "restructured its relationship" in Summer 2009. Novare still owned the land and was building a parking lot.[6]

C and J Catalyst bought the Catalyst in 2011 for $103.3 million, or $223,500 per unit. The building was managed by John Joyce.[7]

Northwood Ravin LLC currently manages the building for owner C and J Catalyst LLC.

Catalyst's first floor contains 19,792 SF of retail space and is leased by Hawthorne Retail Partners.

References

  1. ↑ http://www.catalystcharlotte.com/architecture.html, Retrieved on 2009-09-24.
  2. 1 2 "Novare Group to be the catalyst in Charlotte's Third Ward". 2007-06-27. Retrieved 2009-09-24.
  3. ↑ "Novare Group Announces Construction Underway on Catalyst in Uptown Charlotte" (PDF). Retrieved 2009-09-24.
  4. ↑ "440 South Church Tops Out in Charlotte's Third Ward" (PDF). 2009-03-06. Archived from the original (PDF) on 2011-07-14. Retrieved 2009-09-24.
  5. ↑ Boye, Will (2009-07-10). "Debt deadlines loom for Novare". Charlotte Business Journal. Retrieved 209-09-24. Check date values in: |access-date= (help)
  6. ↑ Singe, Kerry Hall (2009-09-19). "Uncertainty at another condo tower". The Charlotte Observer. Retrieved 2009-09-19.
  7. ↑ Singe, Kerry Hall (2011-04-20). "Catalyst sells for record price". The Charlotte Observer. Retrieved 2011-04-28.
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Coordinates: 35°13′34″N 80°50′57″W / 35.2262°N 80.8492°W / 35.2262; -80.8492

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