Catalyst (building)
Encyclopedia
Catalyst is a 27-story 462-unit condominium
and apartment
building on South Church Street in Charlotte, North Carolina
. The concrete
and glass
skyscraper
in Third Ward, designed by Smallwood, Reynolds, Stewart, Stewart, 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."
Groundbreaking
took place August 29, 2007. A 15-story, 363000 square feet (33,723.8 m²) office building called 440 South Church
was built next door by Trinity Capital Advisors, designed by the same architectural firm. 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 foreclosure
s, 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.
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.
Novare currently manages 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.
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.
Condominium
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights...
and apartment
Apartment
An apartment or flat is a self-contained housing unit that occupies only part of a building...
building on South Church Street in Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
. The concrete
Concrete
Concrete is a composite construction material, composed of cement and other cementitious materials such as fly ash and slag cement, aggregate , water and chemical admixtures.The word concrete comes from the Latin word...
and glass
Glass
Glass is an amorphous solid material. Glasses are typically brittle and optically transparent.The most familiar type of glass, used for centuries in windows and drinking vessels, is soda-lime glass, composed of about 75% silica plus Na2O, CaO, and several minor additives...
skyscraper
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
in Third Ward, designed by Smallwood, Reynolds, Stewart, Stewart, was built by Atlanta
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
-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."
Groundbreaking
Groundbreaking
Groundbreaking, also known as cutting, sod-cutting, turning the first sod or a sod-turning ceremony, is a traditional ceremony in many cultures that celebrates the first day of construction for a building or other project. Such ceremonies are often attended by dignitaries such as politicians and...
took place August 29, 2007. A 15-story, 363000 square feet (33,723.8 m²) office building called 440 South Church
440 South Church
440 South Church is a 15-story skyscraper in Charlotte, North Carolina with of space. Smallwood, Reynolds, Stewart, Stewart & Associates designed the building, and Bovis Lend Lease was the general contractor. Major tenants are GMAC Financial Services and HDR...
was built next door by Trinity Capital Advisors, designed by the same architectural firm. 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 foreclosure
Foreclosure
Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
s, 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.
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.
Novare currently manages Catalyst for "an investment fund controlled by affiliates of Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
Holdings" with which the developer "restructured its relationship" in Summer 2009. Novare still owned the land and was building a parking lot.
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.