North Carolina

Stonehill Provides Peebles Corp. With $23.75M Construction Loan

Published

12 months ago

August 10, 2023

Stonehill Provides Peebles Corp. With .75M Construction Loan

The Peebles Corporation has now entered Carolinas country.

Don Peebles’ eponymous real estate firm has secured $23.75 million in construction and acquisition financing to build the first phase of a 3 million-square-foot, mixed-use urban complex in the Uptown neighborhood of Charlotte, N.C., Commercial Observer has learned.

Stonehill Strategic Capital provided the financing, while Ackman-Ziff negotiated the debt. Further terms of the loan were not disclosed.

The Peebles Corporation is working with Charlotte-based developer Conformity Corporation on the project, which is expected to create an “urban village” of mixed-income housing, office space, hotel rooms and ground-level retail in an Uptown neighborhood that was once a thriving area for Black business development, prior to 20th century gentrification and displacement.

“It’s a historically Black neighborhood that was demolished as a consequence of urban renewal,” explained Donahue Peebles III, executive vice president of The Peebles Corporation: the largest Black-owned real estate firm in the nation.

“There’s a message here of a minority-owned firm leading the development of a neighborhood whose demolition socially and economically disenfranchised numerous folks,” he added. “We’re going to deliver a project that the city and its citizens can stand behind and be proud of.”

Monte Richey, president of Conformity Corporation, echoed these points.

“On land that hasn’t seen private investment in over 50 years, Conformity Corp. and Peebles will create a vibrant future for the Second Ward through its Brooklyn Village development activities,” Richey said in a statement.

The Peebles Corporation bought the first six acres of a planned 18-acre site from Mecklenburg County, which previously used the space to house a municipal parking lot and office building. The Peebles Corporation plans to demolish these public sites and create a 550-unit multifamily complex on the first six acres, before buying up the remaining land and adding the hospitality, office and retail components.

“The objective from there is to build as densely as possible, and to make sure we’re delivering on the attendant policies and benefits that the city and county are expecting,” Peebles III said. “Ultimately, it should set the stage for large-scale, public-private partnerships in the region.”

Peebles III told CO that this is The Peebles Corporation’s first foray into the Carolinas, but the firm identified the site seven years ago and was attracted by the Wake Forest University education system as well as the sprawling healthcare network and thriving banking sector of the Charlotte region — home to Bank of America and Wells Fargo.

“Charlotte has incredible fundamentals — it’s an extraordinarily business-friendly state, temperate from a climate standpoint, and the cost of living is low compared to competing [metropolitan statistical areas],” Peebles III said. “From 2016 to today, we’ve seen Charlotte explode, and it’s done so in a way that’s maintained mobility and affordability, and ultimately developed on its promise.”

Brooklyn Village’s residential component will include market-rate rental apartments and affordable rental units, as well as for-sale condos. The second phase of the larger project will include the construction of an office tower and hotel along Brooklyn Village Avenue to connect Midtown Charlotte with Uptown Charlotte and create a park surrounded by retail shops and stores.

“I think that live-work-play environments are the future of development,” said Peebles III. “You want 18 hour-a-day streetscapes, you want folks there before, during and after work hours, and you want to co-locate mixed-income multifamily with hospitality and office to create an urban environment that brings high quality of life at affordable prices.”

Peebles III said that one in 10 units in the multifamily component of the project will be designated affordable.

The Peebles Corporation was founded in 1983 by R. Donahue Peebles and has offices in New York City, Miami and Washington, D.C. The firm has a national portfolio of more than 10 million square feet and $8 billion worth of property, including the proposed Angels Landing project in Downtown Los Angeles — a 1.2 million-square-foot mixed-use complex of two hotels, condominium, rental units and retail space.

Brian Pascus can be reached at bpascus@commercialobserver.com

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North Carolina

Tropical Storm Debby expected to bring rainfall to Virginia & North Carolina

Published

2 hours ago

August 3, 2024

Press Room

Tropical Storm Debby expected to bring rainfall to Virginia & North Carolina

Tropical Storm Debby already has parts of Florida under tropical storm warnings. The Florida Big Bend is currently under a Hurricane Warning. Debby is forecast to briefly strengthen into a category 1 hurricane as it moves over the Gulf of Mexico where water temperatures are near 90 degrees.

As it continues its path over land it is expected to dial back to tropical storm strength as it reaches the Carolinas mid to late next week. Moderate rainfall is possible for northeast North Carolina and southern Virginia by the end of the week.

Higher amounts of rain are possible for southernmost portions of the Outer Banks but generally models show 2-4 inches for northeast North Carolina and 1-2 inches for southern Virginia through Thursday.

Stay with News 3’s First Warning Weather Team for the latest updates as the storm develops.

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North Carolina

Tropical weather update for Wilmington: What we can expect and when

Published

9 hours ago

August 3, 2024

Press Room

Tropical weather update for Wilmington: What we can expect and when

The National Hurricane Center continues to monitor a tropical depression over Cuba. It’s expected to become a tropical storm later Saturday, bringing impacts to the Carolinas around the middle of next week.

Heavy rainfall and flooding are the primary impacts expected, according to the National Weather Service in Wilmington.

“Gusty winds are also possible, but it is too early to predict specific impacts in great detail at this time,” the weather service said.

At the same time, there is the potential for heavy rainfall and some flooding associated with front expected to stall inland this weekend.

As of 11 a.m. Saturday, the center of the tropical depression, which would be name Debby if it becomes a tropical storm, was over Cuba and moving west-northwest near 15 mph. The hurricane center said a turn toward the northwest is forecast for Saturday, followed by a northward motion on Sunday and then a slower northeastwardmotion Sunday night and Monday.

Maximum sustained winds were near 35 mph. Slow strengthening is expected throughout the day Saturday. Faster strengthening is possible Sunday, with the storm nearing hurricane strength when it reaches the Florida Gulf Coast, the hurricane center said.

STORM TRACKER: Monitor the latest tropical developments here.

Here’s a look at what we can expect in the Wilmington area, according to the latest briefing from the National Weather Service in Wilmington.

Wind

The probability of tropical storm force winds has increased, especially for the South Carolina coast. The most likely time of arrival of for northeast South Carolina is Tuesday night into Wednesday morning, and for Southeastern North Carolina is during Wednesday morning.

Rain

The potential for significant rainfall exists with 8 to 12 inches possible from near Cape Fear to portions of thenortheast South Carolina coast. Flash flooding and urban flooding are possible. Some rivers, including the North Cape Fear River and the Waccamaw River, could exceed flood stage next week.

INTERACTIVE MAP: Enter your address to see hurricanes, tropical storms that have passed nearby

Marine impacts

Rough surf, including dangerous rip currents, and hazardous marine conditions are expected this weekend and will persist into the upcoming week.

Are you prepared for a hurricane?

Hurricane season runs from June 1 to Nov. 30. Even if this system won’t pose a threat to the NC coast, it’s never too early to be prepared.

GET READY: Are you prepared for a hurricane? Here’s what to know if you live in the Wilmington area.

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North Carolina

Tropical Depression Four forms on its way to the Gulf of Mexico

Published

16 hours ago

August 3, 2024

Press Room

Tropical Depression Four forms on its way to the Gulf of Mexico

As of the 5 AM update Friday, Tropical Depression Four has formed. Areas along the East Coast including North Carolina need to continue monitoring this system. Winds are at 30 MPH and gusts are up to 40 MPH. The pressure dropped to 1009 mb and is moving to the west at 16 mph. TD 4 is expected to become Tropical Storm Debby over the weekend. Tuesday night and Wednesday are First Alert Weather Days due to the threat to ENC from this system but we may need to adjust the timing as we get closer.

The latest advisory from the National Hurricane Center continues to show ENC in the cone of uncertainty.(WITN)

It’ll move slowly before escaping to the north next week. As it moves up the East Coast, there’s a lot more uncertainty about the track and threats. We expect the track of this system to change through the weekend and even into next week. If ENC sees impacts from this system, they’d likely come mid-week. The longer this system stays over land, the weaker it’ll be. It’ll have the chance to strengthen if it moves back over open water, especially if it moves over the warm waters of the Gulf Stream.

Storms are possible Saturday through Monday as a developing tropical system gets closer.(WITN)

The speed of this system is just as important as the strength. The quicker it moves through, the less rain piles up. If it slows down or stalls, higher rainfall amounts would be expected. Our river levels have dropped a bit since July’s wet weather, but levels are still higher than what you’d find in a typical August.