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
A skyscraper is a tall continuously habitable building having multiple floors. Modern sources currently define skyscrapers as being at least or in height, though there is no universally accepted definition. Skyscrapers are very tall high-ris ...
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 re-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, office building called ]440 South Church
440 South Church also known as the Ally Center is a 15-story high-rise in Charlotte, North Carolina with of space. Smallwood, Reynolds, Stewart, Stewart & Associates designed the building, and Bovis Lend Lease was the general contractor. Major t ...
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 is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Formally, a mortg ...
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. 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.
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.
References
External links
Official site
Residential skyscrapers in Charlotte, North Carolina
Apartment buildings in North Carolina
Residential buildings completed in 2009
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