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Owning Air – Air Rights 101
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Owning Air – Air Rights 101

June 14, 2016 In Luncheon Summary

Owning Air – Air Rights 101

Who You Missed:

Moderator – David Jones – Partner at Troutman Sanders

Panelists – Fred Klein III – Partner at Childress Klein, Laura Smith – Executive Vice President at Foundation of the Carolinas & Doug Stephan – Principal at Vision Ventures

What You Missed:

  • FAST FACTS

    • Air Rights Transactions have gone on in Charlotte for at least 25 years

    • Air Rights Transactions are vertical subdivisions, dividing properties up and down instead of from right to left.

    • Air Rights Transactions are extremely complex not only from a legal perspective, but also when it comes to structure and engineering.

  • Projects

    • Carolina Theatre at Tryon and Sixth Streets (Laura Smith)

      • Requires four elements of condominium rights for uses within the project above the planned restoration of the 36,000 square foot theater.

    • The Mint Museum at 500 South Tryon Street (Fred Klein III)

      • Next phase of development that has happened over the last decade

      • Foresight of Wachovia/Wells Fargo was enormously helpful in helping this project come to fruition.

      • Air Rights above the Mint were purchased for $18.1M

      • Great lengths were gone to, including agreeing to not swing cranes over the trading floors at Wells Fargo during the building process.

    • The Epicentre (Doug Stephan)

      • Legal Battles over Air Rights went on for a lengthy period.

      • Separate development rights were created for condominium agreements

      • The economy and lack of parking were major roadblocks in this project.

      • Eventually the project became two limited service hotels, under construction now.