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.

Charlotte Douglas International Airpot – An Economic Engine Of The Carolinas: Planning For The Future

Charlotte Douglas International Airpot – An Economic Engine Of The Carolinas: Planning For The Future – Submitted by Dave Rushing

Who You Missed:

• Jeff McSwain – Assistant Aviation Director of Development for CLT

In this capacity, McSwain is responsible for the planning, design and construction of Airport projects. He also oversees land acquisition and the Part 150 Airport Noise Compatibility Program.

McSwain holds a Master of Business Administration from Pfeiffer University and a Bachelor of Science in Civil Engineering from North Carolina State University.

​​Professional affiliations:
Professional Engineer (PE), North Carolina
Certified Member (CM), American Association of Airport Executives (AAAE)√¢‚Ǩ‚Äπ

• Stuart Hair – Economic Affairs Manager for CLT

In this capacity, Hair plans, directs, manages, and oversees the activities and operations regarding economic development. Identify corporations and business facilities that are targets for recruitment to locate on, or near, Charlotte Douglas International Airport (CLT) and market the Airport to identified targets.

Hair holds a Masters degree in Geography from the University of North Carolina at Charlotte and a Bachelor of Arts in History from Queens University of Charlotte.

What You Missed:

• FAST FACTS
  • Charlotte Douglas International Airport (CLT) is ranked 5^th nationwide in Operations, 9^th in passengers and 29^th in Cargo.
  • CLT handled over 44M passengers in 2015
  • CLT has approximately 700 departures daily and Nonstop service to 155 destinations.
  • $10-12B annual economic impact to the Carolinas
  • 100,000 jobs directly or indirectly related to the Airport and the businesses that serve it.
• Projects Underway
  • Elevated Terminal Roadway
  • East Terminal Phase II – Food Court
  • Concourse A North Expansion
  • Terminal Concourse Renovations
  • Regional Concourse Projects (Concourse E)
• Future Project
  • Terminal Lobby Expansion (Perhaps to include Queen Charlotte Statue)
  • Future Gate Expansions
  • 4^th Parallel Runway

“District 6: Sub √¢‚Ǩ≈ìUrban√¢‚Ǩ¬ù The Evolution of a Dynamic Market Place with Councilman Kenny Smith

The March CREW meeting featured Council Member Kenny Smith.   Councilman Smith’s topic “District 6: Sub “Urban” The Evolution of a Dynamic Market Place” provided an update on one of the busiest districts in the City – the SouthPark area.  He told us there is close to a billion dollars’ worth of development in SouthPark and along the Park Road corridor and discussed the recent and active rezoning petitions, trends, city vision, demographic trends, infrastructure and how Charlotte is impacted.  The SouthPark area is clearly one of the faster growing areas in both the state and the country as Charlotte continues to be a leader in job growth.  Councilman Smith’s knowledge as a commercial broker gives him a unique understanding and appreciation for his district’s direction.  

“District 6: Sub √¢‚Ǩ≈ìUrban√¢‚Ǩ¬ù The Evolution of a Dynamic Market Place with Councilman Kenny Smith

The March CREW meeting featured Council Member Kenny Smith.   Councilman Smith’s topic “District 6: Sub “Urban” The Evolution of a Dynamic Market Place” provided an update on one of the busiest districts in the City – the SouthPark area.  He told us there is close to a billion dollars’ worth of development in SouthPark and along the Park Road corridor and discussed the recent and active rezoning petitions, trends, city vision, demographic trends, infrastructure and how Charlotte is impacted.  The SouthPark area is clearly one of the faster growing areas in both the state and the country as Charlotte continues to be a leader in job growth.  Councilman Smith’s knowledge as a commercial broker gives him a unique understanding and appreciation for his district’s direction.