Permit for Park tower ends all doubt

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Permit for Park tower ends all doubt

5 years after 1st plans announced, work to begin on luxury condos
DOUG SMITH

Why would Pete Verna want to pose with a building permit?

To show doubters that construction of The Park Condominiums is ready to begin -- more than five years after he first announced the 21-story tower.

Seven other uptown high-rise condo projects have been announced or started since Verna went public with his ambitious plan for luxury units atop a parking garage at Third and Caldwell streets.

Buyers embraced The Park -- 80 of 107 units are sold -- but lenders weren't enthusiastic, especially in the aftermath of 9-11.

Competitors were quick to plant doubt in potential buyers' minds, suggesting that the condos might never be built.

But Verna ignored the rumors and persevered, courting lenders and guiding the project through government agencies.

Now, he says, his development partnership has secured a syndicated loan from an association of community banks.

"We're fixing to get going," he said. "I've sent a notice to all contract holders that we'll have the first occupancy in July 2007 and be finished by December 2007."

Verna, 79, concedes that the project has been an uphill battle, in part because, "I'm not a big enough guy."

Even with nearly 50 years' experience in construction supervision and engineering, he wasn't recognized in the industry as a developer of condo towers.

Such challenges have never deterred Verna.

During the 1940s at Cornell University, sports writers labeled him major college football's lightest guard. At 5 feet 7 inches tall, he weighed only 142 pounds, practically unheard of for a lineman.

Verna participated in the design, construction or supervision of a multitude of Charlotte projects ranging from the old convention center to the 23-story First Citizens Plaza building.

How did he finally get The Park on track? With sound financial advice and cooperation.

For the past two years, Verna has relied on the expertise of financial adviser Alexander Cruz, who helped him tweak the condo design, deal with regulators and connect with lenders.

"Every one of those people who ever came to the table had nothing but accolades for what Pete had done," Cruz said. "But they asked: What have you built before -- condos specifically?"

The key, Verna believes, was the decision to bring in a co-developer -- Dallas, Texas-based Allegiance Development LLC, whose work includes a 31-story condo project atop a hotel.

With residential high-rise expertise a part of the team, lenders became more confident.

Verna & Associates will be the general contractor for the $46 million project, being developed by 222 S. Caldwell Street Partnership, of which Verna is president and managing director.

The Park's signature feature will be its rooftop, the most lavish among the recent wave of uptown condo towers.

In addition to two penthouses, the roof will include a clubhouse, fitness center and 10,593-square-foot park with gardens, walking paths, swimming pool and putting green.

Verna said The Park's remaining condos range from 1,000 to 1,800 square feet. The on-site office is selling them for an average of $400 a square foot, he said.

By the end of this month, Verna said, the site should be fenced and barricaded with a covered walkway for people using the four-story parking garage and adjoining office building. The 180-space parking garage will remain open throughout construction.

Uptown passers-by won't see much activity for at least a couple of months.

The initial foundation work will occur inside the existing structure. After that, steel will go up on top of the garage for additional parking levels followed by residential units.

For Verna, The Park will be the fulfillment of a vision that dates back more than 20 years. He reinforced the parking deck to support an office or residential tower when he built it with the adjoining Charlotte National Building in 1985.

Early high-rise prospects included a hotel, but Verna began to focus a few years ago on luxury condos after seeing the signature rooftop park and gardens atop the posh Fairmont Hotel in San Francisco.

Monday, he will take pleasure in posting a sign at the garage entrance: "The Park Condos Are Now Under Construction."

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