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Development has been ?extremely challenging? these past few years, Grubb Properties' Clay Grubb tells us. But there's hope ahead. Clay will be speaking more about this at Bisnow's Future of Charlotte Real Estate summit at the Ritz Carlton Uptown Dec. 15.
Clay Grubb of Grubb Properties
Clay is best known for multifamily development, which stands as the lone bright spot on an otherwise dark CRE canvas. Overall, commercial development now swings to extremes. You either self-finance projects or you can turn to a lender that will expect you to front at least half the development cost, he says. But Clay?s an optimist: ?It's been crazy, but the future looks good for our industry.?
Wells Fargo's Mark Vitner
Wells Fargo economist Mark Vitner, who'll also be speaking, echoes this. It could be years before the economy improves, but there are rays of hope. He'll discuss Charlotte's traditional successes, as well as those that promise to be the city's best hope for the future. For one, Charlotte's banking industry is sound, he says—and, that's true not just for the big banks, but the plethora of smaller, locally based financial institutions. And Charlotte-Douglas International Airport continues to draw major global business like Chiquita. Joining Mark and Clay are Argus Development's Tom Cluderay and The Bissell Cos? Barry Fabyan. More speakers to be announced... sign up here!
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