Belk Place: Carolina Theater and Hotel Intercontinental

[dubone]

http://charlotte.bizjournals.com/charlotte...31/story17.html

Sounds like it is more than a technicality. The city is reviewing Encore's finances to see if they believe there is any ability for them to complete the project as planned. Eyebrows were raised when foreclosure proceedings began on space and liens filed against properties related to some of the developers.

You can read the developer's case in the article.

[BUILDIT]

Hopefully the developers are being charged a market-rate price for an extension of that option- with teachers being laid off and other problems around Charlotte, I strongly object to my tax dollars (as a property owner in Charlotte) going to bail out a real estate developer.

the city does no maintenance on the property. it is taken care of by pursuit (not that theres much at all). the police tower is nice though huh?

[Ryepow]

I noticed while going to the Panthers game on Saturday there was lights on inside the Carolina theater and they were blasting "Phantom of the Opera" in there. You could hear it from about a block away. There was a guy standing at the doorway, but I couldn't ask him what was going on because I was with a group of people. Anyone know anything about it? It was interesting, if it was just a stunt to try and get attention, it worked because everyone was looking in the theater's direction as they were walking by.

[uptownliving]

When I went on a tour of the Theatre the guy that gave us the tour (Charlie Clayton) said he liked to come in from time to time and just listen to some music. He played the Phantom of the Opera for us and the acoustics of the place is truly amazing. If you see him there again and you want a tour of the place just go in and talk to him. Really nice guy.

[sleightofhand]

I noticed while going to the Panthers game on Saturday there was lights on inside the Carolina theater and they were blasting "Phantom of the Opera" in there. You could hear it from about a block away. There was a guy standing at the doorway, but I couldn't ask him what was going on because I was with a group of people. Anyone know anything about it? It was interesting, if it was just a stunt to try and get attention, it worked because everyone was looking in the theater's direction as they were walking by.

I saw the same thing Friday night. The doors were open and a guy was sweeping as music was playing. The lights were on and from what I could see inside it looked like the curtains were gonna go up any minute minus an audience. I was wondering what was going on.

[tozmervo]

"Council members voted 8-3 to extend an option for a developer to buy the Carolina Theater until Dec. 1, 2011."

Sounds like Pursuit Group has been given quite a reprieve. Its being given every chance in the world to make it to construction. Hopefully the theater can yet be saved.

[Norm2]

This tower possibly needs some national advertising to try to entice some buyers.

[New Name]

This tower possibly needs some national advertising to try to entice some buyers.

Wouldn't it be nice if:

a.) the overinflated real estate costs in uptown would deflate enough to allow projects to make a profit without a high-end market

b.) developers would step up and agree to "break-even" rather than "get rich" if it means building a more functional and reasonable project

c.) a concerned party would step up and agree to save the theater without the contingent of redeveloping the property for profit

d.) pigs learned to fly

[BUILDIT]

Wouldn't it be nice if:

a.) the overinflated real estate costs in uptown would deflate enough to allow projects to make a profit without a high-end market

b.) developers would step up and agree to "break-even" rather than "get rich" if it means building a more functional and reasonable project

c.) a concerned party would step up and agree to save the theater without the contingent of redeveloping the property for profit

d.) pigs learned to fly

you arent really in tune with pursuit's mentality are you?

[southslider]

Like Hotel Sierra, this small site needs a car-elevator to make on-site parking work. But if large luxury condos won't sell to absorb the costs of a car-elevator, what about small affordable condos without parking?

[cltheel.sdl]

Like Hotel Sierra, this small site needs a car-elevator to make on-site parking work. But if large luxury condos won't sell to absorb the costs of a car-elevator, what about small affordable condos without parking?

You can go ahead and call the small affordable condos without (dedicated) parking Catalyst, and it failed. The vast majority of potential buyers want dedicated parking uptown, no matter the price point. It's hard to travel around Charlotte outside of Uptown and SouthEnd without a car. I wish it could work, but I don't think it will for another 25 years, once we get streetcars and the transit corridors are built out.

[atlrvr]

Wouldn't it be nice if:

...

b.) developers would step up and agree to "break-even" rather than "get rich" if it means building a more functional and reasonable project

...

When you pour $10MM-$15MM of your own (and partners) money into a project and take the riskiest stake (they get paid back after the debt lender), I think you are asking a lot for someone to be happy with simply breaking even. Even if they were in it for the charity, lenders want developers to have relatively fat pay-offs, as it ensures that they will see a project through to completion, as opposed to walking away and letting the lender take back a failed project.

As part of granting the extension, the city reviewed the developer's financials, and determined they had the financial capacity to complete the project.

[DMann]

d.) is the obvious winner.

[yorkconstruct]

Check Out The Observer. "Financing woes prompt Charlotte development firm's bankruptcy filing"

[illinijazz]

So, how did that review of financials work for everyone ? He convinces the city he's viable and less than 30 days later files for bankruptcy ? Yes, I know, different corporations but still the same principals; Pursuit won't get financing from any lender now or in any foreseeable future. Are there any updates/news/gossip about this project lately ?

[dubone]

They extended the options for them, so the review went fine. The bankruptcy was of a semi-related business. People do have multiple businesses, and one could fail and the other do fine, so apparently that was what the city was convinced of.

Regardless, there are no other options for this land during the recession, so why not let this group continue with it for a period of time and try to make stuff work eventually.

[atlrvr]

The website has been updated with a new rendering showing a 6-7 story office building. I believe their option on the land ends at the end of this year, so they are probably looking for any type of project that they can move forward with. While not as exciting as 1-of-a-kind condo tower, its obvious that market isn't coming back any time soon. If Pursuit doesn't develop the site, and the option expires, its likely the theatre is toast, as the city will sell it without trying to find a buyer willing to save the theatre.

http://www.encorecharlotte.com

[Rufus]

I don't like this one bit. Not so much from an aesthetic point of view but from a development side. This location is deep within the city, deserving of something more than 6-7 stories. I'm not calling for 50+ stories, nor am I ignoring the importance of the theater. But it seems as if Pursuit is doing this to get some kind of profit, but doing so under the guise that they're they only ones who care about the theater. I would much rather the option expire, and have the city find someone willing to take on the theater and produce something better than this.

Just my opinion...

[Guest]

I don't like this one bit. Not so much from an aesthetic point of view but from a development side. This location is deep within the city, deserving of something more than 6-7 stories. I'm not calling for 50+ stories, nor am I ignoring the importance of the theater. But it seems as if Pursuit is doing this to get some kind of profit, but doing so under the guise that they're they only ones who care about the theater. I would much rather the option expire, and have the city find someone willing to take on the theater and produce something better than this.

Just my opinion...

This is the perfect for this site due to size constraints, the Encore was only going to work because it had car elevators. Nothing over 10 stories could work here without a gimmick like that. This building looks more to be 9-10 not 6-7 floors based on rendering above. In my opinion this is the only hope to save the theatre so DO IT!

[caterpillar2]

I don't think that the rendering is impressive, but after waiting year after year for something to be built, I will be happy with almost anything. Will the old Carolina theater still be redone?

[southslider]

This site has always been more about the missing tooth at street level than another opportunity to add to the skyline. Yay, for infill at any height!

[Guest]

This site has always been more about the missing tooth at street level than another opportunity to add to the skyline. Yay, for infill at any height!

100% agree, honestly there was only 1 opportunity for height, because of parking requirements, and that failed. So bring on 10+ floor infil! especially with 20k sq feet of retail!

[kermit]

The CBJ reports that the Foundation of the Carolinas has expressed interest in redeveloping the Carolina theatre "for the community" (as opposed to its own use):

http://www.bizjournals.com/charlotte/blog/real_estate/2012/03/foundation-for-the-carolinas-eyes.html?ana=e_du_pub&s=article_du&ed=2012-03-29

[Norm2]

The theater can be used for community forums, panels and lectures. Sounds.....not very exciting. this quote concerns be though..... “People will recognize the old Carolina Theatre there in some form,” he says. “But we don’t know what that looks like yet.”

[nonillogical]

The theater can be used for community forums, panels and lectures. Sounds.....not very exciting. this quote concerns be though..... “People will recognize the old Carolina Theatre there in some form,” he says. “But we don’t know what that looks like yet.”

Having worked with those guys, I can say they would be the first in town to understand and preserve a culture and performing arts opportunity like this. I have faith that they would retain traditional theater uses and are just mentioning that it could be multi-purpose venue.