Belk Place: Carolina Theater and Hotel Intercontinental

[CLT Development]

1 hour ago, KJHburg said:

I still think this newly renovated theater should host a Presidential debate.

 

maybe one day if one of the parties ever becomes normal again.

[videtur quam contuor]

Chautauqua

https://en.wikipedia.org/wiki/Chautauqua

[KJHburg]

This EB 5 program is how the Intercontinental hotel will be financed.

General story on EB 5 program

https://www.wealthmanagement.com/investment-strategies/eb-5-investment-program-continues-regain-momentum?

and Salter Brothers from the land down under 

https://salterbrothers.com.au/portfolio/

[DMann]

Carolina Theatre Marquee is going up inside the lobby

[QCxpat]

Today's CBJ "How the Foundation for the Carolinas landed $7M in State budget for Carolina Theatre" by Erik Spanberg

Excerpts: "The $30 billion state budget that became law this week includes $7 million for Charlotte’s Carolina Theatre restoration and renovation — an allocation that will reduce the funding gap for the $80 million project to $5 million."  "How the state funding came about represents a surprising win for the Foundation For The Carolinas, the locally based nonprofit that bought the century-old, abandoned theater from Charlotte city government for $1 in 2012." 

"Laura Smith, the foundation’s interim CEO, told CBJ that she and her colleagues spent months this year speaking with state lawmakers about the importance of the historic venue — and taking them on tours of the in-progress restoration."  "Work on the 950-seat theater began five years ago; the restored Carolina Theatre will likely be finished in May and open in the fall of 2024."  "The Carolina Theatre, with anticipated uses ranging from civic meetings and lectures to arts and culture performances, will be a regional attraction, Smith said."

"With that in mind, the foundation contacted state lawmakers from adjacent counties to hammer home that message.  House Speaker Tim Moore (R-Cleveland) toured the theater construction site this year at Smith’s invitation, as did Rep. Jason Saine (R-Lincoln).  Sen. David Craven, a Republican who represents portions of five counties, worked closely with the foundation to help secure funding, too.  Two counties within Craven’s district are part of the foundation’s footprint: Richmond and Union."  "Senate President Pro Tempore Phil Berger (R-Rockingham) also supported the project, Smith said."  “Anybody that would talk to me about this, that was within our region, otherwise important at the state level, I called them up, I had Zoom meetings with them, if they were in Charlotte (I said), ‘Give me 20 minutes and I’ll walk you through the theater,’” Smith said."  "Moore, Saine, Craven and others accepted her invitation for a hard-hat tour."  "“It really is going to be an incredible historic asset for the state, and I think they could see that,” she added.  “It was not a lot of arm-twisting once people came and saw it.” 

"The foundation is in discussions with city government about possibly increasing its contribution, including walk-through tours with City Council members.  Potential private donors will also be sought to close the gap."

Link:  https://www.bizjournals.com/charlotte/news/2023/10/06/foundation-for-the-carolinas-theatre.html

Image - Axios Charlotte

Edited October 7, 2023 by QCxpat

[Professor]

This place was purchase by The Foundation of the Carolinas years and years ago for something like $1. and is still not operational.  The people of this area really lost out on having a great venue in operation thanks to selling to this foundation and not a motivated city development minded opportunist. 

Edited October 7, 2023 by Larry Singer

[DMann]

Sad Day.....The Trees Are Gone!!!!!

 

[RANYC]

4 hours ago, DMann said:

Sad Day.....The Trees Are Gone!!!!!

 

Wait, WTF.  I thought the trees lining Tryon in Uptown were protected.  What's the back-story behind this?

[Matthew.Brendan]

The back story is the only thing Charlotte loves more than demolishing historic buildings is cutting down mature trees.

 

[DMann]

Wondering if the tower crane for the Intercontinental Hotel will go there.

[carolinaboy]

18 hours ago, DMann said:

Sad Day.....The Trees Are Gone!!!!!

 

Well, the construction crew had to have something to do.........

[Professor]

3 hours ago, DMann said:

Wondering if the tower crane for the Intercontinental Hotel will go there.

Yes, in circa 2042. 

[KJHburg]

Foundation seeking additional $2M in public funding for refurbishment of historic Charlotte theatre (qcnews.com)

and there is this.   and now opening Dec. 31 2025.  

[KJHburg]

update on Twitter

Council votes unanimously to extend the completion date for the Carolina Theatre and InterContinental Hotel in Uptown from Dec. 31, 2023 to Dec. 31, 2025, with an additional $2M in city funding from the Tourism Fund.
Queen City Nerve

The restoration project is currently 70% complete. Asbestos abatement, contaminated groundwater, remediation of lead paint, partnering with a private hotel developer, and façade restoration are listed as reasons for slowed construction at the historic site.

[RANYC]

11 hours ago, KJHburg said:

update on Twitter

Council votes unanimously to extend the completion date for the Carolina Theatre and InterContinental Hotel in Uptown from Dec. 31, 2023 to Dec. 31, 2025, with an additional $2M in city funding from the Tourism Fund.
Queen City Nerve

The restoration project is currently 70% complete. Asbestos abatement, contaminated groundwater, remediation of lead paint, partnering with a private hotel developer, and façade restoration are listed as reasons for slowed construction at the historic site.

• The City and Foundation for the Carolinas (FFTC) entered into a Purchase and Sale Agreement in 2013 - the agreement conveyed the theater to the FFTC for $1
• The $1  sale was conditioned on renovations being done by December 31, 2023. 
• Because 12/31/23 completion won't happen, an amendment has to be negotiated in addition to the extra $2 million; the amended completion is as noted above by @KJHburg 
• The Theater restoration was supposed to total $88 million. 
  • FFTC had raised $73 million for it including 4.2 million from the city and 4.5 million from Meck County.  
  • Tonight, an additional $2 million was approved, which gets total raised to $75 million. 
  • Restoration is still short of the $88 million, no?

Additional details:

• The Theater will have 950 seats and feature lectures, symposiums, films, and entertainment. 
• The plans still include an Intercontinental Hotel expected to bring 3.9 million in tax revenue and $362,000 in sales tax collections to the City of Charlotte.

 

 

 

Edited November 14, 2023 by RANYC

[KJHburg]

That is what I can not figure out from these news articles are they still short $13 M or what.   Because this has taken so long they have seen their costs increase greatly of course.  Plus there were hidden issues that had to be taken care of especially when  you are dealing with an old building like this.  @CLT Development do you know anything more about this are they still short money?  

[Professor]

13 minutes ago, KJHburg said:

That is what I can not figure out from these news articles are they still short $13 M or what.   Because this has taken so long they have seen their costs increase greatly of course.  Plus there were hidden issues that had to be taken care of especially when  you are dealing with an old building like this.  @CLT Development do you know anything more about this are they still short money?  

I can't believe that we will have to wait more years for this project to be completed.  Holy crap! we sold the facility to the wrong foundation for $1. God knows what kind of great facility we could have had if we hadn't been so stupid and given to the wrong foundation. I hope that the head of the foundation is investigated as he certainly didn't buy the old theater for the purpose of bringing the city forward. I wonder what it took to convince the city council or whomever to approve the delay? In the real world, when a person defaults on a contract, they pay a fine.  The foundation is asking, and obviously getting, a reward and an extension. Over ten years and we still don't even have the renovated theater. Take the place back and sell it to someone that is honest and responsible. 

Edited November 14, 2023 by Larry Singer

[KJHburg]

I do think when all is said and done there should be an audit since state, county and city money was spent on here.  Lets just trust but verify the cost overruns etc.  

[RANYC]

I decided to snoop around the internet to see what else is being built or renovated or has been built or renovated in the recent past, at or near the $88m price point.

1. Major Renovation of the Africa Museum in Belgium for $84m
2. San Diego Symphony performs in a relatively new Rady Shell located in Jacobs Park for $85m on the waterfront
3. Jay-Z and Beyonce purchased their $88m home in BelAir back in 2017
4. Are we getting a good deal?

[CLT Development]

1 hour ago, RANYC said:

I decided to snoop around the internet to see what else is being built or renovated or has been built or renovated in the recent past, at or near the $88m price point

Excuse me, that home sold for $150M and wasn't Jay-Z and Beyonce's LOL. The rest, yes.

[carolinaboy]

This project hurts my brain. Does the $88 million include the hotel tower or is that just for the theatre renovation?

[CLT Development]

Hi friends! 

Per the new CEO of Foundation of the Carolinas, the theatre is on track for a Q3 opening!

[InSouthPark]

13 hours ago, CLT Development said:

Hi friends! 

Per the new CEO of Foundation of the Carolinas, the theatre is on track for a Q3 opening!

What decade? 

[CLT Development]

1 hour ago, InSouthPark said:

What decade? 

lol. Give it a walk by at night, I had to see for my own eyes, so I popped by and the dry wall is all finished in the lobby, soffit lights are all on, its progressing quickly. I'm getting a tour soon.

[KJHburg]

By Thanksgiving....

from the Biz Journal today

""Foundation For The Carolinas CEO Cathy Bessant expects the restored Carolina Theatre to open by Thanksgiving — and promises the performance and community events hub will quickly carve a new niche in Charlotte civic life.

Bessant, during an interview Tuesday with CBJ at the foundation’s uptown headquarters, took over as CEO this month. The foundation’s board named her CEO in September as the full-time replacement for Michael Marsicano, who retired a year ago after 23 years at the helm. ""

Cathy Bessant's new role as foundation CEO begins with long-delayed Carolina Theatre renovation - Charlotte Business Journal (bizjournals.com)