Next year, as promised by the new property manager, the near-empty epicenter will transform into an upscale destination called “Queen City Quarter.”
CBRE, the court-appointed trustee during the foreclosure, continues to sell and lease the former nightlife venue and has announced plans to turn it around.
what’s happening: Not your usual nightspot. Instead, CBRE has a “very intentional leasing strategy” to create a more upscale and family-friendly environment, says Sabrina Jones, who leads property management.
- Several deals are expected to close soon, but it’s still too early to identify tenants, she adds.CBRE is interested in uses such as retailers and fine dining. CBRE also wants to revitalize the common areas with tenant programming and art.
Important reasons: COVID-19 Pandemic away from the epicenterwhen the Southend was already pulling its youthful nightlife in a different direction, and daytime office-goers were moving to remote locations.
- The establishment, now barely reminiscent of its once bustling hotspot, has done little to revitalize Uptown amid the pandemic.
- The center’s future is mentioned in leader’s conversations about major nearby projects. Charlotte Transit Center Redevelopment.
What they say: “We want to take advantage of the dense daytime population and make it a community destination amenity,” says Jones. “And we are surrounded by so many great hotels. I hope you will.”
detail: According to Jones, the Queen City Quarter will be fresh, modern and bright. “We no longer want Times Square to look dated. “
The work of converting properties includes:
- Courtyard, car park, patio and roof repairs underway – all expected to be completed by the end of the year
- 2023 public staircase and escalator renovation work
- new landscaping, lighting and benches
- Fresh paint in common areas
- Removal of old tenant signboard
- An upgraded camera system that replaces outdated technology and produces sharper images. He now has a 24/7 control room and 20 security guards on site from his 12 with the authority to arrest criminal suspects. CBRE also works closely with CMPD and Center City Partners, Jones said.
environment: Epicenter Owners During Pandemic default on an $85 million loan. CBRE was interviewed and selected as a court-appointed trustee.
- The lender, Deutsche Bank Trust Company, was looking for a recipient that it believed the property could turn around and was committed to for the “long term,” Jones said.
- In August, the bank placed a sole bid of $95 million on the property, which turned the property into the hands of the lender and placed it under CBRE’s custody.
- “I expected that to happen,” says Jones.
Flashback: The epicenter has had its ups and downs since it opened in 2008, from surviving the Great Recession to hosting the Democratic National Convention event. Great location within walking distance to some of Charlotte’s biggest attractions, but its proximity to violent crime and protests has cast a shadow over the property, especially in recent years, with shattered glass. Charlotte magazine I have written.
- In 2010, the complex’s owner declared bankruptcy, and the developer gave up ownership in 2012. Banks is now her third owner.
What’s next: Jones said CBRE is in talks with the remaining tenants, including: Red Eye Diner and Word of Beer to extend lease to join center’s next phase.
- She added that while renovations are underway, it will host pop-up retailers in vacant spaces that occupy 70% of the building.