CHARLOTTE, NC (WBTV). What used to be a shining pearl in Charlotte’s crown has an uncertain future.
Epicenter Uptown has been struggling to start a business lately, with most of the stores located inside the mall gone, and the mall is now reported to have defaulted on its $ 85 million loan.
Roughly two-thirds of the shops at Epicenter have disappeared, turning the mall into a virtual ghost town. And this leaves many wondering if the owners can weather the storm or drown like a stone.
“I really think this is a disaster,” said Charlotte’s lifelong resident known as “The Lady.”
“Lady” says she saw Queen City grow a lot.
She remembers when there were no skyscrapers and busy intersections. In fact, her father helped build several towers in the upper part of Charlotte.
That’s why what happens to Epicenter on College Street makes her so upset.
“When they first built this building, it caused so much excitement. But now just to see him so deserted is crazy, “said the Lady.
Epicenter opened to rave reviews by promoting the new concept of Uptown Charlotte stores and restaurants. It has also been a popular venue for student and professional sports rallies.
But these are not the good old days.
In fact, for the Epicenter leadership, everything seems to be falling apart.
Lady believes that the rise in crime in and around the mall may be a factor driving the crowd away.
“It was a very nice lucrative building before the crime started,” she said.
And factors such as a pandemic could also decide the fate of the mall.
On Tuesday, the court discussed the problems of “Epicenter”, including the failure to fulfill a loan in the amount of 85 million dollars.
“Everything is closed, there is no restaurant to eat, it’s sad how the city of Charlotte is crumbling,” said Tiera Caldwell.
And while legal maneuvers continue to determine the fate of the mall, those who have visited Epicenter hope for the best and remember Epicenter in better times.
“They were stumped,” Caldwell said. “It was alive and straight, but now it looks like a dead building.”
The group that now controls Epicenter will meet with the remaining 50 tenants in September to find out how steadily they are moving forward.
According to the report, as early as July 16, a “recipient” was appointed who took over the management of the property and tried to recover the assets and manage the property. The recipient is in the process of collecting a large amount of documents and information.
The rest of the tenants are trying to determine the financial condition of the enterprises.
According to the report, Epicenter is moving forward simultaneously with possible foreclosure and is trying to work out a solution to its monetary problems with the lender. Any foreclosure on the property can affect the businesses operating there.
Now 31% of properties are occupied and 63% are empty, according to the recipient.
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