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Foreclosure hearing for Epicentre happening Monday after owner defaulted on $85M loan in 2021

Last June, the owner defaulted on an $85 million loan before the property went into receivership.
Last June, the owner defaulted on an $85 million loan before the property went into receivership.
Published: Mar. 14, 2022 at 5:54 AM EDT
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CHARLOTTE, N.C. (WBTV) – A judge will begin foreclosure proceedings Monday on the Epicentre, which was once the place to be in uptown Charlotte.

The three-story building that sits at Trade and College streets was once filled with bars, restaurants and shops. Now, just a few remain.

Last June, the owner defaulted on an $85 million loan before the property went into receivership.

Related: Charlotte’s uptown Epicentre faces foreclosure after owner defaults on loan

In December, the firm overseeing the receivership said it was in the process of restructuring contracts for some of the remaining businesses, upgrading security and getting the Epicentre into showable condition.

Once the foreclosure is complete, the bank will take ownership and likely proceed with an auction.

Back in December, WBTV spoke to Center City partners about the future of the 302,000 square foot building. At the time, CEO Michael Smith was optimistic.

Related: The future of uptown Charlotte and the Epicentre

“It is too important an asset, with all of its parking, with three hotels and with all of that space. You can trust in the efficiency, liquidity of markets to help it redefine itself and be this new asset for Charlotte on the other side,” Smith previously said.

Monday’s hearing is online at 2:30 p.m. Check back with WBTV for what the next steps are

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