Epicentre foreclosure underway after judge issues order

Last June, the owner defaulted on an $85 million loan before the property went into receivership.
The 300,000 square foot building at College and Trade streets was once a hot spot for restaurants and entertainment.
Published: Mar. 15, 2022 at 7:38 AM EDT
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CHARLOTTE, N.C. (WBTV) - Foreclosure of the Epicentre in uptown Charlotte is now in progress after a judge issued the order Monday.

The 300,000 square foot building at College and Trade streets was once a hot spot for restaurants and entertainment. However, after the start of the COVID-19 pandemic two years ago, many businesses there permanently closed.

The property will be listed for sale once the foreclosure is complete, but no timeline on when that will happen was given during Monday’s hearing.

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.

Back in December, WBTV spoke to Center City partners about the future of the 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.

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