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210 Trade | EpiCentre

monsoon

By monsoon
in Charlotte

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1020AM
1020AM

Some of you guys love blaming EVERYTHING on the evil transportation center. We understand what you really mean though.  Just moved back to town after being gone most of the last 14 years.  Walked

TheOneRJ
TheOneRJ

This is a little dramatic. Unaffordable luxury apartments isn’t exclusive to Charlotte and Charlotte won’t be in any worse condition than any other mid tier city in the country if said financial colla

BullDurhamer
BullDurhamer

if dear leader can grab crotches, i say why not all of us?  he has jesus' blood in him you know?    

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dubone Megalopolis

dubone

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http://www.charlotteobserver.com/business/story/990141.html

http://charlotte.bizjournals.com/charlotte...12/story15.html

Two articles on F&C today, basically reporting who they owe what to, totaling $52.5m. They lenders US Bank $37.3m and House Investments of Indianapolis $6m. They say they owe RJ Griffin $6.56m (although apparently RJ Griffin spent $9.77m on the work for them). The remaining $2.6m is owed to all the rest, including Meck County, Ghazi, and all the buyers.

How much were the air rights sold for? It is somewhat unbelievable to me that the lender paid out so much more than just what was put in for construction. Were the air rights really that $30-45m difference? Was there massive fraud here? I don't get it.

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atlrvr Metropolitan Area

atlrvr

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I believe the air-rights (and related parking spaces) sold for $6M or so. I can't access the whole article, so I don't know what type of loan US Bank made. If it was a predevelopment or bridge loan, then that amount seems plausible without indicating their was any intentional fraud. A predevelopment loan would have paid for air-rights acquisitions, architectural renderings, engineering reports, legal fees, etc. A bridge loan would have replaced the required equity contribution from F&C and their partners with a loan, so that the equity could have been contibuted over time, as opposed to all up-front. Both of these were pretty common during the real estate boom, but extremely rare and expensive today.

It will be interesting to see who buys the the couple of stories of completed structure, air-rights, and related architectural/engineering plans. I would think Ghazi would make the most sense, but on the other hand, he has his cash (from selling the air-rights) so he may get while the getting is good.

An interesting legal question that I don't know, is if Charlotte FC declares bankrupcy, does that release Pacific Ave LLC (Ghazi's company) from the lawsuit?

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dubone Megalopolis

dubone

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But where would that money have gone. They got and used the deposits, and loan. Plus they had their own equity presumably. Then, they paid for the air rights, all the renderings and engineering and salaries for people working on the project, and then the construction costs of building ONE FLOOR. Where could all that money have gone!? Surely the pre-work, the air rights, and one floor of a building don't cost 52 million bucks.

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ontap Whistle-Stop

ontap

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....An interesting legal question that I don't know, is if Charlotte FC declares bankrupcy, does that release Pacific Ave LLC (Ghazi's company) from the lawsuit?

Litigation rights in the cases had been transferred to U.S. Bank in exchange for a $10 million reduction of its loan to Charlotte FC according to Chapter 7 filings. (per Businesss Journal 10/09/09)

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uptownliving Town

uptownliving

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An another one bites the dust...this time Advanced Construction is filing for Chapter 7 Bankruptcy...you have probably heard about them in various media stories about the EpiCentre. They are the main contractor for all the upfits. Since Advanced is getting out of the picture that means Ghazi will have to get another contractor to finish out the development. Not sure how this will affect the remaining buildout.

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HopHead City

HopHead

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An another one bites the dust...this time Advanced Construction is filing for Chapter 7 Bankruptcy...you have probably heard about them in various media stories about the EpiCentre. They are the main contractor for all the upfits. Since Advanced is getting out of the picture that means Ghazi will have to get another contractor to finish out the development. Not sure how this will affect the remaining buildout.

Well considering Ghazi won't pay anyone for all their work, I suspect he'll have a hard time finding someone...

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Charlotteman Burg

Charlotteman

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I don't know this for sure but I would think the aloft has a non-compete clause with Ghazi that doesn't allow a hotel to built there.

Isn't Aloft completely booked every night? Another hotel there probably wouldn't make much of a dent in their business since the Uptown hotel market is apparently so tight.

It would be a sweet sweet location for a boutique hotel, as others have mentioned.

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nonillogical Burg

nonillogical

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Breuggers opened yesterday. I love bagels.

YES. i've been waiting for this one (it's nice that we already had an einstein bros. in the overstreet mall but its not open on weekends, right?)

the coupon book i got in the mail today had one for Thai House that said "epicentre location now open" but i don't think that's true. i'll check it out.

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New Name Burg

New Name

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YES. i've been waiting for this one (it's nice that we already had an einstein bros. in the overstreet mall but its not open on weekends, right?)

the coupon book i got in the mail today had one for Thai House that said "epicentre location now open" but i don't think that's true. i'll check it out.

definitely not true. I waited for Thai House to open. I go to the one in University often and I would always ask them when they were opening the Epicentre one. They never really would comment, just say "sometime soon." But the sign is down from the storefront - so I assume that means they have backed out..... although I hope not...

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