210 Trade | EpiCentre

[qcnative2469]

How far have they got in the construction of 210 trade? There's alreaddy a few stories right?

for the condo portion, just 3 levels.

[Centercity]

Are there any estimates to when anything here will be completed.

[ScottCLT]

Are there any estimates to when anything here will be completed.

I don't think there are any plans right now for it to be completed - the project is stalled. All construction equipment and the cranes were removed last year.

[dubone]

The current estimate is never. Flaherty owns the air rights and they went bankrupt. Until the rights are sold or given as part of the bankruptcy, there are no chances for anything to be done here.

[Spartan]

There is a lot of what I am going to term "BS" going on with the Epicenter and 210 Trade. What happened with the lawsuits? I assume they are ongoing...

[tozmervo]

Good timing to ask that question. The O says F&C's lawsuit against Ghazi has been dismissed.

"Ghazi said he doubted a residential tower would be built soon because of the weak real estate market. He said he didn't know what will be done with the space, other than it is a “phenomenal location,” that he would like to see it include residences one day and that “something will get built.”"

[HopHead]

Speaking of 210 trade, the developer lawsuit against Ghazi has apparently been dropped by a federal judge. Ghazi said that eventually something will fill that space, likely involving residential. However, no time table has been given.

Also, a Mexican Tequila bar called Cantina Vida will occupy 6,000 sqft. This will make the Epicentre 90% leased now.

[Urbanity]

[quote name='dbull75' date='15 January 2010 - 07:11 PM' timestamp='1263597086' post='1102647'

Also, a Mexican Tequila bar called Cantina Vida will occupy 6,000 sqft. This will make the Epicentre 90% leased now.

[dubone]

Well, one major positive on the lawsuit news is that the entity that is actually operating and creating economic activity will not suffer at the hands of the entity that failed and is doing nothing for anyone. It pretty much underscores that F&C was just trying to scape goat Ghazi.

It is definitely clear than nothing will be built on the spot any time soon, but I am pretty sure that it will rely heavily on who ends up with the air rights after the bankruptcy mess. It will be a while before that is settled and then a longer while before someone actually chooses to make something there. I would tend to agree that another hotel should not be out of the question, as long as it were in a market niche different from the Ritz and Aloft.

As for the Mexican restaurant, I am glad uptown is getting one, as we do not currently have one, and it will be good that that highly visible spot will get something. Here's to hoping it is more like a restaurant than a bar.

[New Name]

As for the Mexican restaurant, I am glad uptown is getting one, as we do not currently have one, and it will be good that that highly visible spot will get something. Here's to hoping it is more like a restaurant than a bar.

How about a book store/mexican restaurant combo...... eh. fine.

[Centercity]

Could this turn into a rotting 3 story stump, beacuse it sound like it will be years before anything moves forward. Also was this a result of Ghazi incomptence or the real estate market?

[gamecocksfan]

How about a book store/mexican restaurant combo...... eh. fine.

I really wish that Epicenter could get a bookstore. I heard or read somewhere that bookstores want to have retail space that are larger than what epicenter have to offer. Maybe we could get a small independent bookstore like Malprops in Asheville to move there. I would be great if PJ's leased the spaces beside it and opened a bookstore.

[Norm2]

The lawsuit that Flaherty & Collins made against Gazi has been thrown out of court. Gazi says himself that a condo tower most likely will nto get built anytime soon because of the current market, but that he hopes that something will happen with the space, and he hopes that eventually residential will be added to the development.

http://www.charlotteobserver.com/breaking/story/1183796.html

[Urbanity]

As it will be a while before a tower or any development gets built, I would love to see something that would utilize the space and add to the vibe of the complex being an "epicentre" for the city ala Times Square in NY. Mainly I was wondering what if they set up some kind of ticker-tape billboard at the base of the condo tower.

It could be a collaboration of stories from the Observer, Creative Loafing, Charlotte Post, Charlotte Business Journal and Q-Notes and News 14 and Speed TV particularly on NASCAR stories. It would be cool if they also had tweets of local reporters and columnists as well.

I realize the idea of a broad multi-news org participation might be not possible for a lot of business/competition reasons, but it would certainly be cool from a spectator standpoint as well as publicity for all the named media. I think it kind of fits in with the Times Square type guidance on signs.

Edited January 17, 2010 by Urbanity

[dubone]

I hope some resolution can be found to fix the sidewalk and to be allowed to maybe cover the skeletal floor of the would-be tower with billboards. The advertising would be in keeping with the rest of the project and would hide the scars of the failed condo tower.

I guess the trouble is that it is owned by an entity that is adversarial to Ghazi and Epicenter and is not from Charlotte. My guess is they are glad to leave an ugly reminder as f-u to both.

[dubone]

http://www.charlotteobserver.com/business/story/1183796.html

Correction to my last post, it appears the lender has already taken over the ownership of the air rights. I guess the lawsuit dismissal should eliminate the last hopes of the F&C developers for pursuing action against Ghazi. Now it is just a matter of the lender trying to recoup their investment by finding a new use for the asset.

I guess we will have to wait to see.

[HopHead]

A new, local investment group call 210 Trade Investments has taken over air rights for the condo tower. Only one person is listed in the filing, bankruptcy lawyer. Not sure what this means, if anything. It may just be part of the bankrupcty process or could be someone wanting to hold on to the air rights until the time is right to move forward with building a tower. Maybe someone who has legal bank ground could chime in. Also, it's in the Charlotte Bizjournals today, just don't have full access to the article so that may further be explained in there.

Failed Charlotte condo project has new ownership

[dubone]

Hmmm, the fact that the LLC is a bankruptcy lawyer just makes me think it is someone basically trying to profit from flipping the rights versus someone with experience in actually getting something developed there.

Still, it seems like extremely good news that it is in the hands of someone new who is at least partially motivated to make something happen.

The rest of the article is pretty much a recap of the saga, and some quotes by Ghazi. The only point that sticks out to me is that Ghazi says he has doubts that a condo tower will ever go on that site.

[Charlotteman]

The rest of the article is pretty much a recap of the saga, and some quotes by Ghazi. The only point that sticks out to me is that Ghazi says he has doubts that a condo tower will ever go on that site.

Seems like Ghazi's thoughts about Epicenter would be irrelevant at this point. Since most people don't follow legal proceedings about air rights, I would think lots of folks in Charlotte directly blame Ghazi for the three story debacle.

I would think this fiasco would harm Ghazi's reputation in the future, as a credible developer.

[Urbanity]

Seems like Ghazi's thoughts about Epicenter would be irrelevant at this point. Since most people don't follow legal proceedings about air rights, I would think lots of folks in Charlotte directly blame Ghazi for the three story debacle.

I would think this fiasco would harm Ghazi's reputation in the future, as a credible developer.

I think your argument should be in reverse. I agree that most people don't follow legal proceedings in regards to real estate deals and thus wouldn't even think of Ghazi in relation to the tower.

If general people (those who don't follow real estate lawsuits) know his name, then I would guess that they know his name solely as the developer of the Epicentre which most people would say was a success.

Thus I think his credibility for future development is just fine - at least for getting the rights to develop. Dealing with contractors and construction crews could be a different story, of course...

Edited February 5, 2010 by Urbanity

[AlmaPinnix]

Any update on these shenanigans?

[MeckDeck]

Any update on these shenanigans?

The county website still shows that Pacific Ave II <a href="http://charlotte.johnlocke.org/blog/?p=6690">has not paid</a> the $600K property tax bill.

[sleightofhand]

I think your argument should be in reverse. I agree that most people don't follow legal proceedings in regards to real estate deals and thus wouldn't even think of Ghazi in relation to the tower.

If general people (those who don't follow real estate lawsuits) know his name, then I would guess that they know his name solely as the developer of the Epicentre which most people would say was a success.

Thus I think his credibility for future development is just fine - at least for getting the rights to develop. Dealing with contractors and construction crews could be a different story, of course...

One could argue that Ghazi is to blame for choosing F&C to develop the tower. The combo of the Ghazi Group and F&C had zero experience in building high rise residential buildings. The decision making leading right up until construction rests solely on Ghazi's shoulders and the ultimate downfall of the project in my opinion.

[Urbanity]

One could argue that Ghazi is to blame for choosing F&C to develop the tower. The combo of the Ghazi Group and F&C had zero experience in building high rise residential buildings. The decision making leading right up until construction rests solely on Ghazi's shoulders and the ultimate downfall of the project in my opinion.

I think Ghazi definitely deserves blame on this though I'm not certain I can make the leap that 210 Trade rest on his shoulders.

Edited February 16, 2010 by Urbanity

[AlmaPinnix]

Why doesn't Ghazi just pick a different, more prominent developer and just get the tower built? Seems like most of the smoke is cleared with the lawsuit and other stuff.. isn't time to move forward?

Edited February 16, 2010 by Charlotte-Milan