Construction crews have started setting up heavy equipment to tear down the former Charlotte Observer building at Stonewall and South Tryon streets.
The 360,000 square-foot steel-and-concrete building won’t be imploded, but will be torn down by a large piece of claw-like machinery. D.H. Griffin Wrecking Co. has been the main contractor for the demolition, which has a total cost of $3.5 million, according to building permits.
A partnership of Charlotte development firm Lincoln Harris and New York-based investment bank Goldman Sachs purchased the Observer site from the pension fund of Sacramento-based McClatchy, the Observer’s parent company, for $34.1 million. The Observer has relocated to offices two blocks away in the NASCAR Plaza office tower on Stonewall Street.
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Lincoln Harris and Goldman Sachs are under contract to purchase the final piece of property, a sheet metal shop on South Mint Street, to create a contiguous 10-acre site. Covering two city blocks, the site runs along the south side of Stonewall Street between Bank of America Stadium and South Tryon Street.
Lincoln Harris has been tight-lipped about its plans for the parcels, which preliminary documents filed with the city indicate will be redeveloped as a large, mixed-use project. That could include office buildings, shops, restaurants, apartments or condominiums.