Charlotte’s Epicentre gets sale date. Name change, new tenants also possible.
UPDATE: The public auction sale date has been set for May 12 at Mecklenburg County Courthouse, according to documents filed April 22 in Mecklenburg County superior court.
Charlotte uptown entertainment complex Epicentre could go to auction in May and get a new name and tenants, officials said during a case update Wednesday in North Carolina Business Court.
James Pulliam, representing Deutsche Bank Trust Co., told Chief N.C. Business Court Judge Louis Bledsoe attorneys have a tentative sale date of 2 p.m. May 2. However, a notice of sale has not yet been filed.
Earlier this month, Epicentre began foreclosure proceedings but no time frame was given for a sale date.
Nearly 10 months ago, Epicentre at 201 E. Trade St. fell into receivership after defaulting on its $85 million loan with lender Deutsche Bank Trust Co. Once the hot spot for retail, restaurants and entertainment venues in uptown Charlotte, Epicentre’s decline was sealed during the COVID pandemic. Only a handful of businesses remain.
The 302,324-square-foot Epicentre, with 50 tenant spaces, is less than 30% occupied, according to receiver Sabrina Jones’ February report filed with N.C. Business Court. Jones, managing director of CBRE Inc., was named receiver of Epicentre at in July, serving as manager and leasing agent for the property.
On Wednesday, Jones said the center also will be renamed and renderings for the center’s new design are expected to be announced soon, along with some new tenants. Jones didn’t provide a specific timetable for the changes.
“We’re de-branding the center and removing signs,” Jones said. “It’s on the uptick with some positive conversations that we’ve had with some new and exciting tenants that we hope to be able to announce in the coming months.”
Ongoing property updates include major repairs and maintenance projects, including “paver repair in the courtyard, security camera upgrades, parking deck cleaning, and removal of former tenant signage. Additional work is planned for the escalators, exterior stairs and parking deck,” according to Jones’ report.
“That’s just the beginning of the capital investment and refresh of the center,” she said.
She said security remains a concern at Epicentre and uptown Charlotte. Epicentre employs 12 to 20 armed and unarmed security guards daily, she said.
“We’re doing our part to ensure that the Epicentre is as safe as possible for the patrons and tenants at the center,” she said.
What happens next?
After courts receive a notice of the sale, there will be an auction on the first floor of Mecklenburg County Courthouse. Once the initial sale is complete, there is a 10-day period when “upset bids” are accepted, according to the deputy clerk’s office at Mecklenburg County Superior Court.
After the sale of a property in foreclosure, another party can offer a higher bid on the property, called an upset bid, according to North Carolina laws.
Business owner wants to stay in Epicentre
After weathering the COVID pandemic and news of Epicentre’s foreclosure, Epic Times business owner James Mack told the Observer Tuesday uptown Charlotte and the center’s foot traffic is “like a desert.”
Before the pandemic, 2020 was shaping up to be the 7-year-old fine jewelry and watch store’s best year, Mack said. With only a few businesses left in Epicentre, Mack said he can’t keep the shop staffed without more walk-in customers. So, it’s open by appointment only.
“It’s absolutely slowed to a point where the last two or three months we’ve not made anything. There was a time when we all used to make money,” he said. “I feel frustrated and kind of caught by surprise with the situation.”
Mack said he’s anxious about Epicentre’s future, putting his business and years of hard work in jeopardy. He’d like more support from the city to help keep and promote small businesses in uptown, too.
“I never would imagine a city would allow a portion of the city to crumble like that,” Mack said. “We’ve been battling to stay open for two whole years.
Being on a month-to-month lease, Epic Times could leave Epicentre but Mack said he hasn’t found an opportunity for relocation in Charlotte. In the meantime, Mack is rebranding and launching his own line of fine jewelry and leather goods. Last week, he opened a second shop, called James Mack, in Miami. Still, he has no plans to leave Charlotte.
“It’s always been my goal to expand and be a nationwide brand,” Mack said. “I feel like I have to wait to see what happens. I can not give up.”
Epicentre history
Epicentre opened in 2008 on a city block at College and Trade streets at the former convention center site. It featured a movie theater, bowling, hotels, restaurants and nightclubs. It was part of the city’s redevelopment plan and drew attention with CIAA parties, the Democratic National Convention and NBA All-Star Game events.
But Epicentre’s history has been tumultuous from the start, with court cases and a bankruptcy even as the venue thrived as a popular nightlife destination in the city.
Epicentre’s first bar, Whisky River, was owned by NASCAR’s Dale Earnhardt Jr. As more businesses opened, people often waited more than hour in long lines to get in to businesses.
CIM Group, the Los Angeles-based investment firm which bought Epicentre in 2014 for $130.5 million, previously told the Observer the pandemic had an “outsized” economic impact on the complex.
Epicentre’s online business directory on Wednesday lists 18 retail and service businesses including Bowlero, CVS, Epic Times jewelry, Fuji, Insomnia Cookies, Mortimer’s Cafe & Pub, Red Eye Diner, Tailored Smoke and World of Beer.
This story was originally published March 30, 2022 at 3:24 PM.