Scheduled auction of troubled Epicentre postponed until July, officials announce

What was expected to be the sale of the Epicentre — the longtime uptown Charlotte entertainment hub — was placed on hold Thursday morning.

William Kirk Jr., a trustee in the foreclosure, told the crowd of a couple of dozen people gathered on the first-floor lobby of Mecklenburg County Courthouse that the Epicentre auction had been postponed until 10 a.m. July 26.

He would not say why the auction was postponed.

Kirk said when the auction opens in July there will be a minimum bid. He would not disclose that figure on Thursday.

[AN ODE TO THE EPICENTRE, back when it brought the ‘wow’ factor to uptown Charlotte]

The notice of sale postponement was filed at 9:36 a.m., court records show.

The postponement was made at the request of the beneficiary “for good and sufficient cause,” the court filing shows.

Potential buyers with Heritage Gridiron Association, based in Charlotte, were surprised by the delay. CEO Duncan Anderson and President Steve Platt said they were ready for a bidding war. They wouldn’t say how much they planned to pay for Epicentre.

They envision revitalizing the center adding to what’s already there, to create an inviting, family-friendly atmosphere, Anderson said. Epicentre has been one of Anderson’s favorite spots for entertainment since he moved to Charlotte five years ago, he said.

Platt, a Charlotte native, said their plan could include new restaurants with more cultural flavors, upscale salons and barbershops, and even host entertainment television shows, similar to “Good Morning America,” from the site.

The one-block complex at 201 E. Trade St. that opened 14 years ago had drawn crowds for CIAA parties, NBA All-Star Game events and the Democratic National Convention, as well as regularly seeing long lines to get into businesses there. At its height, the three-story complex featured a movie theater, bowling, hotels, restaurants and nightclubs.

Now, only a handful of businesses are open as the 302,324-square-foot center with 50 tenant spaces is 70% vacant. Last June, Epicentre defaulted on its $85 million loan with lender Deutsche Bank Trust Co. In March, foreclosure proceedings started.

In 2014, California-based real estate group CIM Group bought the property for $130.5 million. At the time, it was 94% leased, with 70% of its rental revenue from 16 restaurants.

CIM Group previously told the Observer the pandemic had an “outsized” economic impact on Epicentre, its downslide started earlier.

‘We’re still here’

But on Wednesday, RedEye Diner General Manager Shelly Castro said the full-service restaurant isn’t worried about Epicentre’s sale.

“It really hasn’t affected us,” she said.

The seven-year-old restaurant attracts customers from uptown concerts, hotels and local offices, and has many regulars. Despite not having its third-shift service because of the labor shortage, Castro said business is booming. She said they hope to return to 24 hours, likely on weekends, by Memorial Day.

“For us, we kind of just roll with the punches like we’ve been doing,” she said. “We don’t want people to worry. We’re still here.”

This story was originally published May 12, 2022 at 10:54 AM.