Charlotte independent music venue Neighborhood Theatre no longer just locally owned
After nearly 30 years, one of Charlotte’s largest independent music venues no longer just has local owners.
Stage Right Venues of Nashville, Tennessee, is the new owner of Neighborhood Theatre, Gregg McCraw, owner of concert promotions company MaxxMusic in Charlotte confirmed. MaxxMusic has run the music for the NoDa venue at 511 E 36th St since 2000.
But Stage Right is only half-owner of the theater, said Bill Fox of Hughes Agency in Greenville, S.C. Fox said he represents a group of Charlotte investors who own 50% of The Neighborhood Theatre property and the music venue.
Stage Right took over on Feb. 24 and will manage and operate the venue, McCraw said. MaxxMusic will continue booking the music.
An email to Neighborhood Theatre employees reviewed by The Charlotte Observer also confirmed the ownership change.
The family-owned company that had owned the theater, The Flynns, LLC listed Maria Aydt and Elida Flynn as company officials in N.C. Secretary of State documents. The business had been registered to Carlos Flynn since 2015, state records show, until his death in 2022.
In 2023, Neighborhood Theatre got a new landlord when Nashville-based AJ Capital investment firm and the Charlotte investors purchased the retail block for $10.3 million from Ascent Real Estate Capital. The Charlotte-based real estate firm had owned the retail block since September 2016.
So AJ Capital and the Charlotte investors had bought the building that housed the venue, but not the business itself.
The investor’s group is co-managed by George Dewey IV with Aston Properties based in Charlotte and Jonathan Ishee with Bridge Holdings.
“The local ownership group is looking at how to invest in the venue to preserve it and maintain it,” Fox said. “They bought it (with AJ Capital) because they love music and they want to keep Neighborhood Theatre alive.”
The new owners have been investing in building upgrades and repairs, such as fixing doors, the bathrooms and the bar operating system, McCraw said. On Feb. 24, for example, the bar at Neighborhood Theatre switched to a new cashless system, according to the website.
Stage Right is a subsidiary of AJ Capital Partners, McCraw said, so now the property and the business under the same ownership.
“It’s actually a good thing,” McCraw said. “They (Stage Right) intend to keep this as an independent music venue,” McGraw said.
AJ Capital Partners and Stage Right officials did not respond to requests for comment from The Charlotte Observer.
The 28-year-old music venue has two stages, hosting local, regional and national acts with a capacity for 956 people. The venue has about 50 employees, mostly on per-gig basis, The Charlotte Observer previously reported.
Neighborhood Theatre transitions
The Neighborhood Theatre building was originally a movie theater. Known as the Astor Theatre, it opened in 1945 and closed in the 1970s, according to Neighborhood Theatre’s website.
In 1997, NoDa real estate mogul Paul McBroom and Sharon Tate bought the property and booked the first Neighborhood Theatre concerts in September, McBroom told the Observer on Sunday. They operated the music venue through 2003, leasing the venue to other promoters such as George Gray, who promoted live theater, McBroom said.
In 2010, JEM Entertainment owner Zach McNabb and four partners who had operated the music venue said they were calling it quits. Neighborhood Theatre had been operating in the red for eight months and saw a 30% drop in attendance, according to Observer archives.
Over 7,000 fans joined a Facebook group called Save the Neighborhood Theatre to keep the venue open. NoDa developer Tyler Foster and the venue’s building owner, however, said he had intended all along to find another tenant if McNabb and his partners left.
Under new ownership in 2013, the theater underwent more improvements including a new bar. The setup also changed to standing room only at the front of the stage and limited admission seating.
In 2021, Neighborhood Theatre assured Charlotte that the music would go on, saying it was the fourth time the venue had a new landlord and had also made it through the pandemic shutdown.
In 2023, AJ Capital and the Charlotte investors purchased Neighborhood Theatre property, along with restaurants Salud Cerveceria and Boudreaux’s, and sun glass shop Johnny Fly Co. At the time, Principal Tim Ryan said the firm planned to “preserve (the theater’s) role as NoDa’s hub for live entertainment.”
Having the property and venue under the same ownership, McCraw said, gives Neighborhood Theatre more stability. He said the company will be using the same ticketing system for the near term.
“The future of the Neighborhood Theatre is secure,” McCraw said. “It’s still going to be a funky, independent venue for the long term.”
More about Neighborhood Theatre’s new owner
AJ Capital has more than $5 billion in real estate investments in more than 50 markets, including the United Kingdom, according to its website. The company was founded in 2008 and has offices in Chicago, London, Miami, New Orleans, New York and San Francisco.
It primarily works in mixed-use developments, hotel, office, multifamily and retail, including Graduate hotels in Charlotte and Chapel Hill.
AJ Capital under Stage Right also specializes in live music venues including Minglewood Hall in Memphis; New Orleans’ Joy Theater; Houston’s White Oak Music Hall; and Iron City in Birmingham, Alabama.
Stage Right owns one other Carolina venue, The Senate in Columbia. The 1,200-capacity venue is less than 100 miles south of Charlotte.
Correction: This story was updated March 9, 2025, with information about the original ownership.
This story was originally published March 7, 2025 at 5:25 AM.