Uptown Cabaret, Midnight Diner property on the market

The three-acre property on South Tryon Street where Uptown Cabaret and the Midnight Diner are located is on the market for $20 million, according to a real estate listing.

Steve Lowe, vice president of real estate brokerage CBRE, said the property has been on the market for several months. He said the site is divided into multiple parcels with several buildings. A portion of South College Street bisects the property, which is bounded by South Tryon and East Morehead streets, East Carson Boulevard and Morehead Square Drive.

The property is owned by Morehead Tryon Properties, a corporation managed by Brian Dominick, who owns the Uptown Cabaret and the diner.

Lowe said the site could be sold as one piece or split into multiple parcels. According to the listing, the smallest possible subparcel is just under 1.5 acres. Lowe referred further questions to Dominick, who didn’t return messages seeking comment Thursday.

The site also is the former location of the Ascot Inn, a motel known for its billboard advertising heart-shaped jacuzzis. Dominick tore down the Ascot Inn in 2011, and parking spaces now occupy the lot between the diner and the club.

The listing suggests that the property could be turned into a mixed-use development.

“Current UMUD (Uptown Mixed-Use District) zoning for the site allows developers exceptional flexibility to maximize the site’s potential with office, residential, and retail,” the listing says.

Morehead Street, which borders uptown, has seen a recent multifamily-residential building boom, including four projects stretching from Carolinas Medical Center to near Bank of America Stadium.