Development

Closing date for sale of Charlotte Observer building extended to May

The Charlotte Observer’s current building has stood at Stonewall and South Tryon streets since 1971.
The Charlotte Observer’s current building has stood at Stonewall and South Tryon streets since 1971.

The closing date for the sale of The Charlotte Observer’s uptown property to developer Lincoln Harris has been extended to May 2, real estate documents filed last week show.

The sale had originally been set to close at the end of October. Lincoln Harris has been conducting due diligence, and the reason for the delay wasn’t immediately clear.

The Observer’s 9.4 acres of uptown property at Stonewall and South Tryon streets is one of the largest tracts available for redevelopment uptown. California-based McClatchy, the Observer’s parent company, transferred ownership of the uptown property to its pension fund in 2011, as part of a deal to cover a $50 million payment obligation.

Jim Bishop, who is representing the McClatchy pension fund in the sale, couldn’t be reached Monday. Johno Harris, president of Lincoln Harris, declined to comment since the sale is an ongoing deal. No purchase price was listed. Lincoln Harris has been under contract to buy the site since May, but the company hasn’t said yet what it plans to do with the property.

The Charlotte Observer is in talks to move its newsroom, administrative and advertising operations to the NASCAR Plaza office building at Stonewall and Caldwell streets.

In 2014, the Observer moved its printing operations from the first floor of 600 S. Tryon to a University City printing plant it acquired from the Dow Jones publishing company for $5 million.

Ely Portillo: 704-358-5041, @ESPortillo

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