Development

Lincoln Harris closes on 2nd part of Observer site purchase

The second and final portion of the Charlotte Observer’s longtime uptown property has been sold to Charlotte development company Lincoln Harris for $23.1 million, according to a source with knowledge of the deal.
The second and final portion of the Charlotte Observer’s longtime uptown property has been sold to Charlotte development company Lincoln Harris for $23.1 million, according to a source with knowledge of the deal. mhames@charlotteobserver.com

The second and final portion of the Charlotte Observer’s longtime uptown property has been sold to Charlotte development company Lincoln Harris for $23.1 million, according to a source with knowledge of the deal.

The portion sold Tuesday consists of a 4.1-acre parcel bounded by Stonewall Street, Tryon Street, Church Street and Hill Street.

Lincoln Harris closed on its purchase of the other portion of the Observer’s former headquarters uptown last month, a 5-acre stretch between Church Street and Bank of America Stadium, for $11 million. That land was sold to a company affiliated with Lincoln Harris and New York-based Goldman Sachs.

That brings the total sale price for the Observer site to $34.1 million.

Lincoln Harris hasn’t said what it plans to do with the site, but preliminary records indicate the development company is planning a major mixed-use development. Johno Harris, president of the company, said Tuesday that he can’t talk about potential plans for the site.

The Observer has relocated its newsroom, advertising and administrative offices down Stonewall Street to the NASCAR Plaza office tower. The paper is now printed at a facility the Observer bought in the University City area from Dow Jones for $5 million, a switch that happened in 2014.

The Observer’s parent company, Sacramento-based McClatchy, transferred ownership of the Observer’s longtime site to the company’s pension fund in 2011. The property transfer, along with a half-dozen other McClatchy sites, covered a $50 million pension funding obligation that year.

WhiteStar Advisors represented the pension fund in the sale.

Ely Portillo: 704-358-5041, @ESPortillo

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