A timeline of Charlotte’s Epicentre: From nightlife hot spot to courthouse auction
This article was originally posted July 2021 and was updated May 12, 2022.
Epicentre, the retail and entertainment center facing a potential foreclosure over a delinquent debt, has played a prominent role in uptown during its 14-year history.
The three-story center on the old convention center site in center city was considered a key to uptown’s redevelopment. Epicentre featured a movie theater, bowling, hotels, restaurants and nightclubs.
But the coronavirus pandemic hit the site hard, with many tenants permanently closed. The Epicentre’s owner is facing foreclosure for missed debt payments, according to a lawsuit filed in Mecklenburg County Court.
Epicentre’s start was embroiled in court cases and a bankruptcy early on, even as the venue thrived by drawing crowds like CIAA parties and the Democratic National Convention and NBA All-Star Game events, becoming a popular nightlife destination in the city.
Here’s a timeline of some highlights of Epicentre’s history from The Charlotte Observer archives:
2008: A grand opening
Epicentre opened in 2008 on a city block at College and Trade streets. It was viewed by city officials as an important part of uptown’s redevelopment.
Epicentre’s first bar, Whisky River, was owned by NASCAR driver and team owner Dale Earnhardt Jr. As more businesses opened, there typically were long lines to get in, with some waiting more than an hour.
When it opened, Michael Smith, president of Charlotte Center City Partners, predicted that the Epicentre “will in the long run buoy the entire hospitality industry.”
2010: Bankruptcy
The Epicentre project was mired in court battles after its original lender, Regions Bank, started foreclosure proceedings in July 2010 after a $94 million construction loan came due. The two limited liability companies that owned the complex — Pacific Avenue and Pacific Avenue II — filed for bankruptcy protection, stalling the foreclosure.
Charlotte-based Vision Ventures and Mount Vernon Asset Management, working through an affiliate group called Blue Air 2010, bought the complex’s $94 million note in November 2010.
But a year later, Blue Air sued the developers, accusing them of wrongfully diverting money from the entertainment complex before it filed for bankruptcy protection.
Allegations also included claims of self-dealing, falsified bookkeeping and making numerous false statements in court, claims that the developers had denied. A federal judge ordered original developer Afshin Ghazi to sign documents giving up all of his ownership interests in the complex.
2012: Leaving bankruptcy
Epicentre emerged from bankruptcy with new owner Blue Air 2010. The developers who conceived of the mixed-use project, Afshin Ghazi and George Cornelson III, no longer were connected with the project. The developers made a deal with Blue Air, agreeing to each pay $1.5 million, used to pay creditors, and gave up ownership in the EpiCentre.
2012: The DNC spotlight
When Charlotte landed the Democratic National Convention, the Epicentre was the scene of many hot tickets, parties, shows and other events surrounding the early September gathering.
The Epicentre also had undergone millions of dollars worth of renovations before the DNC came to town. At the Epicentre, CNN and MSNBC’s “Morning Joe” set up shop, and a “CNN Grill” took over the site of a former Mexican cantina.
Newt Gingrich, then a Republican presidential candidate, also swung by the center that year during his campaign tour to stop at Enso Asian Bistro & Sushi Bar.
2013: Hornets announcement
NBA Commissioner David Stern in July 2013 said the Bobcats would become the Hornets again before the 2014-15 season. Thousands gathered at the Epicentre, where the announcement was broadcast with an all-day celebration of Charlotte basketball’s history and future.
2014: For sale sign
Blue Air investment group put the 305,000-square-foot complex up for sale after $23 million in renovations at the five-building complex. At the time, it was 94% leased with 70% of its rental revenue from 16 restaurants.
California-based real estate group CIM Group bought the property for $130.5 million.
2016: Celebrations and concerts
Epicentre brought out crowds for parties like the Bud Light Super Bowl Pep Rally and Alive After Five, a free, weekly concert series, in 2016. The Panthers had made the Super Bowl that year, but fell to Denver 24-10.
2019: NBA All-Star Game festivities
The Epicentre was billed as the “premiere fan destination” during the NBA All-Star Game Weekend in February. The game was played at the nearby Spectrum Center.
The Epicentre featured games, parties, player appearances, panel discussions and other events for three days.
2019: High-profile crimes
In April 2019, a person was stabbed at SUITE Nightclub, and an argument at an Epicentre restaurant continued onto College Street, where one man was shot.
That October, John Holaday was shot walking by the Epicentre. Police said he may have been hit by a bullet that was fired inside the dining and entertainment complex.
In November 2019, as many Epicentre businesses closed for the night, two people were shot, one fatally by police after a call about “shots fired” at the center.
From 2017 to 2019, police reported 54 violent crimes at the Epicentre — the highest number for any business in the city over that period, a Charlotte Observer analysis found.
2020-2021: Pandemic closings, possible foreclosure
Even before North Carolina businesses were ordered to close in March 2020 due to the coronavirus pandemic, Epicentre lost its second floor dine-in movie theater. Studio Movie Grill closed the location on March 2 citing “an unusual amount of operational challenges.”
A laundry list of businesses haven’t reopened, from Whisky River to Tin Roof, Blackfinn Ameripub and Vida Cantina.
On June 25, 2021, Deutsche Bank Trust Co. filed a lawsuit in Mecklenburg County Court seeking to appoint a receiver and special procedure to foreclose on the property after Epicentre’s owner failed to make several payments on its $85 million loan.
In July, Sabrina Jones, managing director of CBRE Inc., was named receiver of Epicentre. CBRE, now Epicentre’s property manager and leasing agent, is a commercial real estate services and investment firm based in Texas with several offices in the Charlotte region.
On Nov. 27, 2021, James Pulliam, attorney with Kilpatrick Townsend & Stockton for the plaintiff Deutsche Bank Trust Co., told Chief N.C. Business Court Judge Louis Bledsoe that the Epicentre foreclosure was expected by early spring.
The majority of businesses had not reopened since closing during the pandemic: Howl at the Moon, Whisky River, Tin Roof, Blackfinn, Firehouse Subs, Jason’s Deli, Moe’s Southwest Grill, Rootop 210, Suite, Urban Brick’s Pizza, Vault, Vida Cantina and Wild Wing Cafe.
2022: Foreclosure, live auction sale, new owner
On March 7, Pulliam, representing Deutsche Bank Trust Co., told a judge at Mecklenburg County Clerk of Superior Court during a video conference: “We are prepared to move forward with foreclosure proceedings.”
William Kirk Jr., a trustee in the foreclosure, said Epicentre is expected to be listed for sale but no time frame was given.
On March 28, Pulliam, representing Deutsche Bank Trust Co., told Chief N.C. Business Court Judge Louis Bledsoe attorneys had a tentative Epicentre sale date of 2 p.m. May 2.
Jones said the center also will be renamed and renderings for the center’s new design are expected to be announced soon, along with some new tenants. Jones didn’t provide a specific timetable for the changes.
The complex is 70% vacant at the end of March, according to the receiver’s latest report filed April 21.
Businesses open are: Insomnia Cookie, Epic Times jewelry store, Fuji Hibachi and Teriyaki Grill, Flemings Steakhouse, Mortimer’s Cafe, Red Eye Diner, Bowlero, Tailored Smoke and World of Beer. Service businesses open are: CVS, Novant Health, Skyview Dentistry, Seaport Global financial office and State Farm
On April 22, the public auction sale date was set for May at Mecklenburg County Courthouse.
On May 12, Epicentre public auction was postponed until July. William Kirk Jr., a trustee in the foreclosure, told the crowd gathered at Mecklenburg County Courthouse that day that the Epicentre auction was postponed. The postponement was at the request of the beneficiary “for good and sufficient cause,” court filings showed.
The July 26 auction sale was postponed again until August. The notice of cancellation did not say why the foreclosure auction had been canceled.
The 10 a.m. Aug. 9 live auction drew a small crowd and was over within minutes at the Mecklenburg County Courthouse. The entire sale process took about 10 minutes and the bidding itself was over in less than a minute. The only bid came from creditor Deutsche Bank Trust Company Americas at $95 million. Following the sale, there was a 10-day period to accept upset bids, where another party could offer a higher bid.
At 5 p.m. Aug. 19, Epicentre’s official new owner is Deutsche Bank Trust Company Americas with its $95 million bid. There were no other bidders during the subsequent 10-day upset bid period. Sabrina Jones remains Epicentre’s court-appointed receiver until the receivership is formally discharged by the court. Property management group CBRE temporarily remains the property manager and leasing agent. As of June 30, Epicentre was 70% vacant, according to the receiver’s report filed in July.
Epicentre’s director lists four restaurants and a cookie shop. Other businesses include Bowlero bowling center, CVS, a dentist’s office and Tailored Smoke cigar shop. And one more business, Epic Times jewelry store, will permanently close Aug. 31.
However, Mortimer’s Cafe & Pub on the ground floor of Epicentre is extending hours and open more days of the week as business continues to bounce back from the pandemic, General Manager Samantha Francis told The Charlotte Observer on Aug. 19.
And on Aug. 30, Midnight Diner General Manager Eddie South said its sister restaurant Red Eye Diner in Epicentre will be resuming third shift, which had been cut during the pandemic.
This story was originally published July 2, 2021 at 3:34 PM.