The sale of uptown’s Epicentre entertainment complex has been put on hold... again

Hold the gavel — the rescheduled live auction sale of Epicentre that had been set for Tuesday is instead postponed again.

The former hub of entertainment and nightlife in uptown had fallen into foreclosure.

A sale of the 302,324-square-foot mixed-use center at 201 E. Trade St. was originally set for May 12. However, William Kirk Jr., a trustee in the foreclosure, told the crowd gathered at Mecklenburg County Courthouse that day that the Epicentre auction was postponed until July 26. He wouldn’t give a reason why the auction had been postponed.

The postponement had been made at the request of the beneficiary “for good and sufficient cause,” court filings at the time showed.

Now, the sale has been postponed again, until 10 a.m. Aug. 9, according to county court records.

The notice of cancellation, filed July 20 by Kirk, did not say why Tuesday’s auction had been canceled. Kirk could not immediately be reached for comment Monday.

The property will be sold “as is, where is” to the highest cash bidder, according to the foreclosure sale notice filed last week. Following the sale, there is a 10-day period to accept “upset bids,” where another party can offer a higher bid on the property.

Epicentre defaulted on its $85 million loan with lender Deutsche Bank Trust Co. In March, foreclosure proceedings started.

A once-popular draw

The one-block complex opened 14 years ago, drawing crowds for events connected to CIAA parties, the NBA All-Star Game and the Democratic National Convention. At its height, the three-story center featured a movie theater, bowling, hotels, restaurants and nightclubs.

In 2014, California-based real estate group CIM Group bought the property for $130.5 million. At the time, it was 94% leased, with 70% of its rental revenue from 16 restaurants.

CIM Group previously told the Observer the pandemic had an “outsized” economic impact on Epicentre.

Now, the center with 50 tenant spaces is 70% vacant, according to the latest receiver’s report filed this month.

In May, city officials said they hoped that $215 million in renovations at Spectrum Center and the sale of Epicentre could jump-start an entertainment district in uptown.

Observer reporter Gabe Castro-Root contributed to this report.

This story was originally published July 25, 2022 at 11:14 AM.