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Yes and if the reason for the question was to simply cast credibility on me rather than respond to what i posted, then I guess we don't really have much to discuss. I know where this is going because there isn't any counter to what I posted. That is the city spent over a billion dollars in tax money on projects they said would bring economic development, and now that development has turned out to be nothing but a sham.
As far as the Epicenter being the biggest entertainment center in the city, that is really irrelevant to the point made. Whether it is or not isn't important if it's owners can't pay the bills on it. Honestly if a couple of bars, a fancy theater and some franchise mall eatries is now being billed as the largest best place for entertainment in Charlotte, then this isn't saying much for Charlotte.
And does anyone remember what Southend looked like before the lightrail/trolly was planned .....
Are you are saying that what was built in SouthEnd would not have happened if the train had not been built? I don't think so. In fact, since the train started running places have been closed and projects canceled. Was the train also responsible for that?
I visited the Epicenter back around New Year's Eve and was very impressed with it. I wasn't actually there on 12/31, but the couple of days afterward. I had not visited Charlotte since 2006, and lived there from 1999 to 2003. My family and I moved back to Birmingham, regrettably, which is where Regions Bank is Hq'd, not so ironically.
The foreclosure procedure means very little to those of us on the street, but it could mean quite a bit to those currently leasing space. The new owner, if an auction took place, could raise rentals, and perhaps even break some of those lease contracts. Of course, current tenants could do the same. No one wins in this case, so everyone should try to work together. You have made great progress over the past 20 years making Uptown a nice place to spend time and money, and I'd hate to see a nice development like Epicenter go belly up.
Now, why NASCAR itself isn't funding the Hall of Fame is beyond me. And the incentives for building that NBA arena, as nice as it is, should be criminal.
SPORTS is America's only growth industry right now.
I haven't only been there once or twice because I can't see spending that much money on parking. It really kept me from going there. I understand that they need to do something since they are right next to an arena but it is way too expensive for a mall type establishment.
Fist of all I read these post day after day and realize that very few people have a true understanding of what is going on. This is the case of a bank not wanting to renew a loan and other lenders not wanting to make a loan. This is very common in commercial loans right now. Regardless if the owner is able to make monthly and yearly obligations, the lender has decided they want to be paid in full. now imagine auto loans for all time were termed out at 4 years but reset every year. For 50 years people borrowed on cars and for 50 years bank renewed the loan once a year. Now imagine starting 2 years those same banks stopped renewing the loan. You can afford the monthly payment, you thought it would be paid in full in a few years, but now they want all their money on January 1st. how many people would have the cash to pay the loan in full? some would, but most wouldn't. Then banks would be crying about why are there so many repos going on etc. The same thing happened to crosland in Blakeny a few months ago. Regions bank, which is broke by the way, chose not to renew a loan on an outparcel. Crosland never missed a payment and by all accounts Blakeney is doing well. They simple wanted out of the game. Crosland had to put the property in bankruptcy to stave them off and then managed to sell the propery to Elevation Church. I know its hard to belive, but it happens every day now. You can be foreclosed on because they simply want out, not because you are not paying. This happened during the depression when mortgages where amortized over 30 years, but terms rest every 3-5 years. The bank simply wanted out and people were left homeless. And before someone here chimes in about why don't they have a longer fixed rate loan, they don't exist for income producing large scale commercial properties. Banks want them to have to renew to make large underwriting fees and the fact that as tenant rates increased, the 30 year mortgage on the property would look like chump change in a decade. So they never offer what a homeowner knows as a convential 30 year mortgage. By the way, one talk from bank execs is tring to get rid of GSE's and have shorter mortgage terms. Would you feel comfortable when the bank says don't worry, we'll renew it in 5 years.
Yeah - I don't really understand all the ranting either. From what I gathered, it will just be auctioned and someone else will own it.
Exactly. At the end of the day, it’s not going to mean anything to anyone except Ghazi. People are trying to imply this thing is going into foreclosure because people aren’t supporting it. That couldn’t be further from the truth. Business is brisk there. Its going into foreclosure because Ghazi is a terrible businessman. I’ve been critical of him before on this board and predicted this would happen. He’s a shyster IMO. Bottom line, his business model was dependant on that condo tower getting built, and he gave huge rent concessions to many of those tenants. His cash flow is not meeting the requiements of his financing. Regions may restructure him, but they're stupid if they do. The worst that will happen is it will be sold to someone else who will run it. And even if some tenants have to be replaced, others will come in. Look at all the businesses opening up Uptown that aren’t in the EpiCentre.
Exactly. At the end of the day, it’s not going to mean anything to anyone except Ghazi. People are trying to imply this thing is going into foreclosure because people aren’t supporting it. That couldn’t be further from the truth. Business is brisk there. Its going into foreclosure because Ghazi is a terrible businessman. I’ve been critical of him before on this board and predicted this would happen. He’s a shyster IMO. Bottom line, his business model was dependant on that condo tower getting built, and he gave huge rent concessions to many of those tenants. His cash flow is not meeting the requiements of his financing. Regions may restructure him, but they're stupid if they do. The worst that will happen is it will be sold to someone else who will run it. And even if some tenants have to be replaced, others will come in. Look at all the businesses opening up Uptown that aren’t in the EpiCentre.
Agreed. This development getting foreclosed on doesn't reflect the viability/profitability of the business housed there, IMO.
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