"It's still a very small percentage of overall music sales." "Yes, vinyl is making a comeback," he said.Although there's been a vinyl resurgence in recent years, Mecia says it wasn't enough to sustain the store. Manifest Discs, a record store that has been open since 1999 on South Boulevard, closed last week."These sorts of things happen all the time where, for whatever reason, the owner of a shopping center or any commercial property will sell it, find a willing buyer," Mecia said. It remains to be seen."īlakeney and Blakeney Crossing shopping centers in south Charlotte have been sold - but don't expect big changes. But that's, you know, that still many steps away. "They might have to knock it down and start fresh with something different in its place. "I don't really have any inside information on what's going to happen, but I think the prevailing sentiment is that something is going to have to be redone there," Mecia said. That means ownership would transfer to the bank, Mecia said, and the bank would have an auction to sell the property to a new owner. This week, after the Epicentre had not been making payments on an $85 million loan, there was a court hearing in which the site said it would head to foreclosure. "And the next thing you know, the Epicentre is now 70% vacant," Mecia said. South End developed into a nightlife destination, there were a couple shootings at the Epicentre in 2019 and fewer people visited. "But people's preferences are fickle sometimes, and they sort of move on," Mecia said. The Epicentre opened in 2008, and was once the "hotspot uptown, appropriately named," Mecia said. To listen to the full conversation, click the audio above. WFAE's "Morning Edition" host Marshall Terry talks with the Charlotte Ledger Business Newsletter's Tony Mecia about that and other business news in the latest BizWorthy. The fate of the once vibrant entertainment spot had been up in the air after its owner defaulted on an $85 million loan earlier this year. That’s according to a court overseeing the receivership of the complex. The substitute trustee declined to disclose it.Once the hub of nightlife in uptown, Charlotte’s Epicentre is going into foreclosure. There’s also a 10 day period following the auction where people can place upset bids. The potential buyer would have to pay in cash and would get the property as-is. “I was here when it first opened, it was the bomb for the minute but everything has its time,” resident Onesi Mos said. What was once one of the hottest places to go out in Charlotte is now a shell of its former self. “And to allow time to work out a deal with a third party, such as a third party taking an assignment of the loan in exchange for payment.” “To allow more time to work out a resolution with the borrower, such as a deferment or forbearance of the loan,” she said. “This is so broad that the lender can request that the substitute trustee postpone the sale for just about any reason,” Culp said.Ĭulp has no direct knowledge of the sale or the reasons for its postponement but offered several possible explanations. One of those reasons is “when other good cause exists.” According to Culp, the substitute trustee may postpone a foreclosure sale to a date no later than 90 days after the original sale date for five different reasons. Maybe drop in some new restaurants, but the biggest thing is to create a family atmosphere with everything going on.”Īuctions delays are not unusual, Heather Culp, a bankruptcy attorney who is not involved with the EpiCentre, said. “So it really re-sprouts some of the restaurants and reboots some of the restaurants that are already there. “The vision was to create a family atmosphere where it brings everybody back together,” Anderson said.
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