City sells old
convention center to 2 banks
BofA, Wachovia buy old convention center as part of arena
deal
by
Charlotte's two big banks are the new owners of the old convention
center in uptown -- at least for now.
The Charlotte City Council on Monday approved the $14 million sale of the 3.25-acre property to Arena Holdings LLC -- a company jointly owned by Bank of America Corp. and Wachovia Corp.
The deal is part of the financing plan for a new uptown arena that will house the Charlotte Bobcats NBA team. The banks and Duke Energy Corp. are underwriting $100 million of the $200 million in construction costs through loans and by buying city property.
Wachovia spokeswoman Mary Eshet said the bank is looking to resell the property to buyers she would not name.
"We don't have an interest in holding it long term, and I understand there are several interested parties," she said.
Bank of America officials couldn't be reached for comment.
The old convention center, which is bounded by College, Trade and Fourth streets and the trolley tracks, has been virtually fallow since 1995. City officials have tried to interest developers in buying it, but never closed a deal.
The city also wants to sell other properties as part of the arena financing plan. Arena Holdings has made an offer to buy an old city bus garage, but that sale still has to go through the city's bidding process, Eshet said. As was done with the old convention center property, an "upset bidder" is given time to make a better offer.
Duke Energy Corp.'s real estate arm, Crescent Resources, has agreed to buy the Charlotte Coliseum site on Tyvola Road for at least $24 million, but a zoning dispute has slowed that deal.
Crescent wants the land zoned for offices, but city officials want a mix of housing, stores and office space. Duke spokesman Randy Wheeless said the company is still interested in the land but is awaiting resolution of the zoning.
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