City Selling Uptown 3.3-Acre Block to LCOR for $15.2 million or $4.6 Mil Per Acre

CHARLOTTE-Even though PA-based developer LCOR Inc. has a deal with the city to purchase the old 3.3-acre convention center site here for $15.2 million, and has had trouble putting first-deposit money on the table, the developer is still submitting plans to expand its original $218 million development plan. The city’s price equates to $4.6 million or $105.74 per sf.

The original plan was to include a 30-story office tower; a 250-room hotel; 293 apartments; 125 condominiums; a movie theater; an aquarium; 206,000 sf of retail; a trolley car stop and 1,350 parking spaces.

LCOR’s expanded version would add all of the following to the original plan and push the development price to $311 million: a 150-room extended-stay hotel; an 88,000-sf theater and public space; 21,000 more sf feet of retail; 500 more parking spaces, and last but most aesthetic, an elevated 1.5-acre garden/park in the center of the complex.