Pennslylvania-based LCOR was the latest interested developer to present a $315-million vision for the property to the Charlotte City Council. The grandiose plan, consisting of hotels, office towers, apartments and condos, retail space, a theater and a park, finally collapsed when LCOR wanted to change the terms of its original agreement with the city.

LCOR no longer wanted to buy the land in two $7.5 million payments. Instead, it wanted to buy or lease it over 20 years. The council considered setting up a payment program that would be the criteria for a new agreement, but negotiations with LCOR were still incomplete when the deadline for that agreement arrived. Arranging financing was still a factor.

In a published statement, LCOR vice president John Infantino says the council's 9-1 vote against accepting the company's proposal to change the terms of the agreement effectively ends talks between LCOR and the city. Infantino believes that a few more months would have given LCOR enough time to have met the council's requirements. He thinks LCOR might bid again in the future.