Spectrum president Darryl Dewberry has talked about a project similar to Peabody Place in Memphis. That retail center, put together by Belz Enterprises, contains 300,000 sf and is scheduled to open next year. In addition to some 40 specialty shops, the center will offer a 21-screen movie complex and other entertainment-related components. Dewberry promises to make the site accessible to the restored trolley and light-rail lines.

City Council will vote on Spectrum's proposal in January. No one else is after the property. For the city, a quick land sale would mean money in its treasury. For example, interest alone on a minimum $13 million transaction, would give the city $780,000 annually. The city estimates that annual costs for maintaining the convention center range from $100,000 to $500,000.

Mayor Pat McCroy has suggested demolishing the old center and converting it into park space until the best deal can be struck. But the demolition costs, estimated at $1.8 million, have negated this option. Real estate experts believe a slowing economy could delay a retail center at the site, without some form of public help. Some members of the council say that holding the property for another year or two might provide better economic conditions.