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Second Developer Walks from Convention Center Site Table

CHARLOTTE-Locally-based Spectrum Properties says it is no longer interested in buying and developing a 3.3-acre city-owned tract after learning the city continues to talk with other developers on the deal. The city initially selected and then rejected Pennsylvania-based LCOR as the project's developer of record.

By Robert Anthony | Updated on January 02, 2001

CHARLOTTE-First it was LCOR, the Pennsylvania developer selected and then rejected by the city council. Then Spectrum Properties stepped to the plate and offered to pay $12 million or $3.64 million per acre ($83.48 per sf) for the 3.3-acre former Downtown convention center site. Now Spectrum is bowing out after learning the city continues to talk with other developers after the locally-based developer put its deal on the table while other candidates remained mute.

Spectrum was next in line when the city finally called it quits with a development plan proposed by PA-based LCOR. At that time, Spectrum was prepared to restart negotiations with city council. The Charlotte-based development firm had proposed an entertainment center that would include a movie theater, restaurants and stores.

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