Gross' plan would have a chance of working only if the city sold him the property for less than the $13 million it's asking. Gross says he won't pay that price, but the prices he has attached to the condo units appear to be in line with Charlotte's Uptown housing market. He's quoting $125,000 to $200,000 for units with 1,000 sf to 1,500 sf.
The city-owned convention center has been in need of redevelopment since the new convention center opened in 1995. Last year, Spectrum Properties proposed offices and stores and offered $12 million. But the city was lured into a more ambitious plan proposed by Philadelphia-based LCOR, a deal that eventually went sour.
Spectrum has again expressed interest but wants to be dealt with exclusively. The city is also thinking about putting the building up for sale. In the meantime, Gross wants the city to negotiate with him. He says high-density housing in the heart of the city is the best use for the site. In addition, the condos would be next to the tracks where the uptown trolley and rapid transit will eventually run.
If the city is interested, Gross is willing to draw up a more specific plan, including the financial numbers and a price he's willing to pay. Council members have not been eager to jump on Gross' bandwagon. Some are for Spectrum and some are willing to wait, saying the property will become more valuable over time. Council members also think Gross might offer too little when it comes to the purchase price.
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