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Epicentre foreclosure underway, ahead of planned sale of former uptown hot spot

Once the focal point of nightlife in uptown Charlotte, the Epicentre complex will now be foreclosed on ahead of a planned sale, following a court hearing Monday for the financially troubled project.

The three-story mix of retail, restaurants and entertainment venues at 210 E. Trade St. opened in 2008. Epicentre fell into receivership after defaulting on its $85 million loan with lender Deutsche Bank Trust Co. in June.

“We are prepared to move forward with foreclosure proceedings,” James Pulliam, representing Deutsche Bank Trust Co., told a judge at Mecklenburg County Clerk of Superior Court during a brief video conference.

William Kirk Jr., a trustee in the foreclosure, said Epicentre is expected to be listed for sale but no time frame was given.

Jack Spender represented Epicentre SPE, a Delaware limited liability company named as the defendant in the case, at the hearing and said at the heating there was no opposition to the motion.

The 302,324-square-foot Epicentre, with 50 tenant spaces, is 30.5% occupied, according to receiver Sabrina Jones’ January report filed in January with the N.C. Business Court.

Epicentre businesses try to ‘hang on’

Businesses at Epicentre have been weathering the pandemic, from shutdowns to less uptown traffic. They’ve also watched as many businesses permanently closed like entertainment bars Dale Earnhardt Jr.’s Whisky River, Howl at the Moon and Tin Roof.

“We just hang on,” said Long Chen, manager of Fuji Hibachi and Teriyaki Grill on the second floor of the Epicentre, told the Observer in January. Chen said business had been “not so good,” but enough to pay rent and its three full-time workers, including himself.

He said most of the business has been takeout from third-party vendors and dinner service is busier than lunch. Revenue was at 50% before the pandemic, he said.

Fuji has two years remaining on its lease. Chen said despite the struggles, Fuji would like to remain in Epicentre.

Epicentre in uptown Charlotte (shown in January at lunch hour) is in foreclosure proceedings, and eventually will be sold.
Epicentre in uptown Charlotte (shown in January at lunch hour) is in foreclosure proceedings, and eventually will be sold.

About Epicentre

Epicentre had been considered a key to uptown’s redevelopment when it opened on a city block at College and Trade streets at the former convention center site.

It featured a movie theater, bowling, hotels, restaurants and nightclubs. It also drew crowds for CIAA parties, the Democratic National Convention and NBA All-Star Game events.

But since the pandemic began in March 2020, the majority of Epicentre businesses permanently closed.

Epicentre’s online business directory on Monday lists 18 retail and service businesses including Bowlero, CVS, Epic Times jewelry, Fuji, Insomnia Cookies, Mortimer’s Cafe & Pub, Red Eye Diner, Tailored Smoke and World of Beer.

CIM Group, the Los Angeles-based investment firm which bought Epicentre in 2014 for $130.5 million, previously told the Observer the pandemic had an “outsized” economic impact on the complex.