City closes deal for Eastland Mall

City closes deal for Eastland Mall

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by Charlotte Observer

WCNC.com

Posted on September 1, 2012 at 11:00 PM

Updated Sunday, Sep 2 at 8:40 AM

CHARLOTTE, N.C. -- The city of Charlotte now officially owns the remains of Eastland Mall.

The city closed Friday on a deal to buy 81 acres of the mall for $13.2 million. The city hopes to redevelop the mall into movie studios or sound stages, and plans to release a request for proposals later this year.

Earlier this week, the City Council met in closed session to discuss a possible roadblock to the deal: Who would pay roughly $20,000 to buy out remaining leases on the property?

The city pushed back against buying out the leases. The commercial real estate firm that brokered the deal, FMW Real Estate, has reportedly agreed to pay those costs.

The mall previously had seven owners, including Houston-based Boxer Property, which bought the main section of the mall for $2 million in 2010. Boxer will receive about $6 million from the city, including nearly $800,000 from a sale of 1.4 acres to the Charlotte Area Transit System.

 

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