Charlotte's EpiCentre headed for foreclosure after several missed loan payments

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Thursday, July 1, 2021
Uptown Charlotte's EpiCentre headed for foreclosure
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The former hotspot for nightlife and dining in Charlotte is plagued with financial hardships.

CHARLOTTE, N.C. (WTVD) -- Uptown Charlotte's EpiCentre, a former hotspot for nightlife and dining, is headed for foreclosure.

In a report by ABC-affiliate WSOC, the California company that owns the attraction has missed months of mortgage payments on its $85 million loan. Now, the bank is asking a judge to put a receiver in charge of collecting rent directly from EpiCentre tenants while the bank pursues foreclosure.

"If they are successful, an order will be filed by the clerk's office, allowing them to put the property up for auction on the courthouse steps," bankruptcy attorney Heather Culp said." At the same time, what they're asking a judge to do here, is to appoint a receiver to step in, in the meantime, and collect the rents from the tenants."

Culp said the process of appointing a receiver to collect rent payments could happen quickly but an actual foreclosure could take up to 75 days.

Since January 2020, 10 businesses have been evicted -- at least five evictions were served because of nonpayment.

WSOC attempted to contact CIM Group, the owner of the EpiCentre but did not receive a comment.

In the past years, the owners of the Charlotte hotspot have faced a lawsuit over the murder of a scientist, doctor and businessman who was struck by a stray bullet while visiting the area from Maryland.

"I don't think it can any longer be a mixed-use place of bars, restaurants and retail, things like that to coexist," Charlotte councilman Tariq Bokari said. "There were so many issues, from murder to the crime rate that pushed people away from doing biz there, that I think it has to be reimagined."

Bokari described the disgraced hotspot as a "slow-moving train wreck" and said he believes it is in need of a makeover.