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ARK Ventures withdraws from Eastland Mall redevelopment

Charlotte-based ARK Ventures, which developed the N.C. Music Factory, on Tuesday informed the city that the company no longer wished to be considered for the planned redevelopment of the former mall on Central Avenue.

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Commercial Confidential: the former Eastland Mall (access required)

Commercial Confidential: the former Eastland Mall <span class="dmcss_key_icon"><img alt="(access required)" src="/files/2013/10/lock1.png" border=0/></span>

Since the Charlotte City Council voted in August to buy Eastland Mall – and even prior to the official purchase – rumors have flown around the Queen City about the future of the once-great, now-derelict mall. Would it become a subdivision or residential development? Possibly a film studio? Many in Charlotte were quick to say they thought the old mall would continue to sit, blighted, on Central Avenue.

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Charlotte plans to demolish Eastland Mall (access required)

Charlotte plans to demolish Eastland Mall <span class="dmcss_key_icon"><img alt="(access required)" src="/files/2013/10/lock1.png" border=0/></span>

With little fanfare, the city has decided to squash the hollow shell of Eastland Mall, in response to the perceived needs of the two developers who have been shortlisted to remake the 80-acre site. But Bert Hesse, CEO of Studio Charlotte Development, one of the developers considered for Eastland redevelopment, said city officials would be smart to hold off on the demolition, adding that, in doing so, they could save some money and possibly a piece of the storied mall.

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Landlines (access required)

A Request for Expression of Interest from the city of Charlotte for the conversion of Eastland Mall into a film studio returned with only one interested party – The Film Studio Group of Los Angeles. We caught up with five of the real estate insiders and interested parties with whom we spoke in August, when the city council approved the $13 million purchase of Eastland Mall.

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