Queen City Quarter, a food and entertainment complex at 201 E. Trade St. in uptown Charlotte, is going up for sale, with three of its tenants currently facing eviction, The Charlotte Observer reported. 

The Sea Grill restaurant at Queen City Quarter in Charlotte

It is a long fall for what once was a storied spot in uptown Charlotte. In its former life as the Epicentre, the complex was a popular nightlife destination that hosted events including NBA All-Star Weekend festivities. 

Now, a few years after its rebrand into a family-friendly entertainment center, only about 12 of its 50 retail spaces are occupied, and the center has experienced a net loss of eight businesses in just the last half year. 

Most recently, the planned Philadelphia-based Taste Cheesesteak Bar, which was slated to open in October 2024 but never did, is facing eviction. A complaint was filed this month stating that the restaurant owed $25,608 after not paying its monthly rent of $4,823 and other charges since January.

An eviction order was also placed on the Sea Grill Restaurant & Bar, which opened in the complex less than two years ago. That restaurant reportedly owes nearly $96K in back rent, having missed payments since last October. A complaint filed on Jan. 28 claimed that rent owed reached more than $144K after factoring in various fees.

Privee Clothing Rhema’s Boutique, a designer brand retailer that opened in the Quarter in 2023, is also under threat. A complaint for eviction was filed last September for $3,082 past due in rent. This case is currently pending an appeal, the Observer reported.

Separately, two other units, a CVS store and the Tailored Smoke Cigar Lounge, have been reported as closed in the one-block complex. 

Property management firm CBRE said on March 11 the complex will go up for sale “in a few weeks.” An exact date was not provided.

Some Queen City Quarter tenants were surprised by the news of its pending sale and hope the next owner will work to drive more foot traffic to the complex.

The Epicentre originally opened in 2008. In 2014, California real estate firm CIM Group purchased it for $130.5M, when it was almost fully leased and boasted 16 restaurants. 

The Charlotte Observer reported that the complex first began to falter due to an increase in crime and the effects of the pandemic on retail and restaurant spaces. In 2021, when the center was 70% vacant, it was forced into receivership after it defaulted on an $85M loan. 

In 2022, lender Deutsche Bank took control of the complex for $95M at a foreclosure auction, before renovating and rebranding it as the Quarter.

This string of Charlotte retail closures comes despite the city being named one of the top retail markets in the country in a recent report by Marcus & Millichap. Metro Charlotte saw slowed construction and increased net absorption in 2025, making for a 3.5% vacancy rate — one of the 10 lowest among major markets. Much of the city’s retail success was driven by big-box, single-tenant move-ins.

AMS Acquisitions recently completed and held the official opening of Sylvan Woods at Howell, a 55-plus residential community located at 6461 U.S. Hwy. 9 in the Monmouth County community of Howell Township, NJ. A ribbon-cutting ceremony took place on Dec. 13 at the Howell complex with company and local dignitaries attending. 

The 14-acre site features four buildings with a total of 100 units, a clubhouse and outdoor patio and pool.  Monthly rents in the four-story buildings range from $2,300 to $3,600. 

Construction, which started in the spring of 2023, took about 18 months to complete.  “We are excited to begin leasing,” said Ari Mitnick, AMS co-head of acquisitions. “This community will serve a huge need for downsizers in Howell Township and greater Monmouth County.”

AMS, which purchased the Howell site from OneKey LLC in mid-2022, has been actively expanding its suburban multifamily development platform in New Jersey, Westchester County and Connecticut.

 

Atlas Development is exploring the possibilities of constructing 13 data centers about 40 miles outside Atlanta in Coweta County. The project, expected to cost $17 billion at full buildout, is far from a done deal. The company’s proposal must contend with power needs that exceed those of the county’s households. Through 2037, data centers will account for almost 83% of Georgia Power’s electricity demand from large potential new customers.

In addition, the company must manage the huge water and sewer requirements for a project of this size.

The project would rise on 800 acres near Newnan on a tract off U.S. 27 bounded by Wagers Mill and Welcome to Sargent roads. Each data center would be 378,000 square feet, with the whole project spanning almost 5 million square feet.

The Atlanta Business Chronicle reports Coweta County estimates the project would generate almost $1.6 billion in annual tax revenue. 

Berkadia secured financing for Frederick Samuel Apartments, a 664-unit, midrise affordable housing property located in Harlem. Managing directors Heather Olson and Matthew Baptiste secured $71 million in permanent acquisition financing on behalf of New York-based Genesis Companies and Lemor Development.

The 30-year permanent financing was facilitated through Freddie Mac’s Bond Credit Enhancement program.  Berkadia will also service three tranches of senior debt totaling $93 million. 

The financing was a joint effort between The New York City Housing Authority (NYCHA), the New York Housing Development Corporation, Berkadia, Freddie Mac, and Goldman Sachs through NYCHA’s PACT Program. The PACT program combines HUD’s Rental Assistance Demonstration Program, HUD’s Project Based Rental Assistance (Section 18), and public/private partnerships.

“With the transformation of more than 660 homes, this initiative will provide much-needed renovations and resources to the community, which will improve the quality of life for thousands of residents in Harlem,” said Olson.

Rendering courtesy of SLM Architecture.

Lincoln Property Co. is joining the Dawg Pound and partnering with the Cleveland Browns on a 176-acre mixed-use entertainment district to be anchored by a new enclosed stadium for the 80-year-old NFL franchise owned by Haslam Sports Group.

The Dallas-based firm announced Tuesday that it will will develop the mixed-use project in Brook Park, Ohio, set to feature 300K SF of retail space and 500K SF of office as well as 1,100 apartments and a pair of upscale hotels.

The cost of the project has been estimated at about $1B.

Courtesy of HKS

The entertainment district around Huntington Bank Field is expected to have an annual economic impact of $1.2B for the area.

“Lincoln is working with the Browns and Haslam Sports Group to develop a well-thought-out and compelling vision for a live/work/play destination to complement the new Huntington Bank Field planned for Brook Park,” Lincoln Executive Vice President of Midwest Operations Peter Kelly said in a statement. “Northeast Ohio deserves a vibrant development like this, which will engage residents and visitors alike.”

Lincoln has tackled other major mixed-use projects, including The Star in Frisco, the 91-acre campus of the Dallas Cowboys World Headquarters, and a 10.2-acre development in Charlotte, North Carolina, near Bank of America Stadium, where the Carolina Panthers play.

The development is expected to create more than 3,300 permanent jobs for the region and generate $1.2B annually. The entertainment district will be built in multiple phases, with the first to bring 96K SF of restaurant and retail space, 137K SF of experiential retail, 575 multifamily units and 450 hotel rooms.

“The most important component of any successful mixed-use project is the anchor,” Lincoln co-CEO David Binswanger said in a statement. “The new enclosed stadium will bring year-round events to the surrounding district, activating this region in a way that has never been feasible before.”

Courtesy of HKS

The new Huntington Bank Field will anchor the Cleveland Browns-themed entertainment district.

In addition to Browns home games, the 67,000-seat stadium is expected to host concerts, sports tournaments and conferences throughout the year. It will be located adjacent to Cleveland Hopkins International Airport.

The $2.4B stadium and the surrounding mixed-use development will be designed by architecture firm HKS.

HKS will also master plan the development. The architecture firm has worked on multipurpose venues across the country, including the Dallas Cowboys’ AT&T Stadium, the Indianapolis Colts’ Lucas Oil Stadium and the Minnesota Vikings’ U.S. Bank Stadium.

HKS Partner and Director of Venues Mark A. Williams called the development “a generational project for the region.”

But the project is not an entirely done deal. Browns owners are still negotiating with state and local officials about public financing for the development that would involve borrowing against anticipated tax revenues created by the project.

Standard Real Estate Investments and Trammell Crow Company (TCC), have closed on the sale of the Woodridge Industrial Center in Woodridge, Illinois.

Standard made an equity investment through its $150 million investment vehicle last year, and construction was completed in July 2024. This is the first sale in the investment vehicle. Harris Architects was the architect of record, FCL was the general contractor, and SpaceCo served as the civil engineer on the Woodridge Industrial Center.

Located at 8110 Lemont Rd., the 217,000-square-foot facility is located on a 17-acre parcel in the Village of Woodridge. The new development includes 22 dock doors with 130-foot truck courts, a single-load, 291-foot deep building and 270 parking spaces.

“The record-setting rent growth and growing demand for modern Class A industrial space made the project appealing to investors seeking in-fill core assets,” said Josh Udelhofen, Senior Vice President with TCC Chicago.

Cousins Properties purchased Vantage South End, a 639,000-square-foot office complex in Charlotte, for $328.5 million. The sellers were Invesco Real Estate and The Spectrum Cos. 

The duo completed the two-building campus in 2021 and 2022. Rodgers Buildings was the general contractor, and LS3P Associates was the design firm. Initial plans for the property also included an 11-story, 200-key boutique hotel.

Vantage South End comprises two 11-story buildings that feature 45,000 square feet of retail space, a 1-acre park, 18 outdoor terraces, several fitness and conference centers, and multiple on-site dining options.

Commercial Edge reports the office complex is 97.4 percent leased with a weighted average lease term of more than nine years. Tenants include CBRE, LendingTree, Alston & Bird and Hartford Insurance.

The office complex at 1415 Vantage Park Drive and 1120 S. Tryon St. is the site of Centene’s former headquarters.

Berkadia arranged the financing and sale of a senior living community in South Setauket in Long Island’s Suffolk County. Berkadia Seniors Housing & Healthcare provided both investment sales and mortgage banking advisory for a 196-unit independent living and assisted living community.

Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured $15.6 million in acquisition and CapEx financing through Old Second Bank on behalf of the buyer, Massachusetts-based Cougar Capital Management. The three-year fixed rate loan featured an attractive interest rate and 18 months of interest only. After closing, the community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects.

Managing directors Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a publicly traded REIT.

Olshan Properties and O’Connor Capital Partners, in collaboration with New York City’s Housing Development Corporation and Department of Housing Preservation and Development (HPD), held the official opening of Parkchester Gardens, a 221-unit senior affordable housing development located at 1701 Purdy Str. in the Bronx’s Parkchester neighborhood. The first residents began moving into the building in late 2023, and additional move-ins will continue through 2024.

Residents will benefit from a Project-Based Section 8 contract, provided by HPD, that subsidizes their housing costs. In addition, 67 of the 221 residential units will house formerly displaced seniors.

“Olshan Properties and our partners at O’Connor Capital could not be happier to celebrate the completion of the Parkchester Gardens development,” said Zachary Bornstein, CEO, Olshan Properties. “Parkchester Gardens positively impacts the community by directly addressing the citywide housing affordability challenge. I am extremely grateful to our private and public partners for their invaluable contributions that have led to the project’s development and future success.”

As recently as 2021, two dilapidated warehouses occupied a city block in Canarsie, Brooklyn. Fast-forward to 2024 and the site at 807 Bank St. has been transformed into a 172K SF, LEED Platinum precertified, last-mile industrial facility.

And although built on spec, the project was fully leased two months after delivery.

The Class-A warehouse, which includes 80K SF of parking on the roof, was developed by Turnbridge Equities and Dune Real Estate Partners, in partnership with ARCO Design/Build.

The transformation from off-market assemblage to cutting-edge project required a delicate balance to manage the myriad construction challenges the site presented, said director of Operations for the ARCO Design/Build New York Division Bill Martorana.

“It was like peeling an onion,” Martorana said. 

Building in New York City, including in the city’s outer boroughs, is notoriously difficult, he said. It necessitates coordination with the city’s many agencies and contending with aging infrastructure in a dense, urban environment. 

This site was no different.

“As often happens, not all the challenges were apparent at the beginning of the design process,” Martorana said. 

The most challenging aspect was the site’s proximity to an elevated portion of the L Train line only 30 feet away. This meant the Metropolitan Transportation Authority had extensive oversight and approval rights over the project’s design and construction. 

Power lines surrounded the site on three sides, some as close as two-and-a-half feet from the building envelope, so the input of New York City’s gas and electric utility, Consolidated Edison, or ConEd, had to be considered, including in the sequencing of construction.

Consultation with and permissions from the Department of Transportation was also required for curb cuts and street lighting. The site’s location next to an active parking lot, with busy city streets lining its perimeter, was another challenge, while the decades-old buildings on the site required demolition and environmental remediation of contaminated soil.

But with challenges come opportunities. The site was located in the sought-after Canarsie industrial submarket, with access to JFK Airport and the greater New York City area via the Linden Boulevard transit artery.

To realize their vision, the developers turned to ARCO Design/Build, which has completed 5,000 design-build projects across the country for industrial clients. ARCO has also worked with Turnbridge and Dune Real Estate on other logistics projects in the past.

“ARCO’s selling point is its turnkey approach and being able to work with a developer early in the project cycle, in some cases even before they have purchased the site,” Martorana said. “We can guarantee scope, cost and schedule at the project’s onset, giving our clients the confidence to transact. In this case, we came up with multiple concepts, and Turnbridge and Dune selected the one that worked best for their investment thesis.”

ARCO provided a cost estimate in 2021 and stood by the estimate throughout the project, Martorana said.

“We are able to give the owner the upfront cost and stick to it,” he said. “This is no easy feat, as it involves making assumptions before having full access to a site, or full access to due diligence documentation.”

Neighborhood Impact And Tenant Interest

The project attracted a flurry of interest early in the construction process. As of August 2024, two months after completion, the building was fully leased, with two of its three leases signed prior to completion.

Tenants include Otto Environmental Systems, a Charlotte-based waste container manufacturer, which leased 60K SF and has a 10-year contract to provide the New York City Department of Sanitation with refuse, recycling and organics bins.

The building’s other tenants will include major distribution companies.

major coordination efforts

Once construction began in mid-2022, an MTA inspector visited the site daily and had final say regarding site activity, including having the power to overrule previously approved drawings. Per his feedback, the project team’s work closest to the subway tracks needed to be amended.

“We quickly revised and resubmitted drawings back to the MTA, then re-sequenced the schedule and our subcontractors,” Martorana said. “This way, we were able to start foundation efforts while the MTA reviewed and approved our plans, mitigating the schedule deficit the issue could have caused.”

As part of ARCO’s collaboration with ConEd, the team installed an “alley arm,” a utility pole shaped like an L rather than a T, which pushed power lines away from the building envelope, but the process was anything but straightforward.

“The existing utility poles were not strong enough to accept alley arms, which led ConEd to replace all the poles all the way around the building,” Martorana said.

This, in turn, impacted the functioning of nearby streetlights, requiring follow-on collaboration with the DOT.

“The streetlights in the area were old, and the DOT didn’t have records for all of them,” Martorana said. “As a result, we designed for the DOT to get the job done.”

ARCO employed a special power transmission engineer with the prerogative to impose limiting factors on crane use. This engineer made determinations based on wind and humidity conditions and the use of rigging that does not conduct electricity. 

ARCO was also required to employ a dedicated human spotter and a live video feed of power lines to ensure the crane operator was aware of their positioning in relation to the power lines at all times. Taking all this into account, the ARCO team worked early in the process to ensure crane sequencing plans were optimal while meeting all requirements, Martorana said.

“For all its challenges, we’re proud of this project,” Martorana said. “We look forward to playing a major part in the transformation of the city’s older building stock into functional, environmentally conscious and sought-after Class-A real estate product.”

This article was produced in collaboration between ARCO Design/Build and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.