210 Trade Purchase Air Rights for Tower Building

November 24, 2010 / Elizabeth Buckley, Commercial Property Analyst

Air rights for Charlotte’s EpiCenter were sold to 210 Trade Investments, a limited liability company to build a tower building on the site. According to court documents, the company is the highest bidder for the air rights for the planned tower building. The 210 Trade Investments is said to be affiliated with Afshin Ghazi, the property’s developer.

210 Trade Purchase Air Rights for Tower Building

The limited liability company paid $6million to own the air rights to build the tower building.

Construction on the tower building was ceased to operate in 2008 with less than two-levels and the foundation was constructed, because of the air rights agreement by the city’s enforcement department code.

The foreclosure auction of the property is subject to an upset bid period, which last 10 days. The air rights for the tower building will be owned by the 210 Trade if no upset bids will come out.

Foreclosure proceedings started on July for the property when Ghazi stopped paying for the loan, which is worth $90 million loan. The foreclosure process was stalled because Ghazi put in under bankruptcy protection.

Regions Bank, the property’s lender also sold its mortgage to Blue Air 2010 LLC, which is willing to work with Ghazi for the reorganization plan.

The Charlotte EpiCenter is considered by city officials as an essential element of uptown’s redevelopment because it located within the site of an old convention center.

Ghazi did not reveal the purpose of the tower building, but he was been quoted saying a residential project is not inline because of the recent residential real estate market’s situation.

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