CHARLOTTE — After a lengthy discussion during its regular business meeting yesterday, Charlotte City Council voted 7-4 to approve a property exchange that could add key development around the newly renovated convention center.
The land-swap agreement council approved is between the Charlotte Regional Visitors Authority and Berlin-based Millennium Venture Capital. The city will give 1.9 acres of its property at 501 S. Caldwell St. to MVC in exchange for 0.7 acres at 401 S. College St., which is part of a larger 2.3-acre site the developer is in the process of purchasing from Duke Energy Corp.
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An appraisal of the two parcels to be exchanged was completed on Nov. 15. It estimates the fair market value of the city property to be about $18.5 million and the other to be just over $12 million.
Tom Murray, CRVA chief executive, said because the city is giving away a much larger piece of land, MVC has agreed to demolish the building at South College and prep the site for development, which will cost about $2.5 million. The firm is also planning $4 million or more in improvements to the convention center plaza.
Murray presented the agreement to Charlotte City Council on Oct. 24. The exchange would allow for the potential addition of a hotel next to the convention center, something Murray has for years said is necessary to keep Charlotte’s ability to draw events in line with competing markets.
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