CHARLOTTE — The Charlotte Hornets are part of an ownership group that purchased the former EpiCentre complex in Uptown Charlotte, now known as Queen City Quarter, for $27.5 million. The purchase price covers a property with an estimated value of nearly $100 million.
Sports analysts consider the three-company venture well financed. Erik Spanberg, a reporter with the Sports Business Journal, noted that the acquisition follows earlier municipal approvals for facility upgrades.
“I don’t think many of us knew that the Charlotte Hornets were going to be part of the buying group,” Spanberg said.
He added that “it started when the city approved the arena renovations and the training center,” explaining that “teams want to surround their arenas and stadiums with things that they develop and own.”
Rick Schnall, co-owner of the Charlotte Hornets, hinted in May that broader developments were being considered alongside basketball facilities.
“From the beginning, this project is more than it is not just about basketball,” Schnall said. “It’s about continuing momentum in Uptown Charlotte in the city of Charlotte and strengthening the Spectrum Center and the community around it.”
Other NBA franchises have pursued similar arena-adjacent real estate projects. In 2015, the Sacramento Kings entered a joint venture to redevelop a plaza into 1 million square feet of space known as Downtown Commons, or DOCO, surrounding the Golden one Center.
According to the developer, that project influenced $6.7 billion in new projects by 2022, while bringing 150 retail businesses, residential units, hotels, restaurants, and increased foot traffic to the area.
Spanberg noted that multiple franchises have executed comparable development projects around their venues.
“In the NBA, you’ve seen not only Sacramento, but you’ve also seen Milwaukee Bucks do it really well with the beer district. You’ve seen the Indiana Pacers do it recently,” Spanberg said.
He added that the long-term challenge for such projects lies in sustained activity. “The question always is, can you do it to an extent where people want to come not just on game day, but every day,” Spanberg said.
Similar developments are also underway elsewhere in North Carolina. A new entertainment district is planned in Raleigh surrounding the Lenovo Center.
According to the Sports Business Journal, those plans feature thousands of housing units, dining areas, and an enhanced tailgating experience for Carolina Hurricanes fans.
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