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Charlotte City Council considers several proposals for Eastland Yards plot

By Joe Bruno, wsoctv.com
By Joe Bruno, wsoctv.com

CHARLOTTE — Charlotte City Councilmembers gathered Monday to discuss what the final piece of the old Eastland Mall property could become.

The Eastland Mall opened nearly half a century ago and foreclosed in 2010. Since then, developers and the City of Charlotte have been working to determine what happens next to the site.

A new project broke ground in August, and development is well underway on the 80-acre transformation. The $175 million project will include homes, shops, restaurants, offices, and a public park. It’s expected to be completed in five years.

As for what will fill the final piece of the property, the decision is now in the hands of Charlotte City Council. Charlotte FC was supposed to develop 20 acres until owner David Tepper backed out last summer.

On Monday, the council’s economic development committee was briefed on three options for that piece of land: A major swimming complex, a huge tennis and pickleball facility, or a Target.

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All three projects would be built on the far east side of the site. The swimming complex would have 1,500 to 2,000 seats with the ability to hold amateur, U.S. Swimming, and collegiate events.

The tennis complex would include more than 80 courts, including a collegiate and professional complex. 16 of those courts would be dedicated to pickleball.

Both of those projects will take tens of millions of tax dollars to make happen.

A Target would bring hundreds of jobs, but the city wouldn’t fulfill its commitment of bringing amateur sports to the site.

Councilmember Marjorie Molina represents the area and said it is vital city leaders get this project right.

“I know that everyone has been waiting for some time and yes, we deserve an answer, but we have to get it right,” she said.

The city is going to extend the deadline by 60 days for these proposals to be adjusted and for more people to apply. City councilmembers want to see more private investment.

Private investment concerns

In typical public-private partnerships, the city’s invested tax dollars are the “last dollars in.” That means the private funding is exhausted before tax dollars are used. For the swimming and tennis proposals, only $10 million each is being proposed from the private sector. That funding also hasn’t been secured. According to the city, supporters of the swimming and tennis projects will have to raise the funds.

“They have credible backers behind them,” Councilman Malcolm Graham said. “What they don’t have is money readily available to do the projects right now.”

Under the swimming complex proposal, the city would be expected to chip in $35 to $45 million. Under the tennis proposal, the city would be on the hook for $45 million.

Charlotte city council members are hoping the 60-day extension will give the projects more time to find private funding commitments.

“The biggest question for me is the city dollars that we are going to put into any project,” Councilmember Marjorie Molina said.

Target would not need tax dollars to be built but selecting Target would break Charlotte City Council’s word to east Charlotte of delivering a sports component to Eastland Yards. Windsor Park resident Kathy Buckley says that is important to her.

“Target is a no-go,” she said. “We’ve seen Upton’s, Eastland. We want something that brings people to us and makes it a destination because it is so beautiful in east Charlotte.”

Eastland Aquatics Center:

Proposed:

  • 1-2 50-meter by 25-yard competition pools
  • 8-lane 25-yard program pool
  • 1-meter & 3- meter diving platform
  • 1,500 to 2,500 seats
  • Land required: Up to 13 acres (remainder available for future development)

Economic impact:

  • 26-30 events per year (could get up to 40)
  • 107 event days per year
  • $46 million in annual impact

Est. project cost: $45 - $55 million

Public investment required: $45 - $55 million

Private investment: $10 million

Community usage: Community usage is fee

Racquet Sports Entertainment District:

Proposed:

  • 80+ racquet courts
  • 70 tennis (30 clay, 20 hard, 8 red clay, 12 indoor)
  • 16 pickleball
  • 3 padel
  • Learning & education center
  • Entertainment & event lawn space
  • Office space
  • Indoor area to include classrooms, concessions, fitness center, locker room, etc.

Land required:

  • 23.7 acres for the racquet sports venue (including the parking deck)
  • Additional 5.2 acres for future development led by a different party

Economic impact:

  • 125 event days per year
  • Nearly 16,000 visitors annually
  • $36 million annual economic impact

Estimated project cost:

  • $45 to $55 million
  • Public investment required: $55 million
  • Private investment: $15 million ($10M – Capital; $3M – Operating Reserves; $2M – youth grants/scholarships)
  • Community usage: Will offer free court time and programming weekly. Other usage available to the community for fee (e.g. $12 per 90 minutes).

Target:

  • Proposed: 148,000 square-foot Target store
  • Land required: 11-15 acres
  • Economic impact: 250- 350 jobs
  • Est. project cost: $35 million
  • Public investment required: $0
  • Private investment: $35 million plus land costs
  • Community usage: Variety of Target initiatives to support the local community

Currently under construction:

Phase one of Eastland Yards is under construction. It includes 155 townhomes, 70 affordable housing units for seniors, 270 apartments with ground-floor retail. Phase two of the project includes more retail and a grocery store. A 4-5 acre park is also included in the plans for Eastland Yards.

(WATCH BELOW: City of Charlotte breaks ground for new development on old Eastland Mall site)

City of Charlotte breaks ground for new development on old Eastland Mall site

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