Local developer launches real estate fund for live-music venues

CHARLOTTE — Since last March, stages across America have gone dark as government-imposed restrictions have barred concert halls and other live-music venues from operating, to help slow spread of the novel coronavirus.

While independent operators in Charlotte and elsewhere have gotten creative with livestreams and fundraising efforts to stay afloat, independent operators — already facing challenges before the pandemic — have been dealt a tough hand over the past year. Industry trade publication Pollstar estimated the concert industry lost $30 billion in revenue last year.

[Community staves off closure for local cupcake shop]

Charlotte developer Grubb Properties recently launched a closed-end impact real estate fund with Dayna Frank, a concert venue owner in Minneapolis and president of the National Independent Venue Association, an industry advocacy group formed last year. The Live Venue Recovery Fund will acquire independent music venues across the United States, providing those business owners expertise and capital to address challenges exacerbated by the pandemic as well as the option to eventually purchase their real estate.

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Cox Media Group