Encore Charlotte Condos having Financing Troubles.

Posted On: February 5, 2009 By: admin

With the majority of the pre construction condos stalling due to lack of financing, there are a few in Uptown Charlotte Condos that are still being completed.  The Vue Condos is still on task to be completed in 2010 and The Catalyst Condos should be completed soon.  The word on the street is that Catalyst Condos, which should be completed soon, may be converted into apartments.   There is no official announcement as of today, but look for it to come soon from the Novare Group.

Another project that is looking to complete its funding is The Encore Condos located at Sixth and North Tyron streets.  The Pursuit Group, which just finished The Trust Condos,  is asking the city of Charlotte for another extension to try to find some last minute financing.  The deal would include saving The Carolina Theater and receiving tax rebates from the city. 

Another developer from Atlanta has shown interest in the property, but does not want to keep The Carolina Theater intact.   By doing so, this would erase more than $4 Million in commitments and rebates to The Pursuit Group from the city of Charlotte.

The Encore Condos is planned to be a 20 unit luxury tower with car elevators that takes their owners right to their very own doorstep.  The prices ranged from $1.75 million to $5 million dollars.  There are currently 8 units that are under contract.

Category: Fourth Ward, Second Ward, Third Ward