No, of course not.
And so the Carolina Theater epic will drag into its third decade.
Charlotte City Council will probably vote tonight to give developer Jim Donnelly an extension to Dec. 1, 2011 to close on a deal that started back in January 2006. And so another two years will pass without the property generating any tax revenue for the city.
Like so many of Charlotte’s wired wheeler-dealers of the boom times, Donnelly has been caught short by the real estate correction. The Charlotte Business Journal reports that a Donnelly-controlled company has defaulted on a $1.7m. load to RBC while a construction firm has filed a $1.1m. lien against another of his entities. At the same time Donnelly has not been able to secure funding for what was touted last year as a $65m. project for the corner of Sixth and Tryon.
Guess what? I doubt a luxury condo scheme that renovates the Carolina Theater along the way gets funding next year either, or in 2011.
But what do I know? I am just a lowly taxpayer. It is not like I predicted this very thing nine months ago.
