A highly visible Dilworth site that remains vacant today despite its prime location is on the market for a ground lease.
The 1.1-acre site at the corner of East Boulevard and Scott Avenue has sat undeveloped since the longtime Epicurean Restaurant was demolished in 1999. Its owners, the Castanas family, sought to rezone the land in 2010 to allow the development of an 85-space surface parking lot for local businesses but Charlotte City Council ultimately voted down that petition, which had several neighborhood groups in opposition.
Since then, the land has played host to events like an annual pumpkin patch, Christmas tree sales and a weekly Food Truck Friday. The Castanas family still owns the land today, which consists of three contiguous parcels. In 2011, the land value was assessed at $1.9 million, according to Mecklenburg County real estate records.
"Lincoln Harris, along with the majority of everybody else in town, has been talking to the Castanas family for years because it’s such a high-profile location," said Jubal Early, a senior vice president at Lincoln Harris who is marketing the property along with Marshall Williamson, a vice president with the firm. "George Castanas and his family realized that in an upmarket like we have today, it’s a good time to explore those options."
Early said interest has been "very brisk" since Lincoln Harris listed the property late last month. He added interest has run the gamut from financial services to restaurants to hotels and office space. The intention is to lease the land rather than sell it, Early continued.
But whatever is built on the site will likely have to be a dense, mixed-use project with retail, office or perhaps multifamily to support the economics of such a deal, the brokers say.
Early said the land is currently zoned NS, or neighborhood services, a lower-density zoning district. It's likely that whichever user enters into an agreement to develop the property will rezone the land to a higher density level, he added.
Activity on the site likely won't be imminent, though.
"In order to maximize the site, you've got to really study what you can fit on there and how those different uses mix with each other and the flow with access on the corner," Williamson said. "It’s going to take some time."
For now, Lincoln Harris and the Castanas family are reviewing deals and considering which offers will have the most long-term viability for the site.
"If we can find the right developer who has a long-term view and understands the value of this property and what it’s going to be worth 20 to 25 years from now ... that’s the kind of people we’re looking for," Early said.