Why aren’t there any developers interested in revitalizing Eastland?
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Figuring out what to do with the former Eastland Mall property has been on the City Council’s mind for a long time — since 2013, to be exact.
But in all that time, Eastland has remained in limbo even as development booms around the city. Why?
Because developers still have no interest in investing in Eastland as it currently exists.
That’s what the city heard from more than 50 professionals in the development and business community at a recent forum held in hopes of getting something moving on the Eastland site.
Patrick Mumford, director of Neighborhood & Business Services for the City of Charlotte, told a City Council committee this week that perceptions about the Eastland area are improving and that developers consider the site desirable because of its proximity to Uptown.
But developers still feel like investing money in a project there is too risky, Mumford said.
For one, developers don’t feel they could charge high enough rents to make an investment in new Eastland buildings viable.
Another factor is that the city has struck out on luring destination retail or large office projects and has all but given up on it. Developers aren’t nearly as interested in small-scale projects here.
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So what should Charlotte do about it?
Mumford suggested that the city should make small, incremental developments in Eastland to encourage interest.
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Charlotte would start with bringing in food trucks and tents like the city did last month with a community fair and the Queen City Quiz Show.
Slowly, food trucks and tents could turn into more permanent establishments. Eventually, all this activity would drum up interest in a permanent structure over time and with private investment.
But all this comes with a price tag: As much as $500,000 in what amounts to a marketing campaign. Worst case scenario, the City Council invests the money to end up with no developers and an even deeper money hole than they began with.
Some City Council members are skeptical that would be a good use of money.
“I feel as if there’s a reality out there we’re trying to avoid recognizing,” Driggs said. “I don’t see this getting any closer to action.”