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The effort to renovate the 1920s-vintage Carolina Theatre, which has been vacant since the Carter administration, is being delayed by skyrocketing local construction costs, the Charlotte Business Journal reports. The Foundation for the Carolinas, which is in charge of the renovation of the property on North Tryon Street, is thus asking for public money for the project.
The foundation has about $45.6M in hand or pledged, and another $1.4M will definitely be raised, according to the nonprofit. However, the estimated cost for the restoration is now $51.5M. The fund has asked for $4.5M from tourism tax money to make up the difference.
In 2013, the city of Charlotte sold the Carolina Theatre to the Foundation for the Carolinas for $1. The foundation plans to restore the building as a performing arts and community center seating between 1,000 and 1,200. Part of the sale agreement stipulated that the project would generate tax revenue.
A hotel addition to the theater will do that. The property will be a 270-room InterContinental Hotel developed atop the existing structure by Valor Hospitality Partners and SB&G Group. That is up from the original 250 rooms planned, and will include a rooftop restaurant.
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