A group associated with Kenwood Investments based in California bought the property for $1.35 million Tuesday, according to a broker handling the sale.
The Excelsior Club was long a center of social and civil life in Charlotte’s African American community after opening in 1944. It fell into disrepair after the club closed in 2016.
Kenwood Investments plans to keep the façade and turn the site into an entertainment venue with a restaurant and hotel, according to city documents.
Charlotte City Council and the Mecklenburg County Board of Commissioners last month voted to spend $50,000 apieceas part of a $250,000 grant/loan package to help the buyer preserve and redevelop the club.