City Says Eastland Project Would Need $50M In Public Money; Soccer Incentives Shrink
The long-planned redevelopment of the old Eastland Mall site in east Charlotte will require public investment of $50 million to $54 million. That's according to assistant city manager Tracy Dodson, who briefed City Council members on the plan Monday night.
Plans include parks and open space, offices and shops, and 80 to 100 units of low-income senior housing. The site also will include a soccer complex in partnership with the city's new Major League Soccer team, Charlotte Football Club.
The city bought most of the 78-acre site in 2012 and is working with developer Crosland Southeast on the mixed-use project.
Meanwhile, the city's deal with Tepper Sports has changed. Dodson said Monday the city now expects to spend just $35 million in tourism tax revenues. That's instead of the $110 million promised last December as an incentive to help lure the MLS club.
The MLS team now says the Eastland site will be the headquarters only for its youth academy, not the full club.
The $35 million includes $10 million for the Eastland site, to help develop fields, parking, infrastructure, and another $25 million for a yet-to-be planned entertainment district uptown near the Panthers' stadium.
The City Council is expected to vote on key issues related to Eastland Mall site at its meeting Nov. 9 - including contracts with Crosland Southeast and Tepper Sports.
Dodson said infrastructure work could begin this winter, and be completed by 2022.