Tuesday, December 15, 2009
Upton's is going bye-bye (finally)
Posted by Rhiannon Fionn-Bowman on Tue, Dec 15, 2009 at 4:30 PM
It's about damn time.
Demolition of an abandoned department store on Albemarle Road is scheduled for this week.A $45,000 matching grant has been awarded to the owners of the vacant Upton’s property. The funds come from the city’s Façade Improvement Grant Program, which helps businesses located in targeted revitalization corridors.
City leaders tweaked the façade grant last year by adding demolition of empty big-box retail stores as a qualified expense and opening up the areas where the grant is eligible.The program provides 50% reimbursement to commercial or industrial businesses or property owners for eligible renovation costs, the city says.
Read the rest of this Charlotte Business Journal article, by Susan Stabley, here.
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A quick look at the property taxes shows an interesting story. The UPTON building's owners been paying an avg. of $40k per year for the past 10 years in property taxes on an empty building. Why would they do that? Key term here is : "Targeted revitilaztion corriders" That tells me they're waiting for some type of bailout from the city /county. Probably in the few million dollar range. Stay tuned, shouldnt be long now.
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