On June 23, 2015, the Young Leaders Group facilitated a conversation around the redevelopment of the Metropolitan in midtown Charlotte.  Panelists included Peter A. Pappas – Pappas Properties, Ron Kimble – City of Charlotte, and John Collett – Collett & Associates.

• Originally “Charlotte Town Mall” (enclosed structure developed by Jim Rouse)
• Project started in 1999 with the Home Depot Expo Design Center as the anchor. Target also proposed, though did not come on until 2004-05.
• Greatest hurdle in developing a project of this magnitude and complexity was getting all parties to agree on a singular vision – lots of moving parts
  • City involvement – bridges, accessibility (road access), Greenway
  • Financial impact – tech flop of 01’ slowed things down – development pursuits scaled back, focus on management of asset
• MET becomes model for P3s in CLT and other like markets across country
  • Complex financing negotiations – “Tax Increment Grant” – long term pay back – guaranteed revenue stream for capital growth
  • Grant terminates with sale of project, if spun off before maturation – city gets financial bump as being a quasi-equity partner
  • For success, the P3 required a high-level of trust between the private and public partners in the project.
• Overview
  • Highly complex – great model for basis of learning. Patience, coordination, & risk analysis all called into action.
  • Very proud – well designed, open space, focal point of city entry, epicenter of greenway.
  • Continues to evolve – community effort for all to succeed – tenants, city, & developers alike.

Notes provided by Matt Grange, Ascension Benefits & Insurance Solutions, Charlotte, NC

Read an article in the Charlotte Observer about this meeting in Development June 25, 2015 by Ely Portillo

Some facts you might not know about the Metropolitan