CHARLOTTE, N.C. (QUEEN CITY NEWS) — The refurbishment of the nearly 100-year-old Carolina Theatre will require another $2 million from the city, according to the Foundation for the Carolinas.
The under-construction improvements are more than initially expected for a project to reopen the facility at the corner of North Tryon and Sixth streets. The Carolina Theatre is one of the last remaining historic structures in uptown Charlotte, and City Council will vote on the new funding at Monday night’s regular business meeting.
In 2016, Foundation for the Carolinas embarked on a $88 million renovation and restoration of the 1927 theater. When complete, the 36,000-square-foot building will seat 950 and feature lectures, symposiums, film and entertainment offerings.
The Charlotte-based FTTC is one of the largest community foundations in the U.S., supporting personal and corporate philanthropy in a 13-county region.
Also as part of the amended public-private agreement, the FTTC is expected the theater’s completion date to Dec. 31, 2025. After starting construction in 2016, the project is 70 percent complete.
To date, the foundation has raised $73 million from private and public sources, including the state, Mecklenburg County and $4.5 so far from the city. The city said the added funding stems from increased project costs associated with delays due to the pandemic, namely escalating material costs.
As part of the property plans, a 5-star InterContinental Hotel is expected to bring an annual estimated tax revenue of $3.9 million with roughly $362,000 in sales tax to the City of Charlotte. It would be 20 stories and house 200 rooms.
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