Charloot's "Hood Mall" is on the way out. No real surpise, there but what is a surprise is how clueless Charlotte City Council has been about this pending unmitigated disaster.
It doesn't take a very astute intellectual or PhD in urban planning to see what has happened to NorthLake.
Now well on their way to foreclosure, CMPD Officers who have worked secondary at NorthLake Mall know very well their hours have been cut back as management claimed COVID required they reduce security manpower.
The mall management hired countless uniformed security guards to battle the endless crime but the turnover costs became prohibitive.
Shootings, fights, murders, abductions, shoplifting and armed robbery crimes are routine.
In 2013 Foot Locker was saying "Northlake Mall is the premier retail destination for the thriving affluent communities in the North Charlotte area."
But the demographics never came close to that claim, instead NorthLake became the go to destination for countless thugs and hoodrats.
Anyone who has been to this Mall knows it is nothing more the an extension of Charloot's hood but the pace at which this happened was stunning.
Now in formal receivership after outstanding debt payments failed to be made and a mortgage associated with the property went into default. It could signal a foreclosure proceeding is to come.
According to the Charlotte Business Journal:
A lawsuit filed in Mecklenburg County last month by Wilmington Trust — serving as trustee of a commercial mortgage-backed securities trust involving four U.S. malls, including Northlake — alleges the borrower hasn’t kept up with debt payments on the properties. The loan associated with the properties went into default in late 2019.
The property is one of four malls, all of which are owned by entities affiliated with Starwood Capital Group, mentioned in the suit and packaged in the same CMBS portfolio.