Pennslylvania-based LCOR was the latest interested developer topresent a $315-million vision for the property to the CharlotteCity Council. The grandiose plan, consisting of hotels, officetowers, apartments and condos, retail space, a theater and a park,finally collapsed when LCOR wanted to change the terms of itsoriginal agreement with the city.

LCOR no longer wanted to buy the land in two $7.5 millionpayments. Instead, it wanted to buy or lease it over 20 years. Thecouncil considered setting up a payment program that would be thecriteria for a new agreement, but negotiations with LCOR were stillincomplete when the deadline for that agreement arrived. Arrangingfinancing was still a factor.

In a published statement, LCOR vice president John Infantinosays the council's 9-1 vote against accepting the company'sproposal to change the terms of the agreement effectively endstalks between LCOR and the city. Infantino believes that a few moremonths would have given LCOR enough time to have met the council'srequirements. He thinks LCOR might bid again in the future.