Spectrum president Darryl Dewberry has talked about a projectsimilar to Peabody Place in Memphis. That retail center, puttogether by Belz Enterprises, contains 300,000 sf and is scheduledto open next year. In addition to some 40 specialty shops, thecenter will offer a 21-screen movie complex and otherentertainment-related components. Dewberry promises to make thesite accessible to the restored trolley and light-rail lines.

City Council will vote on Spectrum's proposal in January. No oneelse is after the property. For the city, a quick land sale wouldmean money in its treasury. For example, interest alone on aminimum $13 million transaction, would give the city $780,000annually. The city estimates that annual costs for maintaining theconvention center range from $100,000 to $500,000.

Mayor Pat McCroy has suggested demolishing the old center andconverting it into park space until the best deal can be struck.But the demolition costs, estimated at $1.8 million, have negatedthis option. Real estate experts believe a slowing economy coulddelay a retail center at the site, without some form of publichelp. Some members of the council say that holding the property foranother year or two might provide better economic conditions.