Mint Hill Festival in foreclosure

Dollar Tree shelves plans to open there

by Kara Lopp

The Mint Hill Festival shopping center is in foreclosure and Dollar Tree confirmed this week the company has abandoned plans to open a location there.

A notice of default was filed Oct. 26, 2011 against the 59,440-square-foot center, at 6904 Matthews-Mint Hill Road, according to online real estate records. It wasn’t clear this week whether the foreclosure has been finalized. The property is owned by Charlotte-based American Asset. Company spokeswoman Donna Pressley didn’t return messages by press time.

Dollar Tree spokeswoman Chelle Davis couldn’t say this week if the foreclosure filing pushed the company away from Mint Hill Festival, but did confirm the company has changed its plans.

“At this point we’re not going to come,” she said. It would have been the second Dollar Tree location in Mint Hill, adding 10 to 12 full and part-time jobs.

The Virginia-based company announced its plan in August 2011 and had expected to open an about 8,000 square foot store in the shopping center by late fall. Dollar Tree, which offers discount merchandise priced at $1 or less, currently has a Mint Hill location at 3611 Matthews-Mint Hill Road in the Hoods Crossroads shopping center.

According to online records, American Asset bought the 1985 Mint Hill Festival building for $5,250,000 in May 2006 and owed $4,547,500 on its mortgage when the notice of default was filed. Since 2008, the company had been paying $43,082 in taxes on the property each year, records show.

In fall 2010, the company hired Piedmont Properties to market about 24 acres – with a $10.8 million price tag – American Asset had considered for a retail center. The company was also trying to sell about 4 acres of outparcels in front of the center and was willing to sell all 54 acres it owned, including the land planned for a retail center behind Mint Hill Festival, Piedmont Properties’ Jim Plyler said at the time. In late 2010, the land was priced at $450,000 an acre.

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