VAULT · Property Targets
Owner: Taj Hines (CEO). CSO: Trill Walker. Doc date: 2026-07-28.
Envelope requirements (non-negotiable)
| Attribute | Minimum | Preferred |
|---|---|---|
| Total SF | 15,000 | 18,000 to 20,000 |
| Main studio clear height | 16 ft | 18 to 20 ft |
| Column-free main floor span | 40 ft x 60 ft | 50 ft x 80 ft |
| Structural deck live load | 100 psf | 125 psf plus rigging attachment |
| Rigging attachment capacity | 1,500 lbf static per point, 15,000 lbf dynamic factor | Independent grid, load-tested |
| Electrical service | 800A, 3-phase, 208Y/120V | 1,200A, 3-phase, plus 480V feeder for broadcast |
| HVAC | Roof-mount capable, 5 ton per 1,500 SF | Dedicated OA unit, MERV 14 plus UV-C ready |
| Parking | 1 per 250 SF, 60 stalls min | 80 stalls plus valet lane |
| Loading | Roll-up door plus 8 ft clear service path | Dock-high plus grade-level |
| Frontage | Street-facing glass, min 40 ft | Corner exposure, 80 ft plus |
| Zoning | TOD-CC, TOD-UC, NC, or MUDD-O | TOD-CC (South End) |
Site scorecard (100 pt)
| Category | Weight | Sub-scoring |
|---|---|---|
| Ceiling and structure | 20 | Clear height 8, span 6, deck capacity 6 |
| MEP capacity for buildout | 15 | Power 6, HVAC path 5, plumbing risers 4 |
| Neighborhood and adjacencies | 15 | Foot traffic 6, retail comp 5, safety 4 |
| Parking and access | 10 | Stalls 5, ingress 3, ADA 2 |
| Landlord TI willingness | 10 | Dollar per SF offered plus abatement |
| Broadcast readiness | 10 | Column layout, sound isolation, service to grid |
| Rent economics | 10 | NNN psf plus escalation cap |
| Frontage and signage | 5 | Street presence, signage rights |
| Zoning fit and permit path | 5 | As-of-right vs conditional |
Kill below 70. Interview at 70 to 84. Pursue at 85 plus.
Priority hunt zones (South End · Charlotte)
Rank ordered. All numbers reflect Q2 2026 South End Class A adaptive-reuse comps.
Tier 1 · Camden Road corridor
- Segment: 1600 to 2200 Camden Rd, adjacent to Design Center of the Carolinas and Atherton Mill.
- Comp anchors: Superica, Not Just Coffee, Barcelona Wine Bar, Sycamore Brewing across South Blvd.
- Rent: $38 to $46 psf NNN for ground-floor retail; $28 to $34 psf for second-generation flex.
- Ceiling reality: Older mill stock delivers 14 to 22 ft depending on bay. Ideal for VAULT.
- TI expectation: $35 to $65 psf on a 10-yr term.
Tier 2 · South Boulevard (Rail Trail spine)
- Segment: 1900 to 2400 South Blvd, between New Bern and East/West Blvd stations.
- Comp anchors: Wooden Robot, Sugar Creek Brewing, Common Market, Publix at Camden Southline.
- Rent: $34 to $42 psf NNN new construction ground floor; $26 to $32 psf existing.
- Ceiling reality: New builds typically 12 to 14 ft. Older warehouse conversions 16 to 24 ft.
- TI expectation: $40 to $80 psf; developers of new mixed-use will fund vertical shell.
Tier 3 · Tremont Avenue
- Segment: 200 to 500 Tremont Ave, walking distance to East/West Station.
- Comp anchors: Neighborhood Grille, Yafo Kitchen, Foxcroft Wine, LaCa Projects.
- Rent: $32 to $40 psf NNN.
- Ceiling reality: Mixed. Adaptive-reuse pockets deliver 16 to 18 ft.
Tier 4 · Bland Street / Camden Southline
- Segment: 100 to 400 W Bland St, one block off Rail Trail near Bland Street Station.
- Comp anchors: Superica, Publix, Camden Southline apartments, Rail Trail direct frontage.
- Rent: $40 to $48 psf NNN (premium for Rail Trail exposure).
- Ceiling reality: Newer product, 13 to 15 ft. Would require creative demising.
Tier 5 · West Worthington Avenue
- Segment: 1400 to 1800 W Worthington Ave.
- Comp anchors: Suffolk Punch, RiRa Irish Pub, Optimist Hall walkable.
- Rent: $30 to $38 psf NNN.
- Ceiling reality: Warehouse stock 16 to 20 ft available.
Alternates (only if South End inventory dry)
Camp North End (NoDa-adjacent, 15 min from South End)
- Boileryard: Historic industrial shell, 20 to 26 ft ceilings, brick and bowstring truss. Rent $28 to $36 psf NNN. Landlord ATCO Properties known for supporting hospitality and studio operators.
- Innovation Center: 16 to 20 ft ceilings, more finished shell.
- Trade-off: Foot traffic is destination-driven, not organic. Loses Rail Trail synergy. Wins on ceiling and character.
Optimist Park (Optimist Hall halo)
- Segment: N Brevard St corridor between Optimist Hall and 36th St.
- Rent: $32 to $40 psf NNN.
- Ceiling: 14 to 22 ft on older stock.
- Adjacencies: Optimist Hall food hall, Free Range Brewing, Blue Line light rail.
How to source (60 day sprint)
- Retain 2 brokers under exclusive tenant-rep (see 02_BROKER_ROSTER). Tenant-rep is landlord-paid, so no cost to VAULT.
- Broker delivers 20 property survey in 10 days. Includes cold inventory, off-market, and pre-development.
- Trill plus Taj tour top 8 in a single 2 day sprint.
- LOIs on top 3 within 30 days. Structural and MEP feasibility walk with GC and MEP eng before LOI signature.
- Under LOI 45 days for full due diligence (Phase I ESA, structural assessment, MEP capacity study, zoning verification, parking count).
- Lease or purchase close by end of month 3.
Due diligence checklist (pre-LOI)
- Sanborn map and prior use history (fire, chemical, dry cleaner risk).
- ALTA survey if buying.
- Roof age and warranty transferability.
- Existing HVAC tonnage and age.
- Electrical service size and transformer capacity (call Duke Energy for available capacity at meter).
- Water and sewer tap sizes; grease trap capacity for café.
- Fire suppression class (Ordinary Hazard Group 2 minimum for assembly use).
- ADA path of travel to public right of way.
- Signage code and any HOA or overlay restrictions.
- Parking count vs Charlotte UDO minimum for personal service or health club use.
Landlord TI negotiation targets
- $50 to $75 psf TI on a 10 yr term with 2 five yr options.
- 6 to 9 months free rent (buildout period plus ramp).
- $0 to $2 psf annual escalation cap.
- Right of first refusal on adjacent bays for expansion.
- Signage rights on facade and monument.
- Assignment and sublease rights with landlord consent not unreasonably withheld.
Buy vs lease decision gate
Buy if: purchase basis lands under $250 psf all-in and Trill Entertainment LLC balance sheet can carry SBA 504 or bank note without collateralizing operating cash. Lease if: sub-$40 psf NNN available with $60 plus psf TI on Camden or South Blvd corridor.
Cross-ref: 01_NEIGHBORHOOD_ANALYSIS.md, 03_BUILD_SPEC.md, 06_BUILDOUT_BUDGET.md.