IHOP LATEST IN CHARLOTTE FIRM'S DOWNTOWN BUYS

Friday, September 28, 2007
Biz
Triangle Business Journal
By Dale Gibson


A football stadium for downtown Raleigh? Doubtful, but stranger things have happened - such as an arena not in downtown Raleigh.

Read on.

FMW Development of Charlotte has added a major piece to an assemblage of land it's pulling together on Hillsborough Street.

FMW paid $1.06 million for the iconic IHOP restaurant at 1313 Hillsborough St., which is adjacent to the former Bolton Corp. properties. FMW bought the Bolton properties in May from First Charter Bank, which had taken them over after Bolton filed for Chapter 11 bankruptcy protection.

In eight transactions since May, FMW has assembled a total of 5.67 acres. The company has not disclosed its plans for the properties or whether it's through with its acquisitions. FMW partner Walker Wells did not return phone calls.

Could there be a clue in the fact that FMW is the company that assembled the land for both Bank of America Stadium, where the Carolina Panthers play, and Charlotte Bobcats Arena?