Imagine Elizabeth Avenue -- which dates to the early 1900s -- as a thriving enclave of new shops, offices and residences coexisting with some of the city's oldest houses and landmark businesses.

That's the vision developer Grubb Properties, Presbyterian Hospital and Central Piedmont Community College have created for both sides of Elizabeth Avenue between Hawthorne Lane and Independence Boulevard.

The developer and the hospital, located at 200 Hawthorne Lane, control about 80 percent of the property on six city blocks.

Over the next seven to 10 years, Grubb Properties plans to restore many old buildings, construct offices and homes atop street-level shops and build four parking garages totaling 3,051 spaces in an area pockmarked today by vacant structures and parking lots.

Clay Grubb, president of Grubb Properties, said the project -- to be done in phases -- will include 253,000 square feet of pedestrian-oriented retail, 150 hotel rooms, 342,000 square feet of offices and 818 apartments and condominiums.

"We feel strongly that Elizabeth Avenue has the potential to become one of Charlotte's most unique retail streets supporting a range of street-level activity with stores, boutiques, restaurants, historic buildings and entertainment," he said.

Specifically, the development team would like to see Elizabeth Avenue between the hospital and the CPCC campus across Independence Boulevard fleshed out with such anchors as a multi-screen cinema, home furnishings retailer and large book store.

The Visulite Theater would remain, perhaps with exterior improvements. Anderson's restaurant, a popular place near the hospital, is owned separately and isn't part of the redevelopment.

Grubb estimates the Elizabeth Avenue redevelopment cost at $200 million.

To make it happen, he said, he needs a financial commitment from the city and county to help with a 965-space public parking deck, which would displace some buildings and parking lots at Hawthorne and Fourth Street.

Grubb wants the two governments to pay the first 10 years worth of debt service on the deck -- roughly $13 million -- from new property taxes generated by the development.

He plans to invest $90 million in developing the first phase before the city and county would be asked to contribute. Securing the agreement with the city and county in advance will help him obtain project financing, he said.

City council members raised policy and cost questions during a presentation by Grubb Monday night but agreed to give the city's economic staff three months to analyze the plan and report back.

Urban planner Michael Gallis of Michael Gallis & Associates initiated the Elizabeth Avenue project and began acquiring control of properties in the six-block area about five years ago.

Gallis associate Todd Williams, a member of the development team, said Gallis sought out Grubb as a partner because of the firm's urban infill experience.

Ed Case, president and chief executive officer of Presbyterian Healthcare, said the hospital, which owns property within the project boundaries, got involved to help create a vibrant urban streetscape at its "front door."

CPCC President Tony Zeiss said the project will help "create a seamless pedestrian environment" between the hospital and the college.

Lynn Wheeler, who chairs the council's economic development committee, said the project represents what the city is trying to encourage.

She said the redevelopment has the potential to create a corridor linking Presbyterian and CPCC on the east end of the center city with Johnson C. Smith University on the western edge.

In addition, she said, it meshes with the city's plans for Elizabeth Avenue corridor improvements and the Metropolitan Transit Commission's vision of extending a streetcar line from the center city to Elizabeth within 10 years.

Over time, Elizabeth Avenue also has potential to establish its own identity, much like the revitalized enclaves of NoDa and South End. In addition, Elizabeth Avenue redevelopment could become part of an even wider economic revival of the area.

The Charlotte Knights are interested in 10 acres occupied by the Grady Cole Center and Memorial Stadium next to the CPCC campus. The team wants the city to pay $22 million toward a $27 million, 11,048-seat stadium with the land coming from the county.

County leaders have indicated they might be willing to donate the land for a stadium.