Another NASCAR White Elephant goes belly up

After being sued by its co-lender, Wells Fargo & Co. has started foreclosure proceedings against the NASCAR Plaza office tower.

According to court filings, property owner Corporate Plaza Partners defaulted a year ago, when a $95 million loan Wells and Regions Financial Corp. made in 2007 came due; the outstanding balance was more than $70 million. Corporate Plaza Partners is an affiliate of Indianapolis-based Lauth Group Inc., which developed the tower next to the NASCAR Hall of Fame.

NASCAR Plaza stands 19 stories tall and measures 390,000 square feet. The building at South Caldwell and East Stonewall streets is perhaps the largest and most visible symbol of the stress Charlotte’s commercial real estate market is facing as a result of the recession. The tower opened last spring but is more than 60% vacant.

A foreclosure hearing has been scheduled for Nov. 30.