Renovations to the ghastly derelict Carolina Theatre will finally take off, thanks to a 20-story luxury hotel that will be built on top of it. The theater opened in 1927 and closed in 1979. The city dismantled its façade and stored the elements under the theater’s stage. Beyond that, the theater was left to deteriorate, as one restoration mission after another proved abortive. In 2012, the city sold the theater to the Foundation for the Carolinas for $1. Then, Valor Hospitality Partners agreed to lease air rights above for a four- or five-star hotel. InterContinental, which targets international luxury travelers with 187 locations worldwide, was chosen for the brand because it allows more flexibility in design. A glass “jewel box” built out from the restored façade will enclose a new lobby and conform to the classy and glassy, 250-room, 20-story hotel skyrise above. Construction, costing an estimated $42 million, should start on both projects in tandem in May and end in 2019.