Kannapolis to choose downtown project Monday
LMG – Proposed Demonstration Project
Number of City Blocks: 2
Number of Acres: 4
Building Use: Residential, Retail, Restaurants, Hotel
Ownership: City Will Sell Land to Developer – Project will be Privately Owned
City Investment: Parking Deck Construction – $12.6 million potentially
LMG Investment in Project: $60.6 Million
Public to Private Investment Ratio: 1:5
Projected Property Annually Taxes for City: $381,780; County: $424,000
KANNAPOLIS – Monday night, Kannapolis staff members will recommend that the City Council select Lansing Melbourne Group (LMG) for the development of a mixed use district known as the Demonstration Project.
City Council will meet members of LMG and are scheduled to vote on establishing a memorandum of understanding with the firm for the development of the project. This is the first step in choosing LMG as the developer of the project.
If the memorandum of understanding is approved by City Council, staff will negotiate with the company on a master development agreement which will establish more details regarding the design, finance, construction, ownership and operations of the Demonstration Project. It is expected that the master development agreement will be completed by this December.
LMG was one of two experienced firms who submitted proposals. Their proposal of investing $60.6 million in the project was double that of the other firm.
The Demonstration Project is one of the first steps in revitalizing downtown and will include multi-story residential, retail and parking development between Main Street and West Avenue.
This project is expected to generate momentum and enthusiasm in downtown Kannapolis. The city will make an investment in the parking structure while the developer will invest in purchasing the land from the city and constructing the other buildings.
Lansing Melbourne Group is based in Fort Lauderdale and has completed projects across the U.S.