New $300 million investment proposed in downtown Kannapolis
KANNAPOLIS – The Kannapolis City Council will hear a proposal Monday from Corporate Realty Inc. to invest about $300 million in new construction and redevelopment of downtown properties.
Corporate Realty, based in Birmingham, Alabama, is proposing four projects that would include apartments, retail shops, restaurants, corporate offices and more. Corporate Realty has experience in developing office, corporate, medical, retail and multifamily properties in the Southeast.
The first project would involve the block of properties and buildings on West Avenue, which will be adjacent to the new sports and entertainment venue. Corporate Realty is proposing a five-story, 280-apartment development, with retail on the ground floor and a parking deck. A pedestrian walkway would connect two buildings.
Outdoor amenities would allow residents and businesses to have views into the sports venue. The project would be completed by spring 2020, when the sports venue is scheduled to open.
The second project would include the block of buildings adjacent to and south of the historic Gem Theatre. The city would retain ownership and preserve the Gem Theatre. Other buildings in the block would be redeveloped as office space, retail shops and restaurants, parking and more as well as some new construction.
The third project would be a senior residential community on part of the property to be Plant 4, at Vance Avenue between West Avenue and Dale Earnhardt Boulevard.
The fourth project would be a corporate headquarters on property currently owned by Castle & Cooke and adjacent to the sports and entertainment venue. The project would be subject to an agreement with Castle & Cooke to be a partner in the development.
The City Council will consider the proposal at 6 p.m. Monday.
If the plan is approved, city staff members will negotiate with the company on a development agreement that will spell out details on the sale of the property, design, financing, construction, ownership and operations of one or more of the proposed projects. The agreement is expected to be completed by this summer.
The development would be a significant step in the success of the Downtown Revitalization Project. Construction is under way on the first phase as well as infrastructure improvements and a park streetscape. It is expected to be completed in early 2019.
Construction of the sports and entertainment venue will begin later this year.
This would be the second major economic development project by a private investor as part of the Kannapolis Downtown Revitalization Project. The first private investment, the Demonstration Project, also known as VIDA, is a multifamily residential and retail project by Florida based Lansing Melbourne Group. Construction is slated to begin in the next few months.
Lansing Melbourne Group will invest $60 million in VIDA, which will be located on West Avenue between Vance Avenue and West B Street.
For more information on the Kannapolis Revitalization Project, visit kannapolisnc.gov/
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