New $300 Million Investment in Downtown Kannapolis Under Consideration
On Monday, January 22, the Kannapolis City Council will hear a proposal from Corporate Realty, Inc., a firm who would like to invest approximately $300 million in new construction and redevelopment of properties in downtown Kannapolis.
Corporate Realty, Inc., based in Birmingham, Alabama, is proposing four development projects that would bring apartments, retail and restaurant, corporate offices and more to the downtown. Corporate Realty has experience in developing office, corporate, medical, retail and multifamily properties in the southeastern United States.
The first project would involve the block of properties and buildings on West Avenue which will be adjacent to the Sports and Entertainment Venue. Corporate Realty is proposing a five story, 280 multifamily apartment development, with retail on the ground floor, and a parking deck. A pedestrian walkway would connect two separate buildings. Outdoor amenities would allow residents and businesses to have views into the Sports and Entertainment Venue. This project would be completed by spring 2020 – when the Sports and Entertainment Venue opens.
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 this block would be redeveloped as historic creative office space, retail and restaurants, parking and more as well as some new construction.
The third project would be an active senior residential community on a portion of the property which used to be Plant 4, at Vance Avenue, between West Avenue and Dale Earnhardt Boulevard.
The fourth project would be a corporate headquarters office building on the site of property currently owned by Castle & Cooke and adjacent to the Sports and Entertainment Venue. This project would be subject to an agreement with Castle & Cooke to be a partner in the development.
The Kannapolis City Council will consider the proposal and decide if they would like to adopt a memorandum of understanding (MOU) with the firm for the development of the projects. The purpose of the MOU is to formalize the partnership with Corporate Realty which is the first step in the development of the properties.
If the MOU is approved by City Council, staff will negotiate with the company on a Master Development Agreement which will establish more details regarding the sale of property, design, finance, construction, ownership and operations of one or more of the proposed projects. It is expected that the first Master Development Agreement with Corporate Realty will be completed by summer 2018.
This would be a significant step in the success of the Downtown Revitalization Project. Construction is underway on the first phase, infrastructure improvements and a linear 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 in the Kannapolis Downtown Revitalization Project. The first private investment, the Demonstration Project, also known as VIDA, a multifamily residential and retail project by Florida based Lansing Melbourne Group, is slated to begin construction in the next few months. The 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/revitalization.