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Construction keeps building in Lake Norman, Cabarrus

Bryton corporate center – Building B

By Dave Vieser. There’s plenty of optimism in the construction industry as 2018 gets under way with a bang. Construction will start on a number of significant projects and both real estate experts and economists say demand is strong​, although it’s down from the post-recession come-back years ​2012-2015.

“2018 should be a peak year,” said Gordon Allebach, owner of G Brokerage, a commercial real estate brokerage. “The forecast for the year is very strong, with lots of demand in our area for investment projects.”

Allebach went on to say that the optimistic outlook may well extend through 2018 and beyond. “Most indicators are pointing upward so there’s a decent chance we will see a continuation of this trend for several years.”

Dodge Data & Analytics predicts that total U.S. construction starts for 2018 will climb 3 percent to $765 billion.

After rising 11 percent to 13 percent annually 2012 through 2015, total construction starts advanced 5 percent in 201​6, according to Dodge. In 2017 multifamily housing and hotels pulled back from 2016 levels, but there was continued growth in the single-family, office and warehouse segments, Dodge reported.

Ryan McDaniels, executive director of the Lake Norman Economic Development Corp. concurs. “The Lake Norman Region should see continued strong growth in the construction sector in 2018. Numerous industrial and office projects are under construction with several new plans being submitted to the Town and County for approval.”

McDaniels notes that the region continues to draw talented companies and people. “There’s really tremendous growth potential, and the desire for high quality development.”

One possible fly in the ointment would be a hike in interest rates, which Allebach says could impact development in future years. Otherwise, it looks real good for the Lake Norman area.

Here’s a look at some major projects slated to begin this year:

In Huntersville

• In Bryton Town Center, located within the northeast segment of the I77/I485 interchange, a Florida-based developer will start construction this year on a major new light industrial project. The project, a joint venture of Foundry Commercial and PGIM Real Estate, will encompass a 700,000​-square-foot industrial development totaling six buildings on 48 acres. The property was purchased for $5.6 million in January and is located on Hambright Road. The builders expect the development to attract light assembly and manufacturing, research and development or homebuilding industry users.

• Daumar Corp, will begin construction on their first U.S. flexographic printing facility. The facility will be in The Park development, as Daumar invests $21 million during the first construction phase to build a 120,000 square-foot facility. During the first phase, Daumar plans to create 40 new jobs. The company specializes in blown film extrusion and knitted netting used in produce packaging across the country.

In Kannapolis

• Construction of streetscape and infrastructure improvements will begin shortly on the city’s downtown revilitilzation project. The $37 million sports and entertainment venue will be the new home for the Kannapolis Intimidators minor league baseball team, which currently plays in a stadium located a significant distance from center city. The venue will be located downtown on the site of the former K-Town Furniture Store. The entire Downtown Revitalization Project is expected to bring over $370 million in private investment to Kannapolis once completed.

• Construction continues on a new Amazon $85 million distribution center in Kannapolis, which will ultimately result in at least 600 full-time jobs. The 1 million-square-foot center will be located on Macedonia Church Road, off N.C. 73 and Kannapolis Parkway just east of the Coddle Creek Reservoir.

The effort to bring the firm to Kannapolis was a joint partnership with Cabarrus County, Cabarrus County Economic Development Corp. and the N.C. Department of Transportation, which will help with improvements to N.C. 73. Amazon’s presence in the Crescent is already significant, as witnessed by the distribution center in Concord, located close to the city’s regional airport. The Concord facility is just a few miles from the new center in Kannapolis.

In Davidson

• The Washam neighborhood located on the south side of June Washam Road will feature 82 housing units on a 52 acre parcel. The builder, Ryan Homes, is working with the town and State DOT regarding the realignment of a portion of June Washam Road in order to provide additional traffic calming measures to support safer mobility in the area.

• The West Branch development, which will feature 305 housing units on approximately 170 acres is located on the east side of Davidson-Concord Road and includes property both north and south of Robert Walker Drive. A commercial component at the intersection of Davidson-Concord Road and Robert Walker Drive will be included in a later phase of development

In Concord

• Concord Airport Business Park – The Silverman Group is constructing its Phase III, 1.5 million square-foot industrial development expansion at Concord Airport Business Park. The first building​ in the spec project will be expandable to a total of 1 million square feet with 36 foot clear ceilings. The project is on Derita Road, with close proximity to I-85, the Concord Regional Airport and Concord Mills​. This represents an estimated $46 million real property investment.

• iFly, based in Austin, Texas, is developing a new 6,000 square foot indoor skydiving facility near Concord Mills, which should open by the end of 2018. Participants will be provided with a jumpsuit, helmet, goggles and earplugs. The entire first-time flight takes one or two hours as visitors take turns flying one at a time with other first-time flyers. iFly’s project represents a $10 million investment in real ​and personal property and will create 26 full-and part-time jobs.

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