Business

Kannapolis a step closer to downtown makeover

Kannapolis City Manager Mike Legg poses for a portrait on West Ave., in downtown Kannapolis, on Jan. 13.

Kannapolis City Manager Mike Legg poses for a portrait on West Ave., in downtown Kannapolis. Photo: Marty Price

April 26. The Kannapolis City Council lat night approved a revitalization project for 50 acres of downtown land and buildings purchased from David Murdock. Construction could be under way in spring of 2017.

A master development plan, put together by the non-profit Development Finance Initiative, is expected to be ready in June.

A “Demonstration Project” in the 200 block of West Avenue would include apartments, a parking deck, retail and restaurant space.

“Our research has shown this project will be a key igniter for our downtown revitalization. People who are living in a downtown drive the economy by expecting to have shops, restaurants and entertainment options with walking distance,” commented Kannapolis City Manager Mike Legg. “We have already had numerous inquiries developers and businesses excited about the opportunity to be a part of our City’s future.”

The marketing and site analysis demonstrated that residential units are sought after and needed to generate a core of people who will then drive more retail and dining growth in downtown.

The city is looking for developers to purchase the land and to construct the buildings. The preliminary financial projections show that once completed the city would generate $208,000 annually in property taxes.

DFI will draft  a request for proposals.

Demonstration Project Snapshot

  • Number of Buildings: Two – multistory (4-6 levels)
  • Building Use: Residential, Retail, Restaurants
  • Ownership: City Will Sell Land to Developer – Project will be Privately Owned
  • City Investment: Parking Deck Construction – $5-6 Million potentially
  • Total Build out Value of Project: $33 Million
  • Projected Property Annually Taxes for City: $208,000

The public will have the opportunity to weigh in on the results of the market and site analysis and offer their thoughts on the revitalization effort this summer.

A financial Analysis, including what investment developers would bring to the table, should be completed in June.

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