Kannapolis Looks At Residential and Retail Project in Downtown PDF Print E-mail
Local Government
By Administrator   
Wednesday, 06 April 2016 05:51

RALEIGH, (SGRToday.com) - With 50 acres of purchased land in the downtown area, the Kannapolis City Council is looking at possible redevelopment that could include residential and retail offerings.

The city calls the plan the Demonstration Project, the first step in a master development plan for the acreage.

"The three building complex would include apartments, a parking deck, retail and restaurant space. 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. Research clearly demonstrates people are the driving force needed to create economic development in downtown," says a story posted to kannapolisnc.gov.

If the project is approved, construction will begin next year.

The Demonstration Project overview includes three multi-story buildings consisting of retail, residential and restaurants with a "total build out value" of $37.5 million and projected annual property taxes of $236,000.

 
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