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Town's Land Deal Heads for Big Payoff

HUNTERSVILLE, NC-This town of 2,000 residents, just north of Charlotte, bought a 32-acre mill site two years ago for $600,000 or $18,750 per acre (43 cents per sf). Now one developer is offering $1.17 million or $36,563 per acre (84 cents per sf). Another appraisal of $1.4 million comes in at $43,750 per acre or $1 per sf.

By Robert Anthony | Updated on November 30, 2000

HUNTERSVILLE, NC-No matter which one of three land appraisals this town selects, its 2,000 residents are going to be happy with the deal. Huntersville, just north of Downtown Charlotte, bought the 32-acre Anchor Mill site two years ago from New Jersey-based Magla Mills for $600,000 or $18,750 per acre (43 cents per sf). The town bought the property primarily to clean up the area.

Now the town is in clover as it learns the three appraisals it ordered on the property will give its residents a tidy gross profit. Developer Nate Bowman, for example, is offering $1.17 million or $36,563 per acre (84 cents per sf). Another appraisal, based largely on multifamily uses, puts the dirt’s value at $1.4 million or $43,750 per acre ($1 per sf).

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