The project may be this area's first hard look at a concept beginning to catch hold nationally--owners and employees desiring to live and work in their place of business.
Lake Properties, the developer, says the planned community will have office, retail and residential space. The site is near the company's new two-story, 10,000-sf office building on West Catawba Avenue. A portion of the 46,000-sf first phase will be built beside the new office building.
The developer didn't disclose estimated construction costs but industry estimators familiar with comparable projects tell GlobeSt.com the hard construction cost will be at least $50 million.
The three-story buildings, about 14,500 sf each, will have retail and offices on the two lower levels and condominiums on the third floor. The office and retail units will range from 1,200 sf to 6,000 sf.
Office units are priced from $214,000 to $900,000; retail units from $250,000 to just over $1 million. Retail space will also be available for lease at $20 per sf to $25 per sf.
Condos with two bedrooms in 1,200 sf will go for about $240,000. Three bedrooms in 1,300 sf are priced at about $260,000. Condos will also be available for lease. An entire 18,000-sf building (6,000 sf on each floor) can be purchased for about $3 million, according to the published report.
Lake Properties is planning the project to fall in line with road improvements in the area. Road extensions will reduce traffic on West Catawba Avenue, which will be widened to four lanes, giving residents an alternate route to Lake Norman.
The road improvements are also creating more street-front lots in a commercial zone that already includes Jetton Village, a mixed-use development anchored by a Harris Teeter supermarket.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
