Plans for the site, which will be called the Village at Lake Norman, include 655,000 sf of high-quality retail space, 400 luxury condominium residences, 810,000 sf of class A office space, a 250-room full-service hotel and a 100-room boutique hotel.
The developers are also planning $80 million in roadway improvements to ensure ease of access to the development. The plans include the addition of an exit to Westmoreland Road from Interstate 77, the widening of both I-77 and US 21, and a new bridge taking the realigned Bailey Road across I-77, all of which are subject to approval by highway officials.
"We are now proceeding to complete the engineering and architectural plans, and most importantly the necessary transportation improvement approvals," says Josh Rector, project manager and senior vice president for Cornelius Bromont. "Members of our team are also talking with several potential tenants."
Construction on the Village at Lake Norman, located at the intersection of Westmoreland Road and US 21 in Cornelius, NC, is set to begin by the end of next year. Cornelius is a rapidly growing town that borders Lake Norman, the largest man-made lake in NC, and is located 20 miles north of Charlotte. Developers hope the project will be complete in 2012.
The Building Union Investment and Local Development Fund of America is providing mezzanine financing for the project, with Fifth Third Bank as an additional lender. The BUILD Fund provides pension funds with the opportunity to diversify stock and bond portfolios with to-be-built real estate projects located in their jurisdictions.
Three Charlotte design firms are slated to work on the project: ColeJenest & Stone, a land use planning firm; Bartlett Associates MegaStrategies, an architecture firm; and Kimley-Horn of Charlotte, a traffic engineering and transportation design firm. CB Richard Ellis has been chosen as leasing agent for the project.
Cornelius Bromont consists of a partnership of Bromont Investments of Scottsdale, AZ, and Huntersville, NC-based Carlsen Douglas Development, a company that specializes in commercial real estate development in Charlotte.
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