The Kannapolis City Council has unanimously approved a project that would bring approximately 128 townhomes to downtown Kannapolis. The City of Kannapolis owns nine acres of property on a portion of the former Cannon Mills Plant 4 site, located between Dale Earnhardt Boulevard, West F St. and S. Main Street. The site is ideally suited for this type of development and is part of the Downtown Revitalization Project which calls for residential projects to establish a concentration of people living and working in downtown.
The Sherwood Development/Shiloh Church Development Group was selected by City Council to be the developer of the project which will be known as Pennant Square.
Sherwood Development/Shiloh Church Development Group is led by Justin Mueller and Joe Untz who have experience in development and construction in Cabarrus County and the Charlotte Metro Region. They will contract with TriPointe Homes to build the two- and three-story townhomes which will have alley-loaded garages. The site plan and townhome designs are anticipated to be finalized in the coming months. The homes will sell for $200,000-250,000.
The Sherwood Development/Shiloh Church Development Group will purchase the nine acres of property for $896,000 and invest more than $4,178,500 in infrastructure improvements (public utilities, sidewalks and streets). They expect to begin sitework in 2020 with completion of the townhomes by late 2021. Total construction value is expected to be $25-30 million.
Kannapolis Downtown Revitalization Project:
The City of Kannapolis is investing $113 million in three catalyst projects to revitalize downtown. The projects include the recently opened West Avenue Streetscape, the Sports and Entertainment Venue (the new home of the Kannapolis Cannon Ballers Minor League Baseball Team) and a public parking deck in the VIDA Mixed Use District. Construction on the $60 million VIDA development is well underway and it is expected to open in early 2021. The Sports and Entertainment Venue will open in April 2020 for the new baseball season.