The City of Kannapolis is seeking developers for an Active Adult Apartment development as part of the Downtown Revitalization project.
In September 2015 the City purchased 50 acres of land and buildings in the downtown core and adopted a downtown master development plan. The first three phases of the plan are: infrastructure and a linear park streetscape (opened October 2019); the VIDA Mixed Use District which includes a parking deck, restaurants, a brewery, apartments (opening early 2021); and the Kannapolis Sports and Entertainment Venue (opening April 2020), the new home of the Kannapolis Cannon Ballers.
As the City begins the next phases of the plan, developers are invited to submit proposals for the Active Adult Residential Apartment Project. The location is in an Opportunity Zone. The project includes five acres of property on the western end of the former Cannon Mills Plant 4 site, located between Dale Earnhardt Boulevard, West F St. and West D Street. This location, owned by the City, is ideal for apartments as it is within walking distance of the downtown business district, churches, parks, public transportation, and other amenities.
The site could ideally accommodate at least 150 apartment units.
The City’s research demonstrates people are the driving force needed to create additional economic development activity in downtown and diverse types of housing are needed to attract more people to live in downtown Kannapolis. “This project will be adjacent to the new for sale townhomes, Pennant Square, and established single family home neighborhoods. Market research shows a need for apartments in the Charlotte Metro Area for adults over the age of 55 with middle class incomes. This group of people in our metro area is expected to grow by 37 percent by 2023,” said Kannapolis City Manager Mike Legg. “They are looking for apartments that are within walking distance of a downtown, churches, and parks, without the headaches of homeownership. We look forward to working with developers to meet this need.”
Details on the solicitation for development partners is located at – www.kannapolisnc.gov/activeadults
For more information contact Nicole Furnace, with the Development Finance Initiative at email@example.com. The deadline for proposals is March 31, 2020.