The City of Kannapolis is in the final stages of the sale of the downtown properties known as Block One Phase One to the Lansing Melbourne Group. LMG has purchased the property for $450,000 and will invest an additional $2.6 million to renovate the properties.
“We are excited to welcome four new businesses to downtown and wish them much success. The sale of this block moves us one more step closer to fully activating our downtown spaces. It has been amazing to see how much pedestrian traffic has increased in just the last couple of weeks along West Avenue as people explore our new ballpark and public spaces,” Kannapolis Mayor Darrell Hinnant commented. “We thank the public for their support as we continue to move forward with our revitalization efforts.”
Phase One of Block One includes eleven buildings in the heart of downtown on West Avenue. The buildings, which date from the 1930-50s, are located around the corner from the Gem Theatre, across from the entrance to Atrium Health Ballpark, and two blocks north of the VIDA Mixed Use District. By partnering with LMG, a company that is experienced in adaptive reuse, the City’s goal is to preserve these buildings and activate them as part of the downtown business district.
The buildings have prime commercial footage and are considered to be some of the most visible and historic pieces of property in Kannapolis. They are located at 101, 103, 105, 111, 109, 113, 115 and 119 West Avenue, as well as 112, 114, and 116 W. A Street.
Last year the City solicited development partners for this block. Two proposals were received. After evaluating the proposals and conducting due diligence, City staff and the City’s downtown revitalization advisors at the Development Finance Initiative, recommended the selection of LMG as the developer of the block. VIDA, a mixed-use district under construction on West Avenue, is also being developed by LMG.
“LMG has been actively pursuing businesses to be located in the block and we are pleased to announce four businesses that are opening soon We have worked diligently to recruit as many local and regional business entrepreneurs to the City.,” said Kent Gregory, Partner of LMG. “People who have family roots or histories with the City of Kannapolis are eager to talk to us and be a part of this revitalization.”
The four businesses are:
- Maven Movement Salon, owned by Kayla Beaver and Heather Mariano, which will be located at 109 West Avenue.
- Cabarrus Cycling Company, LLC, owned by David Carleton, which will be located at 113 West Avenue.
- Who’s Your Barber, owned by Jason Lineberger, which will be 105 West Avenue.
- Lantern Realty and Development, LLC, owned by Chris Puckett, Paula Severt, and Deana Petty, will be located at 119 West Avenue.
Nine apartments will be built out on the second floor of this block.
The remainder of the Block One, which contains properties on N. Main Street, and West A Street, and other downtown blocks will be sold in a phased approach in the future as to not oversaturate the real estate market too quickly. The City will retain ownership of the Gem Theatre and its adjacent properties along First Street.
The properties are in a designated Federal Opportunity which provides tax advantages to investors in the zone.
Kannapolis Downtown Revitalization Project:
The City of Kannapolis has invested $113 million in three catalyst projects to revitalize downtown. The projects include the recently opened West Avenue Streetscape, the Atrium Health Ballpark (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.
For more information on the City of Kannapolis and the Downtown Revitalization Project visit kannapolisnc.gov/revitalization.