The Kannapolis City Council unanimously approved a redevelopment proposal and the sale of the Downtown Block Two properties on Monday night. Lansing Melbourne Group will be the new owners of the properties.
Block Two includes eight 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, near Atrium Health Ballpark, and a block north of the VIDA Mixed Use District. By partnering with a developer 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 valuable and historic pieces of property in Kannapolis. They are located at 131, 133, 135, 139, 141, 143, 147 West Avenue and 115 and 109 West A Street (which used to be the home of the Kannapolis Police Department and the N.C. Music Hall of Fame). The parcels total 30,000 square feet of ground floor space and includes 11 existing apartments. LMG will buy Block Two for $1.4 million and invest an additional $2.6 million to renovate the commercial and residential spaces.
Lansing Melbourne Group (LMG) has already made significant investments in Kannapolis. They are developing VIDA, a mixed-use district of apartments, commercial space and restaurants under construction on West Avenue and have also purchased the downtown Block One properties where several local businesses have recently opened including, Old Armor Beer Company, Maven Movement Salon, Cabarrus Cycling Company, LLC, Who’s Your Barber and Lantern Realty and Development, LLC.
“LMG’s continued investment in our downtown demonstrates their commitment to the City’s future and is a positive sign that our strategic planning for our City is becoming a reality,” commented Kannapolis Mayor Darrell Hinnant. “We are pleased that the firm understands our vision for a prosperous downtown includes preserving our downtown structures and attracting a mix of commercial businesses and residential spaces.”
The properties are in a designated Opportunity Zone, which provides federal tax incentives for investments.
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.
For more information on the City of Kannapolis and the Downtown Revitalization Project visit kannapolisnc.gov/revitalization.