The City of Kannapolis is accepting upset bids for property on Oak Avenue. The city-owned property includes 230, 234, 242, 246 and 250 Oak Avenue. The properties currently have two tenants, including Pizza Hut, and is suitable for office and commercial space.
The City has received a bid of $930,000 for the property which is .56 acres and approximately 11,000 square feet. The legal upset bid process is open until 5 p.m. on November 9. During that time anyone may upset the bid by submitting an offer of not less than $976,500. If a valid upset bid is received, the bidding process continues until there are no additional valid upset bids.
The properties were purchased by the City in 2015 as part of the Downtown Revitalization Project. At that time the City acquired 50 acres of land and buildings in the downtown core and adopted a downtown master development plan.
The first three phases of the plan included: infrastructure and the West Avenue Streetscape (completed and opened in October 2019); the VIDA Mixed Use District which includes a parking deck, restaurants, a brewery, apartments (opening Winter 2021); and the Atrium Health Ballpark (opened April 2020), the new home of the Kannapolis Cannon Ballers.
As the City continues the next phases of the revitalization, interested buyers are invited to submit bids for the Oak Avenue properties.
Details on the upset bidding process are located at – https://www.kannapolisnc.gov/revitalization/Home/RFPs
For more information contact Eric Davis, Assistant City Manager, at email@example.com or 704.920.4307.