Kannapolis’ Goal for Seeking Private Investment in Downtown Properties is Progressing Successfully

  

KANNAPOLIS, NC –  The Kannapolis City Council’s goal to attract private investment in the downtown continues to progress with the sale of two more parcels of property.

At their regularly scheduled meeting Monday night, the City Council approved the sale of 230, 234, 242, 246 and 250 Oak Avenue (Block 7) to Oak Avenue Partners, LLC. The properties currently have two tenants, including Pizza Hut, and is suitable for office and commercial space. The property, which is 0.56 acres and approximately 11,000 square feet, will be purchased for $930,000.

Oak Avenue Partners, LLC includes Neil Goolsby, a native of Kannapolis and Lisa Hoover, a native of Rowan County. Neil will be moving his company, ISU Gilmore Insurance to one of the Oak Avenue properties while Lisa will be locating her new company, Partner-Investing.com to another of the Oak Avenue Properties. Partner-Investing.com trains and coach’s real estate investors.

The City Council also approved the sale of Block 1 (Phase 2 and 3) Main Street which is approximately 115,000 square feet currently divided into 14 individual spaces to the Lansing Melbourne Group (LMG)/Kannapolis Retail Venture I, LLC, of Fort Lauderdale, Florida, for $1.2 million. This purchase includes 100,102, 104, 108-112, 114, 116, 118, 120, 122, 124, and 128 Main Street. LMG has already purchased Block 1 West Avenue, Block 2 and Block 3 (VIDA and Old Armor Beer Company). They plan a significant investment in the Block 1 Main Street spaces as they need extensive utility and building renovations.

All of the properties were first 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 and adopted a downtown master development plan. The downtown master development plan focused on investing in projects that would bring private investment to the City.

The first three phases of the plan included three catalyst projects that would attract private investment in the downtown: replacement of infrastructure and the construction of the West Avenue Streetscape (completed and opened in October 2019); the VIDA Mixed Use District public parking deck (opening Winter 2021); and the Atrium Health Ballpark (opened April 2020), the new home of the Kannapolis Cannon Ballers. The City invested $113 million in these projects.

To date the City has seen an approximate investment by private developers of $80 million with more investments coming in the next year.

“We have made tremendous progress in the last five years. We developed a plan and then we took action to make that plan a reality. Without our investments in the catalyst projects we would not have private developers coming to us with their money and their ideas for businesses, restaurants and offices. The City Council and I are excited to see what new businesses will be opening in our downtown and throughout our City in 2021,” commented Kannapolis Mayor Darrell Hinnant. “The sale of these properties and the anticipated property tax revenues, which we will collect in the future, will enable us to not only pay back the costs of our initial investments in the catalyst projects but we will garner the benefits of a having a vibrant downtown filled with business owners and residents in the apartments and surrounding housing areas.”

“Our interest in investing in Kannapolis properties continues because of the positive relationships we have established with the community and city leadership. We have already seen success with our purchase and renovation of Block 2 and 3 on West Avenue. We look forward to continuing to attract great new businesses to the City,” said Kent Gregory, Partner of LMG and Kannapolis Retail Venture I, LLC. “We have three new businesses opening soon including Chophouse 101, 3 Gems Boutique and Lovely Lines Boutique.”

“Neil and I are very pleased to be a part of the revitalization of downtown Kannapolis. We have already received many calls from people who would like to be tenants in the remaining Oak Avenue spaces. We will work closely with the Cabarrus County Chamber of Commerce and several new business venture groups to help other small businesses get started or expand in the area.  If there is a need, we will consider offering keyman office space at our location as well,” stated Hoover.

For more information how your business can be part of the Kannapolis Revitalization Project contact Irene Sacks at 704.920.4326/isacks@kannapolisnc.gov.

Author: Staff Writer