Despite what you may read in the news, if you drive around the Lake Norman communities you will see active construction sites, albeit, not nearly as many as a few years ago. And, behind the scenes developers are busy modifying their plans due to the change in the local and national economy but many are still moving forward in some form or another.
In Part 1 of this series, I focused on new or nearly completed developments, businesses and road widenings. Today I am going to provide some additional updates on some of the largest, long-term developments that I first introduced several years ago: Lake Norman Real Estate’s Growth and Development Update, Lake Norman Real Estate’s News Update March 2009 , Lake Norman Growth and Developement Update October 2007.
- Langtree at the Lake: I am happy to report that this exciting $880 million resort is still moving forward!
I ran into Brad Howard (Brad, along with father Rick are the lead developers and visionaries of this project) at Starbucks several weeks ago. He enthusiastically shared with me new renderings and maps on his laptop along with some changes to their timeline. The first actual groundbreaking will be for the Embassy Suites Hotel and conference center this summer. Mooresville town commissioners recently approved Langtree Properties request to move this portion of the development to a larger tract which will afford higher visibility and and more acreage. They also approved shuffling “around the uses and intensities of the approximately 137 acres on three tracts of Land at Exit 31 on Interstate 77 that will be developed in phases as part of the project” according to recent article in the Mooresville Tribune. To learn more and see a great video about Lake Norman go to: Langtree at the Lake
- Key Harbour: This huge project, which was supposed to be the largest-ever housing development in Catawba County, “stalled months ago” according to the Charlotte Business Journal.
”That’s no surprise, given that the recession has shut down new development across the region. But, the apparent collapse of plans for Key Harbor, a 700-acre community with frontage on Lake Norman, is proving costly for more than the developer” the article went on to say. It turns out that “the county has been stuck with the bill for the infrastructure that was supposed to be repaid by Atlanta developer Key Harbour Communities”. This project was one of four planned in the Sherrills Ford area along Lake Norman with a capacity for 1,950 homes on 2200 acres. “To date, work on all 4 communities is stalled.”
- North Carolina Research Center: Despite the recession, 3 building, a parking deck and a central energy plant are all complete.
The campus has been open for about a year and ultimately 8 universities will have research centers on the campus and Rowan Cabarrus Community College is currently building a 60,000 sq ft facility designed to focus on training the work force for companies and organizations locating to the campus at the site of the old mill in Kannapolis. The focus of this exciting project, the brain child of billionaire David Murdock, is nutrition, human health and agriculture. Clyde Higgs, vice president for business development with Castle & Cook, said that “he hopes the Research Campus will become a part of every day speech, like Silicon Valley in California.” To learn more: North Carolina Research Campus
- The Legacy Village in Mooresville: Although caught off guard by the recession, some housing is completed and available.
When I attended the initial groundbreaking ceremonies for Legacy Village back in 2006, our Lake Norman real estate market was hot and the initial phases of Legacy Village were pre-selling quickly. Well located near the Lowe’s Corporate Headquarters and Lake Norman Regional Hospital, this development is now partially built but looks to be having difficulty selling their existing inventory of housing. While no commercial buildings are complete other than The Learning Experience, their website does announce the planned ground breaking of a new Home2 Suites by Hilton this year with an expected opening in 2011.
- Augustee/Village at Lake Norman: Cornelius granted them a one-year extension to secure financing.
Originally named The Village at Lake Norman, Augustee developers were foreclosed on by a Detroit-based pension fund last August, 2009. Then in November of 2009 the town of Cornelius granted the new owners, Building Union Investment and Local Development Fund of America Trust, an extension of their deadline until Oct. 31, 2010. See photos provided by WSOC News
Part 3 of this series will provide updates on our smaller Lake Norman residential and commercial real estate development.