With more and more frequency I am being asked by potential Lake Norman home buyers about the future expectations and direction of our local economy.  Are Lake Norman, Charlotte and even the State of North Carolina seen as a good place to invest in the long term?  Where are our local and regional economies headed?

The good news is that this is indeed the silver lining for our Lake Norman real estate market during this economic downturn.  Lake Norman communities, Charlotte and North Carolina are all predicted to be popular destinations for future businesses and to experience continual population growth in the years to come.  I base this on a number of recent articles from a variety of sources as well as my own observations over the past 6 years.   Here are some of the most relevant about Charlotte and North Carolina and some older articles I have written about Lake Norman growth and development that are still relevant:

• Post-recession, N.C. economy well poised:  This April 12, 2011 article in the Triangle Business Journal refers to an analysis by the Economic Group of Wells Fargo Securities which concluded that North Carolina is “well positioned for growth when  the expansion comes around the bend…”.  “North Carolina, they found, has a regional competitive advantage in 21 industry groups, only one step behind Florida, which had 22…Among North Carolina’s groups are health care, non-durables, professional and technology and accommodations and food.”  “North Carolina continues to augment its reputation as a home for cutting-edge research and is also becoming a major destination for national and regional headquarters…Charlotte also continues to attract a growing cadre of corporate and regional headquarters and its financial sector is growing again…”
• Chief Executive Magazine ranked North Carolina #2: For the second year in a row in their poll of the best states in which to conduct business.  ” 550 CEO’s evaluated the states on a broad range of issues, including regulations, tax policies, work-force quality, education resources, quality of living and infrastructure.” 
• Charlotte is ranked as the 3rd fastest growing city according to recent census numbers. “As North Carolina’s largest metropolitan area, Charlotte boasts affordable living and great jobs in a financial services hub.”
• Site Selection Magazine: North Carolina ranks 6th for new and expanded businesses.
• Forbes named Charlotte among best retirement cities
• Kippling lists Charlotte among the best cities for college graduates due to it being a “cost of living bargain compared to other major cities with a rebounding economy.”
• Mooresville Top Micropolitan again in 2009 by Site Selection Magazine which calculates the total corporate real estate deals by year.
• Mooresville #2 Micropolitan in 2010 by Site Selection Magazine
• Lake Norman Area is Growing and Improving Despite the Recession!
• Lake Norman Real Estate: Is Mooresville Really Bucking the Recession?
• Lake Norman Real Estate: Wow! A Lot of Good News!

While this is just the tip of the iceberg of information regarding our economic future, hopefully it will serve as reassurance that the long term prognosis for the Lake Norman real estate market, thanks to our growth and development and quality and affordability of living, is a good one.

When I first started writing this blog in 2007 the Charlotte Observer used to have a regular column in the Lake Norman section called “Red Dirt Alert” which provided updates on the myriad and different types of developments in planning and under construction in the greater Lake Norman area.  Today, not only is the  “Red Dirt Alert” column gone, but the entire Lake Norman Section has been eliminated.  And, of course,  most high profile growth and development has been significantly impacted by the recession.

The big news this week that the 755,000 square foot, vacant Burlington Mills plant in Mooresville on South Main, (at one time was to be the site of the Mooresville Mills Urban Village whose plans collapsed) , was purchased by Concord Global Trading of New York, served as a reminder that despite some major set backs, there many new and continuing/progressing developments in our Lake Norman area.

Here is Part 1 of an overview of our Lake Norman area’s recent growth, some of which will serve as updates of my prior articles:  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.

• Mooresville’s Burlington Mills’s new owner, Concord Global Trading, purchased the 38-acre site in December and has already started work on their Furniture Emporium called “Wow Home Furnishings”.  The store is expected to ”Sell Furniture and Home Decor with an International Flair…” according to an article on the Mooresville Mill Village website.  Their target date for opening is May of this year.   What a boon this will be for Mooresville, especially the Historic Downtown Mooresville area!

• The long vacant ”Pink Palace Theater ” in Cornelius off of Catawba Blvd. has been purchased by a California Entrepeneur, Levy Affiliated Holdings.  Already under renovation, this site will include the new “Lake Norman Cultural Arts Center”  which will feature a 400-seat entertainment venue, music school, and possibly a dance studio and New York Theatrical production company.  “The use envisioned for the rear of the building is focused around cultural arts, with offices for such uses as film production and a recording studio, and the front use will focus on retailers and a restaurant and bar…”according to Business Today.  Pretty exciting!

• Brawley School Road Widening Update: The State of North Carolina has awarded a $22.6 million contract to complete the widening of Brawley School Road AND build an Exit 35 interchange.  As many of us know, the first section of the widening project is about 25% complete and is expected to be completed in July of 2011.  The final section and interchange is scheduled to be finished in July of 2013.  They have already started clearing the area where the new Exit 35 will be built!  Note, we are all a bit frustrated that construction of phase one came to a screeching halt during the holidays.  There was some activity this week so hopefully they will resume full-time next week.

• There has been some very positive growth at the new, upscale Mooresville Town Square  located at the corner of Brawley School and Williamson Rd including the opening of  Wine Maestro, the NY Bagel Co and the nearly completed Lowe’s Foods which is opening this week (January 20th).

• Across the street on Brawley School Rd the new Rite Aid in the Harris Teeter Shopping Center is coming along.  Also new to that shopping center is a Mexican Restaurant Cuzomel that just opened.  I haven’t been there yet but will report back!

• At the new  Mayhew Promenade Shopping Center at Stutts Road the lovely Bloom Market,  Walgreens, McDonalds, and Shoals Saloon and Grille  restaurant are now open!

• The newest Mooresville Harris Teeter Shopping Center at the corner of Highway 150 and Perth Road has some great new shops and restaurants including  3 Goats Coffee,  The Wine Loft and another new Rite Aid.

• The Project for innovation, Energy and Sustainability (PiES) is a new business incubator that has been launched in Davidson with a goal to nurture new enterprises and jobs.  Founder Kathleen Rose said “PiES encourages education, incubation, and “economic gardening

• The widening of Catawba Blvd. in Cornelius is complete as is our new Exit 31 in Mooresville at Langtree Road!

Part 2 will include updates on our largest and long-term developments:

• Langtree at the Lake
• Legacy Village
• Augustee/Village at Lake Norman
• Exit 42
• North Carolina Research Center

FOR THE LATEST UPDATE GO TO: Brawley School Road Update May 2011

Those of us who live down Lake Norman’s infamous Brawley School peninsula know only too well that construction is well under way on the two-year widening project.  The large, orange sign “warning, expect delays”  blinks at us daily although by now we pretty much know what to expect. 

One of my fellow Brawley School friends/clients asked me at lunch yesterday whether I had seen any renderings of the completed project and details as to whether there would be bike lanes, landscaping and other details which I hadn’t.

So, today I made full use of Google and uncovered some fairly well-hidden information on the North Carolina Department of Transportation’s website  and contacted John R Cook, Resident Engineer, Statesville Construction who provided some prompt and exciting information as well.

Here are the Brawley School Road Widening Project Highlights:

• Widen to four lanes with a median south of Southfork Rd to Talbert Rd
• Sidewalks will be built on both sides
• Sharp curves will be straighten (We can see this just from the grading that has already taken place)
• The median will prohibit left turns into and out of individual properties along the project

The Design and Public Hearing Maps are available from this website as PDF files so you can see in great detail what the process will involve and what the end product will look like in 2011.

Mr. Cook, in response to my inquiry, provided unexpectedly good news:

• There will be bike lanes!!!  (This is such great news.  Finally we will have safe cycling in our community!)
• The median will be grass.  There are no details yet regarding landscaping. 

If you would like more information, John R. Cook can be reached at #707.876.3543.

Short term, it is a bit of a pain in the neck but the end result is going to be well worth it!

RELATED ARTICLES

Lake Norman Real Estate’s Growth and Development Update 2009 

Brawley School Road Widening to Begin October 27, 2008

Lake Norman Real Estate: The McKendree Road Neighborhoods

The Silent Majority of Lake Norman Real Estate

Relocating to Mooresville Lake Norman; Subdivision or No Subdivision?

It has been a while since I have written any news related to our greater Lake Norman developments because, quite frankly, most of the exciting projects I have written about have been stalled for the past year due to the national economic downturn.

However, some large and small developments are moving forward.  Here is an update on these:

Four Points Sheraton:  Construction is expected to begin very soon at Exit 28.  The Four Points Sheraton is expected to have about 2,200 square feet of meeting space.

Langtree at the Lake:  While delayed for about a year, Langtree at the Lake developer Rich Howard says he plans to start construction in the coming months.  Also, the Missouri based John Q Hammonds recently announced a 12-story 300 room Embassy Suites will break ground later this summer or early fall and is expected to be completed by early 2011.  It will have a 75,000 square feet conference center which is something our Lake Norman area has needed for quite some time!  Langtree at the Lake.

Augustalee:  Once called the Village at lake Norman, the Augustalee is a $515 million mixed-use development at I-77 and Westmoreland Rd (at a new Exit 27) which will include The Grand Hotel, a 250 room, 10-story building featuring ballrooms, conference facilities, a full service restaurant as well as a boutique hotel with 100 rooms and retail on the first floor.

Cornelius One: This three-story mixed-use project located at 18615 West Catawba in Cornelius will include a restaurant and retail on the first floor and offices on the second and third floors.  Developer Kenny Habul is awaiting rezoning approval.

The Widening of West Catawba Blvd:  While those of us are watching the progress of the widening of  Brawley School Road which is slated for completion in 2011, the widening of West Catawba Blvd will be completed in the next 60 days!  Simonini’s The Preserve at Robbins Park that I have written about previously is also making progress.  Once completed, Catawba Blvd will be fully landscaped and according to Commissioner Dave Gilroy, will be “simply gorgeous”!

New Exit 32:  Our new Exit 32 is expected to open this summer!

Courtyard by Marriott and a Holiday Inn Express:  Both of these hotels in Statesville are due to open this month!

TownPlace Suites by Marriot:  Located off of Exit 33 in Mooresville, this hotel is scheduled to open in October of this year.

Larkin:  I first wrote about this massive multi-use development project just south of Statesville about two years when it was ramping up to high gear.  There was great excitement and property around Exit 45 was scooped up by potential investors and developers.  The site has been annexed by the City of Statesville and and some of  the plans have already been approved by the Statesville City Council.   According to the Statesville Record and Landmark, since then “nothing of any substance has been done with the site.”  “I honestly believe that Larkin will happen” said City Manager Rob Hites.  “But it’s really hard to say right now when it will happen.”

Equestrian Subdivision in Mooresville:  NASCAR race car driver Jeremy Mayfield’s former home located at 3245  Jackson Rd in Mooresville was purchased by Ron LeGrand who has teamed up with Sill Creek Team and developer Urchel Hill to launch a 73-home equestrian subdivision on 135 acres.  While the land is currently empty, developers have already put in the road and other community amenities and are optimistic about its future.

The Club at Westport:  I recently wrote a separate blog post about the opening of the Club at Westport and the new residential plans for the rest of the development in Denver on the west side of Lake Norman.

Lake Norman’s new community sailing and rowing is open!: After years of work, the North Carolina Community Sailing and Rowing Center is now open.  Located at Huntersville’s Blythe Landing Park,  this facility is truly for anyone interested in learning to sail or  row, from Senior citizens to the disabled to our youth.  A non-profit organization and its volunteers operate the center in partnership with the Mecklenburg County Parks and Recreation.

It is interesting to look back several years and read news articles and my old blog posts focused on building moratoriums and smart growth plans.  Our national recession has actually provided our fast-growing Lake Norman communties the time to take a deep breath and prepare for the future growth that is sure to return once our economy has stabilized.

RELATED ARTICLES

A Sneak Preview of The Club in Westport, Denver NC

Lake Norman Real Estate:  News

Lake Norman Real Estate:  Wow, a lot of GOOD news!

The Preserve at Robbins Park:  Not Just Another Housing Development 

One of the advantages of being a REALTOR is that I am constantly driving around, networking and reading so I am able to observe and hear about what’s happening and monitor the progress of our Lake Norman growth and development.  Here are a few updates I thought I should share:

Langtree at the Lake has gotten approval from the Mooresville  Town Commissioners to use a new form of bond financing for their portion of the public improvements required for this $800 million resort development.  There will be several public hearings and more details to follow.  What is important is to see that Langtree at the Lake is still progressing despite the economic slowdown.

Speaking of Langtree, the new traffic circle for the nearly completed Exit 32 is complete.  And, the progress at Exit 32 is significant. This is a photo of the new traffic circle at Alcove and Langtree Roads.

The widening of Brawley School Road is progressing nicely.  Here is a photo taken near where the widening begins at Chuckwood.  So far the utilities have been moved, all trees and structures have been removed, and the drainage systems are just about completed.  As you can see, the grading has also begun!

Meanwhile, our drought has not completely disappeared thanks to a lesser than normal amount of rain this past winter.  Lake Norman is in the yellow which is “abnormally dry”.  White means no dry conditions.  They only update these maps on Thursdays so I am hoping this past storm will improve our drought classification!

According to an article in the Charlotte Observer on March 26th, The Charlotte Region is going to get $12.6 million for energy projects from the stimulus funds for energy efficiency and conservation projects.  Details can be found at the EECBG Website. 

North Carolina was given almost $208 million for weatherization and other energy programs according to the same Charlotte Observer article. “The weatherization program rebates as much as $6500 in upgrades to qualified homeowners who add insulation, seal leaks and install more efficient HVAC systems.”  To apply go to the APPSI.EERE.ENERGY website.  (I will be writing separately about energy audits and all of the financing and incentives available for energy efficiency upgrades/updates).

Finally, conforming loan interest rates have reacted favorably to The Federal Reserve’s announcements on March 18th regarding buying Treasury securities and increasing their purchases of mortgage and agency debt.  Today I got word from one lender that they are at 4.75%!

Look for my first quarter Lake Norman Real Estate Sales Analysis and Market Report later this week.

RELATED ARTICLES

 Lake Norman Real Estate: Wow, A Lot of Good News!

 Lake Norman Growth and Development Update

Lake Norman’s Think Green Reycling