Land Development Opportunity Cornelius Huntersville Charlotte Rob.Pressely, CCIM
Executive Summary Coldwell Banker Meca is pleased to exclusively offer the opportunity to purchase the 104.7 acre development land parcel know as. The land is located 15 miles north of Center City Charlotte and just one mile east of Lake Norman, North Carolina s most popular inland recreational amenity. Charlotte is second only to New York City as the nation s leading financial center, home to Bank of America s headquarters and Wells Fargo s east coast headquarters. Duke Energy s headquarters highlights Charlotte s growing energy hub. There are eight other Fortune 500 companies headquartered here. The Lake Norman area is home to some of Charlotte s most prestigious and fast growing residential development. The mixed-use development opportunity has been favorably compared to the highly successful Birkdale development located one mile south. offers the best retail, offi ce and high density residential development opportunity in Charlotte s northern suburbs. The property is zoned for a mix of retail, residential, and hospitality uses to enhance growth in the Town of Cornelius. This mixed use development has the potential to cater to a multitude of different niches within the approved uses. Although some initial site plans and illustrations have been added to the offering memorandum, they by no means represent a final design thus allowing for maximum flexibility in developing the property. These illustrations are provided simply to assist in facilitating the vision of what could be constructed.
Investment Highlights One of the last significant Interstate frontage tracts remaining in Mecklenburg County. Located in dynamic Lake Norman submarket Planned new Interstate 77 interchange at Westmoreland Rd., northern boundary of site. Highway Commercial and Village Center zoning entitlements as outlined in the Property Description Approvals for 1.4 millions square feet of Class A offi ce space, restaurants, retail space, two hotels and 400 condominium
Site Map
Property Description The site is located at the southeast corner of Interstate 77 and Westmoreland Road in Cornelius, North Carolina. Access is via Westmoreland Road and US Highway 21 (Statesville Road). Jim Cooke Road bisects the southern portion of the site and provides access from US Highway 21. The offering parcel consists of a total of 104.70 acres. The current approvals are for a mixed-use development, known as, that includes 1.4 million square feet of Class A office space, restaurants, retail space, along with two hotels and 400 luxury condominium residences. The project also includes significant road improvements such as widening of Interstate 77 at the subject, a new exit of Interstate 77 at Westmoreland Road, and an extension of Bailey Road along with a flyover bridge. is located in the Town of Cornelius and is zoned HC-CD and VC-CD (Highway Commercial Conditional and Village Center Conditional Districts). The subject was rezoned to these districts on April 23, 2008 (zoning petition REZ 02-07) and is subject to certain conditions. The Highway Commercial District is coded to provide for the location of auto-oriented and auto-dependent uses and/or those uses which have a definable market area which extends beyond the scale of the Neighborhood, Village, or Town Center. The intent of these provisions is to facilitate convenient access, minimize traffic congestion, and reduce visual clutter along certain designated commercial corridors such as Catawba Avenue (in the vicinity of the Interstate) and Statesville Road (US 21). The Village Center District is coded to encourage the development of large-sale mixed-use districts that compliment the surrounding neighborhoods and are supported by existing and planned transportation networks constructed to support the traffic demands of both auto and the pedestrian. Village Centers traditionally form near the convergence of large, coherent neighborhoods. Village Centers are finite in size, typically radiating 1/4 mile from the Main-Main intersection. The pedestrian can therefore walk from one end of the Village Center to the other in approximately 10-15 minutes. Corridors of mixed-use buildings typically form entry ways into the formalized Village Center.
Property Description (cont.) Conditional Approval based upon: 1. The widening of Interstate I-77 along the subject s site 2. Construction of a new interchange of Interstate 77 at Westmoreland Road 3. Extension and construction of Bailey Road as a 2-lane divided shoulder section from US 21 to the curve to provide east-west connectivity. 4. Construction of a Bailey Road Flyover bridge (pedestrian friendly bridge). 5. The receipt of approval and availability of public and/or NCDOT funds for the construction of the specific on-site and off-site road improvements on or before October 31, 20010 6. The completion of the construction of the specific off and on-site road improvements by December 31, 2012. The applicant may receive an extension of this deadline not to exceed 6months for circumstances beyond its reasonable control. This extension request will be reviewed and consented to by the Town, which consent will not be reasonably withheld. If these events do not occur, the value estimated in this appraisal not reliable. Easements: According to the provided plats, there is a 68-foot wide Duke Power line right-of-way and a 30-foot wide Power line Maintenance easement traversing through the northern portion of the site. There is also a 100-foot wide Gas Pipeline Company Easement traversing through the Southern portion of the site. These right-of-way and easements are not deducted from the land area as they can be used as open area or parking for future development. Typical utility easements are assumed to exist. Site highlighted in red Proposed road improvements include: Widening of Interstate 77 along the subject site Construction of a new interchange of Interstate 77 at Westmoreland Road Extension and construction of Bailey Rd. as a 2 lane divided shoulder section from US 21 to the curve to provide east-west connectivity. Construction of a Bailey Road Flyover bridge (pedestrian friendly base)
Demographics
Area Overview The Charlotte Area Economy Charlotte is the second leading financial center in the United States with over $2.21 trillion in total assets. Serving as the corporate headquarters for two of the nation s largest banks, Charlotte is second only to New York City as the country s leading financial center. Bank of America (the nation s second largest bank) and Wachovia Corporation (the country s fifth largest bank) are headquartered in Charlotte. Through recent acquisitions of Fleet Boston and Golden West Financial Corp. by Bank of America and Wachovia, respectively, both banks continue to solidify their presence in Charlotte and influence in the financial industry. In addition, Wachovia has acquired A.G. Edwards to form the 2nd largest retail brokerage firm in the United States. Though banking and finance serve as the city s industry cornerstones, Charlotte has also emerged as a distribution, transportation, and manufacturing leader as well. Charlotte is the largest city within the nation s fifth largest urban region. Only New York City, Chicago, Los Angeles, and Miami have larger urban regions as 7.2 million people live in the Charlotte s Urban Crescent region and over 6.4 million people live within a one hundred mile radius of Charlotte. Charlotte is also the 6th ranked city in number of Fortune 500 headquarters as noted by the chart below. Charlotte is in an extremely competitive economic position because of the business infrastructure that its hometown banks have helped to establish. Complementing the banks are large regional operations for major fi nancial services firms including Transamerica, AXA, The Vanguard Group, Allstate, and TIAA-CREF.
Area Overview (cont.) Over the past decade, several additional employers representing a wide variety of economic sectors have entered the Charlotte business market. Of these recent major corporate relocations to Charlotte the most notable is TIAA-CREF s construction of their 930,000 square foot East Coast Operations Center in Charlotte s University Research Park. Other significant Charlotte area employment events during this time frame include, Lowe s Home Improvement. Charlotte clearly enjoys a strong economy with a breadth and depth that is virtually unparalleled in any other U.S. market. A total of 57% of Fortune 500 firms have established themselves in the Charlotte market with nine of these firms headquartered here. Additionally, 438 firms with over ten million dollars in sales are headquartered in the city creating a sizable and diverse economy. There are 500+ Foreign-owned companies in the marketplace, proving that Charlotte s business ties extend far beyond the two Carolinas or the Southeast. Charlotte has truly become a popular corporate and regional headquarters location. In the last decade alone, close to $12.8 billion was invested in the local economy by over 8,500 fi rms, who also created an additional 142,912 new jobs. Charlotte also boasts several businesses that have been recognized as some of the fastestgrowing private companies in the U.S.
Contact Information Robert A. Pressley, CCIM President Coldwell Banker Commercial 704-971-6525 (O) 704-348-2477 (F) 704-904-4053 (M) rob.pressley@cbcmeca.com www.cbcmeca.com