Pre-Leasing Now! Prime Retail Spaces in the Newly Redeveloped Hotel Concord and Concord Telephone Company Exchange Building Downtown Concord, North Carolina
Contents Fast Facts: The City of Concord and Downtown Concord... 3 Map... 4 Location Map... 4 Employee Count... 4 Downtown Residential... 4 Venue Information... 4 Proximity to Neighboring Destinations... 5 Entertainment Information... 5 Vacancy Rate... 5 Commitment to Reinvestment... 6 Market Analysis... 6 Desired Types of Businesses... 6 Available Retail Spaces... 6 Photographs... 7 Union Street Retail... 7 Bank Lobby Space... 7 Cabarrus Avenue, East Retail... 8 Floorplans... 9 Development Incentives... 10 Concord Downtown Development Corporation Grant Program... 10 Main Street Solutions Fund Grant... 10 Proposals... 10 Note: The information in this report was compiled by the Concord Downtown Development Corporation (CDDC) for the purpose of engaging interested parties in exploring the Hotel Concord block as a development option. The CDDC does not guarantee the accuracy of the information within this document and encourages all interested parties to contact the property owners and/or agents as identified in this document to verify all information presented here. 2
Fast Facts: The City of Concord and Downtown Concord The City of Concord is the county seat of Cabarrus County. Located twenty-three miles northeast of Uptown Charlotte and directly served by Interstate 85, Concord is the second largest city in the Charlotte Metropolitan Area (2014 population of 85,560) and is the twelfth largest city in North Carolina. Selected as an All-America City in 2004, it is home to two major tourist destinations, the Charlotte Motor Speedway and Concord Mills Mall. City population: 83,506 (2013) Multiple sources have deemed Concord to be in the top ten of the fastest growing cities in the country (one of several articles here). Downtown Concord has been a participant in the North Carolina Main Street Program since 1990, and during the last twenty-six years has experienced over $180 million in combined public and private sector investment in the Downtown Concord Municipal Service District (MSD). The MSD is managed and supported by the Concord Downtown Development Corporation (CDDC), a 501c6 non-profit economic development organization that specifically manages the Downtown Concord MSD. The total square footage of space within Downtown Concord s built environment is slightly over one million square feet. While modest in size, Downtown Concord has a vast array of offerings within a few city blocks: - Home of the Cabarrus Arts Council and the Concord Museum, both located in the Historic Cabarrus County Courthouse - Two National Register historic districts in Downtown - Two live theatres - Four galleries - Memorial Garden, over four acres of breathtaking landscaping, statuary, fountains, and historic grave markers (privately owned by the First Presbyterian Church) - Carolina Courts, a 47,000 square foot indoor sports facility that features youth sports tournaments, specializing in basketball and volleyball ($4 million investment in Downtown Concord in 2013) - Eclectic collection of shops, restaurants, and meeting venues In 2013 Downtown Concord was the recipient of the North Carolina Great Main Street Award, presented by the North Carolina Chapter of the American Planning Association. In the summer of that year UNCTV featured Downtown Concord on North Carolina Weekend, immediately resulting in increased foot traffic from day-trippers visiting from around the region. 3
Map Location Map Denotes the Hotel Concord, five miles from I-85 Employee Count Both the City of Concord and Cabarrus County offices are in this district, as well as the Cabarrus County Courthouse. Most recent employee counts estimate over 1200 employees work in the district Monday through Friday. Downtown Residential In December of 2016 Lofts 29 opened, Downtown Concord s first large-scale residential development, representing an investment of over $2.6 million. The twenty-six apartments located in Lofts 29 were fully leased in less than four months. The Hotel Concord is currently under renovation, a $5.5 million project, privately funded, that will be completed in early 2018. This project will generate forty market-rate apartments. Venue Information Downtown Concord has several venues within a three-block radius drawing a significant number of visitors each year for parties, receptions, meetings and sporting events. Eight operational venues in Downtown Concord: 4 - Carolina Courts, 26 Spring Street, SW (max capacity 1700) - Chez Francois, 9 Union Street, North (max capacity 250) - Elegant Connexions, 11 Union Street, South (max capacity 30) - Hb5, 42 Union Street, South (max capacity 55) - The Loft at 14 th, 14 Cabarrus Avenue, West (max capacity 100)
- Piedmont Renaissance Center, 57 Union Street, South (max capacity 200) - Union Street Bistro, private dining room, 48 Union Street, South (max capacity 100) - 2 Gals Kitchen, private dining room, 80 Union Street, South (max capacity 20) In addition, the Hotel Concord ballroom located at 14 Union Street, North will be reopened after renovation in 2018, maximum capacity of 450. From July 1, 2015 to June 30, 2016 the Piedmont Renaissance Center, Hotel Concord, Union Street, Bistro and Carolina Courts combined hosted a total of 445 events and meetings. The estimated combined attendance at these 445 events was over 52,000 attendees. Proximity to Neighboring Destinations Downtown Concord is within a short drive of multiple destinations: Less than five minutes from Gibson Mill, home to - The Depot at Gibson Mill, at 88,000 square feet it is the largest antique and designer center in the South - Cabarrus Brewing Company - High Branch Brewery - The City Club, 15,000 sf event space - Less than thirteen minutes from the Cabarrus Arena and Events Center Less than fifteen minutes from Charlotte Motor Speedway Less than twenty-two minutes from Concord Mills Entertainment Information The Old Courthouse Theatre and the Davis Theatre are both located in Downtown Concord. Together these two theaters are hosting sixty-nine performances in the present 2016-2017 season. In addition, the Cabarrus Arts Council holds five art walks each year. City of Concord s Parks and Recreation Department conducts three 5k runs each year in Downtown Concord (April, July, and November). The Concord Downtown Development Corporation (CDDC) has a full, year-round promotional calendar that includes the Spring into Arts Festival (3000+ attendees), three outdoor concerts (2000+ attendees each), and Candy Crawl (4500+ attendees). These are in addition to the City of Concord s Annual Tree Lighting Ceremony (estimated 4500+ attendees) and the Concord Christmas Parade. Vacancy Rate Downtown Concord has a total of 59 ground-level street-front spaces along Union Street, its major artery. Of this total: 5 - Two spaces, or 3%, are available for lease - Five spaces, or 8%, are vacant and available for upfit as part of the Hotel Concord renovation
(this includes the former Cabarrus Theater building) - Two spaces, or 3%, are the City Hall Annex and the former City Hall, both being marketed by the City of Concord to developers now. Commitment to Reinvestment The Concord Downtown Development Corporation is a private, 501c6 non-profit organization that manages Downtown Concord. Since its formation in 1990, Downtown Concord has experienced over $29 million in private-sector investment and over $148 million in public-sector investment, for a total combined public/private sector investment of over $177 million. Market Analysis A market analysis for Downtown Concord was completed in the spring of 2016. The full study is available at www.designconcordnc.com under the documents tab. Desired Types of Businesses The CDDC and the downtown residential community are seeking a variety of specialty retail operations not presently found in the district: - Fresh market with a variety of produce, meat, and non-perishable food items - Coffee shop/wine bar (that does not require a hood) - Brewery - Furniture and home décor - Wedding dress shop - Art gallery - Book store - Services to support the growing Downtown Concord residential community, ie barber shop with shoe shine, alterations services Available Retail Spaces With the renovation of the Hotel Concord and the adjacent Concord Telephone Company Exchange Building, four new tenant spaces fronting Union Street, North and two new spaces facing Cabarrus Avenue, East will be available for occupancy as soon as the spring of 2018. These spaces include: - a single 1420 sf space to the north of the main entrance - two spaces directly south of the main entrance measuring 550 sf space and 493 sf, may be combined into a single space - the breathtaking bank lobby space, 2371 sf with a finished basement of 1400 sf and a 670 sf mezzanine - two spaces facing Cabarrus Avenue, East, 1079 sf and 1039 sf, may be combined into a single space, unfinished basement of 1500 sf 6
Photographs Union Street Retail Bank Lobby Space 7
Cabarrus Avenue, East Retail 8
Floorplans #6 #5 Cabarrus Avenue, East #1 #2 #3 #4 Union Street, North Space #1 1420 sf Space #2 550 sf Space #3 493 sf Spaces #2 and #3 combined 1043 sf Space #4-2371 sf with a partial finished basement and a 670 sf mezzanine Space #5 1079 sf Space #6 1039 sf Spaces #5 and #6 combined 2118 sf 9
Development Incentives Concord Downtown Development Corporation Grant Program The CDDC provides a variety of grants (dependent on annual funding) ranging from $350.00 to $2500.00 for renovations of existing buildings. Visit www.concorddowntown.com/thecddc/grants for information or contact Diane Young, Concord Downtown Development Corporation, 704-784-4208. Main Street Solutions Fund Grant Based on availability of funds, a Main Street Solutions Fund Grant may be available for construction dollars. $25,000 of grant dollars is available for each full-time job created, with a required 2:1 match (FFE may be used as part of the match). Proposals Proposals should include the following: - A detailed description of the business and types of products to be carried. - Full business plan, including resume of experience owning/operating a similar market, evaluation of competition, evidence of ability to provide financing for business start-up, and marketing plan. - Days of operation, with greater consideration given to any proposal making a commitment to operating seven days a week. - Hours of operation, with greater consideration given to any proposal making a commitment to maintaining evening hours. - Description of any additional amenities offered that will make this business a strong destination for Downtown Concord. Proposals now being accepted. Please submit electronically to Diane M. Young, diane@concorddowntown.com. For additional information please contact: 10