Tim Anderton's Blog

Mooresville Agrees To One More Year of 83X

Tim Anderton (The Anderton Corporation) — Thu, 22 May 2008 12:32:08 -0700

Contrary to the recommendation of the budget committee, Mooresville Town Commissioners have agreed to fund the CATS 83X line for at least one more year.

The 83X line runs several times a day between South Iredell/Mooresville and the CATS terminal in Charlotte. However, it relies on subsidies from the Town of Mooresville to meet operating costs. Mooresville's existing contract to help subsidize the line is set to expire, and initial reviews of the Town budget led the Commission's budget committee to recommend not renewing the subsidy agreement.

Despite the budget committee's initial reports implying low ridership, word about possible cancellation of the line spurred massive rider response, prompting shows of support at town meetings and a website for supporters of the line.

While CATS officials had asked for and expected another 3 year commitment, Commissioners were only willing to pledge one year at this time. The $85,265 subsidy will come from the Town's general fund and the transportation task force project.

More Development For Northern Lake Area

Tim Anderton (The Anderton Corporation) — Thu, 08 May 2008 07:56:05 -0700

A nearly 200 acre lake-front development is underway in Troutman in response to what the developers feel is a high demand for more reasonably priced waterfront lots.

River Rock is located near Walnut Tree Rd and Lookout Shoals Dam Rd. The 160-home development has lot sizes starting at one acre and has a layout plan that focuses on a rural feel. Waterfront lots start at $179,000. Roadwork has already begun and construction should start within six months.

This development follows on the heels of the establishment of the River Oaks development, a master planned residential community with both golf-focused and waterfront-focused areas, also on the northern end of the lake.

Of course, as people move into the west Iredell and eastern Catawba county areas, retail and office spaces are sure to follow, so expect commercial real estate growth in the area soon.

Next Big Thing Might Just Be Non-Conventional Self Storage

Tim Anderton (The Anderton Corporation) — Wed, 07 May 2008 11:03:42 -0700

Doug Smith's column in the Charlotte Observer is a must read for any one looking out for what might be over the horizon in commercial real estate, and today he's looking at the latest incarnation of an ever-growing trend.

Many towns and cities in the Charlotte metro region have zoning regulations that prohibit or at least severely restrict the development of traditional self-storage facilities. However, demand for such spaces is steady, due to a variety of factors. Office space, especially in Uptown Charlotte, is scarce, and many businesses have storage needs that challenge their operating budgets if such needs are met at the going rate for office space. The current foreclosure crisis has many homeowners downsizing to smaller homes or even apartments, leaving them with a need for affordable storage for personal belongings they may not have room for in their new down-scaled homes.

Budget Self Storage has been exploring new approaches in the industry to meet the rising demand for self-storage space while remaining in compliance with zoning regulations and offering a completely different aesthetic than the traditional row-of-roll-up-metal-doors look that has long been the hallmark of self-storage. The company has already completed several successful conversions of abandoned “big box” retail establishments, most notable in this area being the old Rhodes Furniture building on E Independence.

But their latest project, to be located on W Morehead St, close to I-77, is going to be an even further departure from that old row-of-doors look. The company has proposed, and received approval for, a 6 story structure designed to look like an old mill building. The building will offer secure, climate controlled storage as well as office space. Demolition of 2 existing buildings on the site will occur in the next 2 months and construction is due to be complete in a little over a year.

Budget is not the only company in the self-storage business developing sites that represent the latest trends in self-storage. It seems that thinking outside of “the box” is the new method of business in self-storage, and there are plenty of opportunities left to be had in our area. </p

Grassroots Support For CATS Express Bus

Tim Anderton (The Anderton Corporation) — Tue, 29 Apr 2008 15:56:45 -0700

A group of concerned citizens has started a grass-roots campaign to draw attention to the CATS 83X express bus line which runs several times a day between Mooresville and Charlotte.

The Town of Mooresville recently raised questions during their annual budget review about the possibility of no longer subsidizing the route, given the nearly $96,000 price tag.

In response, some area citizens have banded together through a website to hopefully convince the Town Commissioners to continue their subsidy of what they say is a popular service.

More Development For Northern Lake Area

Tim Anderton (The Anderton Corporation) — Mon, 28 Apr 2008 08:38:10 -0700

A nearly 200 acre lake-front development is underway in Troutman in response to what the developers feel is a high demand for more reasonably priced waterfront lots.

Of course, as people move into the west Iredell and eastern Catawba county areas, retail and office spaces are sure to follow, so expect commercial real estate growth in the area soon.

Village at Lake Norman Gets Re-Zoning Approval

Tim Anderton (The Anderton Corporation) — Thu, 24 Apr 2008 09:15:04 -0700

The massive Village at Lake Norman development planned for Cornelius received the necessary rezoning for the proposed location south of Westmoreland Rd between I-77 and US 21, but major hurdles still remain for the project.

In a 3-2 vote Wednesday night (April 23rd), Town of Cornelius commissioners approved the rezoning for the land, but many other approvals will be needed along the way to completion. Complex financing plans for the project will need to be accepted by Mecklenburg County, and the Town of Cornelius has reserved the right to rescind the rezoning if all the financing issues are not to the Town's liking. Major road construction is proposed and needed by the developers, especially the addition of an interchange with Westmoreland Rd on I-77 and the addition of at least one more lane on I-77 through the area. This means that various state and federal entities will also need to grant approvals of one form or another.

Developer Cornelius-Bromont has made a number of assurances to the Town, including the promise of high-end retail tenants, straightening and extension of Bailey Rd (to an extent, this point was already in the developer's master plan), a new public safety facility, a return of $1.3 million for the Town's service costs, and acceptance of various intermediate deadlines for various aspects of financial approval and construction phases.

Still No Decision on Cornelius Project

Tim Anderton (The Anderton Corporation) — Wed, 23 Apr 2008 08:35:41 -0700

For the second straight day, Cornelius commissioners delayed voting on the rezoning of land that would allow the go ahead for the proposed Village at Lake Norman development.

Commissioners originally extended the Monday meeting in order to discuss the situation further. Commissioner Jim Bensman was unable to attend Tuesday's meeting in person but did participate via phone. The decision was made to delay the final vote until today, Wednesday the 23rd, in order for Bensman to be there in person for the vote.

Commissioners are trying to decide if the massive 104 acre development will positively impact the town and its future. Developers Cornelius-Bromont have proposed numerous road improvements as part of the development, but have stated that the Commissioners accepting the establishment of an interchange with I-77 at Westmoreland Rd is a necessary aspect of their project. In addition to the rezoning issue, Cornelius commissioners and Mecklenburg County officials would have to approve the financing plans of the developers, which include various tax fundings and credits.

The vote to rezone the property is now scheduled for today at 5 PM at Cornelius Town Hall.

Timing May Be A Problem For Massive Cornelius Project Approval

Tim Anderton (The Anderton Corporation) — Tue, 15 Apr 2008 12:49:31 -0700

Developers for the mixed-use Village at Lake Norman project proposed for 102 acres in Cornelius are anxious for the Town to approve their rezoning, but the scope of the project has some feeling that more time to decide is warranted.

The need for expeditious approval for the rezoning is tied into the road improvements. Developers need the rezoning approval before placing the related road projects on the long-range plan of the Mecklenburg-Union Metropolitan Planning Organization. Some of the funding for the project hinges on being included in this plan. The plan for the Village at Lake Norman includes the widening of I-77, US 21, and an extension of nearby Bailey Rd.

Also at issue is the proposed interchange with I-77 at Westmoreland Rd. Developers will not (and feel they cannot) go ahead with the project without that interchange, and Cornelius Town Board members have to approve that project as well.

Some residents, as reported recently in the Charlotte Observer , feel that it isn't possible for the Board members to make a decent decision, given all the information they have received in the short time allotted to decide. While some Board members have stated that they feel they will be able to weigh all aspects of the project and its impact properly, it is clear that they are at least temporarily overwhelmed.

Public hearings remain for the rezoning request- April 18 at 5 PM and April 21 at 7 PM. Both hearings will be held at Cornelius Town Hall, located at 21445 Catawba Ave. A decision is expected at the April 21st meeting.

Multiple Groups Hosting Candidate Forum Sessions in Mooresville/Statesville Area

Tim Anderton (The Anderton Corporation) — Fri, 11 Apr 2008 08:06:26 -0700

With election time drawing nearer, numerous civic and political groups are hosting forums where voters can meet candidates and ask questions before making their final voting decisions.

The Iredell Republican Men’s Club Board of Commissioners forum is at 7:30 a.m. Saturday, April12 at Mulligans Restaurant at Fox Den Golf Club (175 Clubhouse Dr in Statesville). The next Republican forum will be at 7 p.m. April 21 in the Board of Commissioners’ room in the county office building at 200 S. Center St in Statesville.

The Iredell Democratic Party is hosting a candidates forum from 7-8 p.m. on April 21 at the War Memorial Building (220 N Maple St in Mooresville). Candidates for the U.S. House of Representatives 10th District (Steve Ivester and Daniel Johnson) will be there to discuss national problems.

The Statesville Record & Landmark, Mooresville Tribune, WSIC 1400 AM, the Greater Statesville Chamber of Commerce and the Education Association are sponsoring 2 forums at Mac Gray Auditorium at Statesville High School (474 N Center St in Statesville):

April 22, 6:30 PM, featuring candidates for Iredell County Commission.
April 23, 6:30 PM, featuring candidates for Iredell-Statesville Schools Board of Education, Iredell/Alexander counties District Attorney and Republican candidates for the N.C. House 95th District seat.

Plenty Of Blame For I-485 Delays

Tim Anderton (The Anderton Corporation) — Thu, 10 Apr 2008 08:57:28 -0700

NC DOT officials and project contractor Skanska are each pointing at the other in regards to who is to blame for the lengthy delays in the completion of I-485.

Skanksa says that DOT failed to acquire significant portions of the land needed for the construction. While DOT admits that they were not exactly timely in regards to full site preparation, they counter that the issues faced should not have been nearly as severe as Skanska has claimed. A recent Charlotte Observer article reports that the contractor has claimed delays totaling 311 days because of DOT's failure in acquiring land and relocating major utilities. DOT admits to responsibility to less than half of that delay.

Virginia Beach-based Skanska has also taken issue with the timeliness of notification of changes which are needed to accommodate additional development in the area (notably, a Target store at Harris Blvd and a car dealership at Old Statesville Rd). The firm has requested more than $8.5 million in compensation for the delays which DOT has refused. It's worthy of note that the company's contract allows DOT to levy a $10,000 per day fine against the contractor for each day the project is late.

The current stretch of I-485 (from NC Hwy 16 to an interchange with Hwy 115 a nd I-77) is tentatively scheduled to open in November or December, but Skanska feels that, weather permitting, the opening could be as early as September. The final segment of the I-485 loop, east of I-77 to I-85, isn't scheduled to begin until 2015.

Transportation Task Force Considering Hiring For “Leadership Role”

Tim Anderton (The Anderton Corporation) — Wed, 09 Apr 2008 14:11:39 -0700

The combined Davidson, Huntersville, Cornelius and Mooresville “Transportation Task Force” feels that an organization, funded by the member towns, needs to be set up to receive funding and direct it towards solving traffic problems in the north Mecklenburg and south Iredell county areas, and that such an organization needs to be led by someone who would not just oversee day-to-day operations, but take on a leadership role to effectively advance the needs of the area.

While the notion of the organization was first broached at the Task Force meeting last month, recent discussion has focused on the potential leadership of the organization, as well as its funding sources. Some task force members want to start small, hiring only an administrative support employee now and waiting for an executive director position to be filled in the future, after funding sources have been ironed out and approved. Such funding could come from a variety of sources, including property taxes, permit fees, automobile registration fees or a portion of the proposed Mecklenburg County ¼ % sales tax.

It's unclear or undecided at this time just how much of the lobbying and leadership role would be taken on by a potential executive director and how much would remain in the hands of the members of the Task Force, which includes the mayors of the 4 member towns.

The Task Force has gone as far as listing recommendations to further the improvement of transportation challenges in the area, including seeking funding for the CATS North Corridor Commuter Rail, development of a collective 'road-priority' system and intra-town reviews of major development projects.

The establishment of the transportation organization will be discussed one more time, this coming Wednesday, April 9, at the regular meeting of the Task Force before begin sent back to the member towns for approval, which would occur in early summer. Pending this approval, the transportation organization could be formed as early as this fall.

Mooresville Downtown Commission Funding Uncertain

Tim Anderton (The Anderton Corporation) — Tue, 08 Apr 2008 09:52:03 -0700

The Mooresville Downtown Commission, a non-profit group that works to maintain and sustain the development and character of downtown Mooresville, is asking the Town Commissioners to increase the funding it receives from the town to $60,000, but the town is uncertain of the return on investment.

Previously, the Town's contribution to the group has been approximately $45,000 per year. However, with the impending retirement of the long-standing director, the MDC feels that it's necessary to hire “an executive director with experience promoting and revitalizing downtowns”, and add that this individual will be held to the meeting of certain goals in “increasing investment, business growth, residential development and entertainment”.

Some of the Town Commissioners feel that the money the Town has provided in the past has not provided any measurable results, despite the Town's additional efforts in upgrades to sidewalks and parking in the Downtown area. MDC board members seem to share this concern and frustration, however, and also feel that the board must demand results from a new executive director.

The Town Commissioners have until June 30 to make a decision on the budget request of the MDC, but some sources feel a decision sooner is likely.

Freightliner Announces Expected Job Cuts

Tim Anderton (The Anderton Corporation) — Mon, 07 Apr 2008 11:14:47 -0700

1,500 workers at the Rowan County Freightliner plant will be laid off in June, a number equal to roughly half of the plant's work force and slightly more than what was expected by some.

Freightliner originally planned to make these cuts last April (2007), but held off after striking a deal with the local UAW. The cuts take effect on June 6, when the plant will go to one operating shift instead of two. Freightliner dropped production shifts from three a little over a year ago. According to the NC Employment Security Commission, this set of lay-offs is the largest in the area since Philip Morris' announcement to close their Concord cigarette plant which employs 2500 people. The Philip Morris closure is expected to be complete by 2010.

Freightliner and UAW representatives blame a shrinking economy for the sharp reduction in sales they've seen over the past year. They say that the heavy-duty truck manufacturing industry is tied very closely with industrial spending- less construction means fewer goods to haul, and therefore a lower demand for new trucks and replacement parts. Recent heavy layoffs of drivers in the trucking industry goes hand-in-hand with the downturn in demand seen by Freightliner.

However, Freightliner does expect an increase in sales again in 2009, when potential buyers will be looking to buy new trucks ahead of a 2010 increase in emission standards that will drive truck prices up again. A similar situation was seen in 2006, when some companies were buying trucks and warehousing them ahead of a 2007 emissions standards increase. Such cyclical patterns in demand, sales, and employment needs are typical of the manufacturing industry, and local groups and industries have worked with laid-off employees in the past with job training opportunities for those not willing to “wait and see” what happens in Freightliner's future.

Iredell County Commissioners Use New Rezoning Process

Tim Anderton (The Anderton Corporation) — Fri, 04 Apr 2008 08:08:36 -0700

Last Tuesday (April 1), Dela Casa Landscaping & Design became the first entity to acquire a re-zoning of property under the new legislative-based process available to Iredell County Commissioners.

The 2.75 acre tract off Bethesda Rd where the company wished to place their offices was zoned residential agricultural. In February 2007, Anthony D’Alessandro and Peter Casatelli attempted to get the property re-zoned through the largely judicial process of conditional-use redistricting. They were unsuccessful due largely to overlay of flood zones and the lengthy review process itself inherent in conditional-use redistricting.

The decision of the Iredell County commissioners was unanimous in choosing to re-zone the property highway business conditional. The commissioners were able to and did place the same restrictions on use as the 2007 attempt would have done, including restricting the business type and hours and requiring the addition of a commercially sized driveway. In essence, the result is exactly the same as if the original re-zoning attempt has been successful, as the Commissioners clearly felt it should have been.

It seems that the new legislative re-zoning approach allows the commissioners to deal with the specifics of a situation without being caught in bureaucratic restrictions not intended for situations for which they might seem to apply.

Northlake Mall Area Development Could Kick Off “Next Edge City”

Tim Anderton (The Anderton Corporation) — Wed, 02 Apr 2008 10:05:27 -0700

While issues of “walkability” and density remain as discussion points for analysts and pundits, the new Brookline development at Reames and Lakeview, less than a mile from Northlake Mall, stands to be the catalyst that extends the idea of just where is the “edge” of Charlotte.

It's been 2 ½ years since Northlake Mall first opened, and development around the area has been rapid, but mostly commercial. The Brookline development will have 180 homes on 40 acres (a phase 2 is planned for an additional 15 acres across Reames Rd from the main/initial phase) in the $500,000 range. The construction will be brick-and-stone, and patterned after Heydon Hall in south Charlotte, including a heavy reliance on “streetscape” to create a more attractive overall look.

Analysts are debating whether or not the concept of an “edge city” is still a viable one as energy costs rise and people may be less willing to drive to their destinations, and the idea of walkable mixed-use developments play into this debate. Brookline is not such a development, but it is within a mile of Northlake Mall and the surrounding business and retail locations. As such, it is being compared to South Park and its rise in the 1970s (it's no coincidence that it's modeled after a South area neighborhood). All of this debate is largely academic, though, because the Brookline development serves to do one thing that can have a major effect on the Mooresville/South Iredell area- mentally extend the idea of the “Charlotte Metro Region”.

As more and more people settle on the north end of Mecklenburg county with Charlotte addresses, the idea of where the Charlotte area really is expands. It's been said in this blog before (on more than one occasion) that the Mooresville/South Iredell area can be a viable business location for those seeking to do business in the Charlotte area, but there seems to be a mental disconnect that can't bridge the Mecklenburg/Iredell county line. Brookline is one of the developments that can help minimize that disconnect, and that's a good thing for Mooresville commercial real estate.

Mooresville Mill Project Deals With Setbacks

Tim Anderton (The Anderton Corporation) — Fri, 28 Mar 2008 10:35:18 -0700

The overarching sentiment expressed by the firm behind the Mooresville Mill Project at Thursday night's meeting of residents of the Mill Village was “We're not giving up”.

David Rogers, of Rogers & Associates Inc, the development firm working with property owners Cherokee Investment Partners, LLC on the Mooresville Mill Project, was at the regular meeting of the Mooresville Mill Village residents to give an update on the progress of the project, set to redevelop the historic Mill into a retail, residential and commercial mixed-use development. Cherokee Investment Partners bought the mill property after the departure of Burlington Industries.

Rogers talked about the firm's attempts to have the property listed on the National Historic Registry, which is an extension of the National Park Service. The importance of the listing has to do with potential tax credits that the partners could use to raise capital for the project as well as borrowing against the future property tax increase that would come from the new space. Attempts to gain entry to the Registry have not worked out thus far on a state level and a Federal review of the application is underway. Results from that review will likely be known in early July.

It has also been discovered that the sewer capacity currently available to the mill property will not be sufficient to meet projected demand. Rogers said that work is underway to develop solutions to the issue and if possible would be undertaken in such a way as to benefit the surrounding Mill Village neighborhood, where some of the sewer lines are still the original pipe laid by the mill.

Despite these setbacks, Rogers is still confident in the project. He relayed that in 40 years of historical development, he's worked on several projects that took 4 to 6 years to “really get going” and that such timelines are just part of the nature of dealing with historical properties. Rogers, Mayor Thurnberg, and Commissioners Abraham and Atkins all spoke of other potential “catalysts” in the work that could serve as the trigger that “gets this project going”, but none were willing to speak about specifics at this stage.

CATS North Corridor Extension Project Being Reconsidered

Tim Anderton (The Anderton Corporation) — Wed, 26 Mar 2008 10:26:26 -0700

While cost figures remain an issue, some Mooresville Town Commissioners are reportedly re-thinking their attitudes towards the commuter rail line extension to Mt Mourne.

New financial data regarding the project seems to be the major reason for the shift in attitude. For ¼ of the price of widening I-77 with an additional lane, the rail line could carry as much traffic and be done at least 8 years sooner. The cost of the North Corridor extension (to Mt Mourne from Davidson) is estimated at $21 million. Mooresville would be expected to provide $15.8 million of that. CATS officials feel that the increased tax revenue from business density increasing along the line would cover the bulk of that amount (previous reports of the CATS North Corridor negotiations reference Federal Railway Administration loans to acquire this capital upfront).

Iredell County has already passed on contributing financing to the project, but talk has begun about possibly re-submitting the project to the County Commissioners.

All of this speculation may be moot, however, as the rest of the financing for the line would have to come from Mecklenburg County sales tax increases, and other CATS rail line projects are competing for this same money. To complicate matters further, the newly elected board in Huntersville has expressed issue with town money, which would be necessary for the project, being allocated to the train.

These transportation issues stand to have massive impact on the commercial and residential real estate markets in the Mooresville / South Iredell area. We've talked here before about the perceived disconnect between the Charlotte Metro region and South Iredell. Apart from issues of ridership and usage, mass transit linkage between the areas would go a long way to dissolving that perceived disconnect and further emphasize the viability of Moorseville/South Iredell as a potential business location for those finding difficulty locating appropriate space in Charlotte.

Questionable Future For Mooresville CATS Line

Tim Anderton (The Anderton Corporation) — Tue, 25 Mar 2008 10:22:51 -0700

CATS Express bus 83X, which runs from Mooresville to Charlotte 4 times a day, could cease to exist without extension of the subsidy which expires this coming July 1.

The Town of Mooresville's 3 year contract to subsidize the bus route is at an end, and Mooresville commissioners have been advised not to extend another $95,000 to continue the route through the next fiscal year. While overall ridership is down in recent months, the line has shown steady growth in ridership since its inception. Some proponents of the bus line say that the recent temporary drop in ridership is due to elimination of key Park-and-Ride locations, and that some riders have since found ways around this challenge and are returning to the bus.

Commissioners Frank Rader and Mitch Abraham make up the 2 person committee charged with determining which outside funding issues the town should allocate funds for. Their recommendations this year include not renewing the CATS subsidy, which would cause CATS to have to cancel the line. The Board has not yet voted on these matters, though.

CATS officials say that while the 77X line, which has pick-up locations in Davidson, Cornelius, and Huntersville, could shoulder some of the load but certainly not all. Some Mooresville residents that use the line feel that the increased traffic and air pollution caused by the loss of the 83X more than justifies the cost to Mooresville. Alternative funding options have been mentioned, such as requesting that Iredell County share the subsidy burden with the Town. The current fare for the 83X is $2.60 each way.

Mooresville residents with an opinion or comment on the matter should contact their Town representative and/or the Mooresville Tribune.

Health Care Administration Firm Seeks More Space In Charlotte

Tim Anderton (The Anderton Corporation) — Mon, 24 Mar 2008 10:01:11 -0700

Real estate advisory firm The Staubach Company has been contracted by Premier, Inc, to analyze the company's needs and options in the Charlotte area.

The company created and owned by 200 hospitals and health systems provides administrative support in the realms of purchasing and care-tracking for its members. Premier says it has no plans to relocate its San Diego headquarters to join the 600 or so employees already in the Charlotte area. Initial projections indicate that the company will be looking for approximately 250,000 sq ft, making this the biggest move in Charlotte commercial real estate in over 3 years.

It is worthy of note that the available commercial space in the Charlotte area is already limited (vacancy rates dropped below 1% in December in the Charlotte Metro region) and with several large downtown office projects canceled, on hold, or moving forward far more slowly than originally anticipated, it's possible that Premier will be looking outside Charlotte to fill their needs.

Westmoreland Rd Exit is Key to Massive Cornelius Project

Tim Anderton (The Anderton Corporation) — Wed, 19 Mar 2008 10:57:07 -0700

Cornelius Bromont, LLC, the firm behind the potential Village at Lake Norman project in Cornelius, says in their literature that the project will not be developed if the proposed I-77 interchange at Westmoreland Rd (Exit 27) is not approved.

The firm will also require a commitment from the Town of Cornelius and Mecklenburg County that the increased tax revenue from the Village project will go towards offsetting the area infrastructure improvements that are part of the Village plan. These include widening of I-77 from Catawba Ave (Exit 28) to south of Mt Holly-Huntersville Rd and US 21 from Westmoreland to Bailey Rd, as well as an extension of Bailey Rd into a 'fly-over' over I-77.

The promise of The Village at Lake Norman is far bigger than the local transportation upgrades. The complex is to sit on 102 acres bounded by Westmoreland Rd, I-77 and US 21. More than 750,000 sq ft of retail space, 800,000 sq ft of office space, 2 hotels, and 440,000 sq ft of condominium space would be nestled among “many trees and resort-quality landscaping elements” and “many parks and open spaces”. Underground parking and service areas would alleviate traffic concerns and parking for the 'SouthPark-style' retail shops and restaurants. A 'Village Green' area would be used for public events, festivals, and shows. Estimated local economic impact is over $370 million and over 3,000 new jobs.

Real Estate Investment Company Shifts To Charlotte Area

Tim Anderton (The Anderton Corporation) — Thu, 13 Mar 2008 11:47:27 -0700

Liberty Property Trust has moved its regional headquarters from High Point to Charlotte. The company, one of the largest property owners in High Point, is shifting its focus in the Carolinas towards multi-tenant warehouse space. As part of the strategy shift, the Philadelphia-based company plans to move its Greenville operations to Charlotte as well.

The move by Liberty is a reflection of their desire to broaden their holdings into a combination of steady and high-growth markets and is indicative of the increasing business presence and commercial real estate market in the greater Charlotte region, including the Mooresville/Statesville area. Business decisions like this one on the part of Liberty will help to strengthen the view of the entire I-77 and I-85 corridors as strongly connected areas in which to locate a business, further adding fuel to our growing commercial real estate markets

$1 million Homes On The Way In Cabarrus County

Tim Anderton (The Anderton Corporation) — Tue, 11 Mar 2008 16:36:55 -0700

A new development in northwest Cabarrus county seems to be a sign of changes in the area. The Enclave at Timber Ridge is a 75-acre development aimed at the highest end of the housing market. The 21 lots range from 2 to 7 acres and the average price point is $1.7 to $1.8 million. So far, buyers are area business and medical professionals already in or near the area, but the intended marketing focus is on those affiliated with the North Carolina Research Campus under construction in Kannapolis.

This unprecedented level of residential land value in the Concord/Kannapolis region has been foreshadowed by developers since the announcement of the bio-tech facility. A recent sale of a 7 acre lot in the Enclave for $495,000 is the likely the highest price-per-acre sale in Cabarrus county history. Land values have been steadily rising all around the area as work continues on the Bio-tech research park. While much of the value of this particular land sale has to do with its location within the Enclave development, it is still indicative of future value increases as more capital comes to the area in association with the park.

Ground Broken on Concord Drag Strip

Tim Anderton (The Anderton Corporation) — Tue, 11 Mar 2008 16:34:31 -0700

Bruton Smith prevailed over the troubles he had with the town of Concord and broke ground on his drag strip across from Lowe's Motor Speedway last Tuesday. The $60 million project is due to be open in time for an NHRA event Sept 11th to 14th.

Concord officials say that their initial cautious reluctance stemmed from concern over noise. Smith's design for the drag strip will use special wall materials and a sound-absorbing grandstand to address the issue. After threatening to relocate the entire project, local government promised Smith $80 million in incentives to stay, most of which will be realized as improvements to area roadways around and leading into the speedway complex.

Smith is running a contest to name the drag strip. Currently it's referred to as The Dragway @ Lowe's Motor Speedway and will cover 46.5 acres adjacent to The Dirt Track @ Lowe's Motor Speedway. The September inaugural event at the facility is expected to bring almost $10 million to the area.

Mooresville Town Board Annual Retreat Focuses On Transit Issues

Tim Anderton (The Anderton Corporation) — Mon, 10 Mar 2008 11:20:00 -0700

While the yearly retreat of the Mooresville commissioners touched on a variety of topics from the waste-water plant project to the purchase of the old Adelphia cable system to the requested resignation of former Town Manager Jamie Justice, the main focus was on transit issues.

The transportation planning department focused their yearly report on the hiring of traffic engineer Tony Tagliaferri, who has been working with officials in Raleigh to address a variety of issues in the area. Several needed projects are being championed to the NCDOT by Tagliaferri. While some are still awaiting funding, others, like a dedicated left-turn signal at US 21 and Williamson/Brawley School Rd, are scheduled to be completed very soon. The board committed to earmarking twice the usual amount of $500,000 for transportation funding in future year budgets

Good news was received about the CATS-backed North Corridor project, which would bring full rail service all the way up to Mt Mourne. The funding commitment needed from Charlotte City Council to begin the initial engineering phase of the of the project was received this past Monday. The cap on this funding is $8.5 million, which is sufficient to keep all aspects of the project in play while awaiting additional funding from state and federal agencies. It was re-iterated at the retreat that the estimated ridership for the project exceeds the capacity of an additional lane on I-77, at a lower overall cost.

Issues For Brawley Mansion Soccer Complex?

Tim Anderton (The Anderton Corporation) — Mon, 10 Mar 2008 07:52:49 -0700

After an initial overwhelmingly positive report in the Mooresville Tribune, concerns have arisen over the proposed 6 field soccer complex that the Mooresville Travel and Tourism Authority has proposed for the Brawley Mansion property it recently purchased out of a bank foreclosure.

However, a recent discussions regarding the plan for Cornelius Road park indicate that some Mooresville officials feel the town has enough soccer fields planned for the area. The director of Mooresville's Parks and Recreation Department, Wanda McKenzie, points out “about 10 soccer fields” already planned for various locations around town. She stresses other recreation options for the town's citizens.

However, it is worthy of note that the Brawley Mansion soccer complex is not a Mooresville Parks and Rec project. One would think allowing the Travel and Tourism Authority to go ahead with their project allows Parks and Rec to move forward on the other possibilities which too many soccer fields in Mooresvile parks would impede. And, having 6 high quality fields in one complex seems to offer more potential than a few fields scattered around Mooresville in various parks. A recent editorial in the Mooresville Tribune goes so far as to say that one 6 field complex isn't enough. The author maintains that the 6 field Brawley Mansion complex should be accompanied by an 8 field complex at Cornelius Road park and that this will serve the town's soccer needs.