Langtree at the Lake Update - April 2009

The construction of Langtree at the Lake, across the causeway on I-77 just north of Davidson, may get under wayas soon as this fall with funding provided by special assessment improvement district bonds, also known as SAID bonds. At a meeting last month, the Mooresville Town Board of Commissioners took the next step toward enabling Langtree principal developer Land Acquisition & Investment to begin installing water, sewer and roads by unanimously approving a resolution to proceed with the necessary steps to authorize as much as $40 million in SAID bonds for the mega-development. Langtree would be the first development in North Carolina to secureSAID bonds since the state legislature approved the funding mechanism in August of last year.

 The $880 million development will consist of 300,000 square feet of corporate and professional offi ce space,650 luxury condos, a 150-room boutique hotel, a 300-room hotel and convention center, a 40-acre preserve and a number of retail shops and community amenities. Approved by the Mooresville Town Board in December 2006, Langtree at the Lake will occupy 125 acres at the emerging Exit 32, which is currently under construction, including several acres fronting Lake Norman.

Other municipalities in Mecklenburg and Iredell counties stand to reap the benefits of such large-scale job creation, too. Beyond that, however, Langtree is also anticipated to spur ripple development across north Mecklenburg and attract new businesses to the area. The water and sewer lines that Langtree will install using the SAID bonds will have the capacity serve adjacent properties that have no such utility services. Smith said that the sewer line will open up the southeast quadrant of Exit 32 to new development, extending around Lake Davidson into the Town of Davidson,that has heretofore been undeveloped because of the absence of utilities. Davidson town staff members are anticipating a direct impact from Langtree and are planning for future growth in the town that will ride the development's long coattails.