Last night was a town meeting that included the talks about the new Augustalee development in Cornelius, NC. Unfortunatley, I was not able to attend because of T-Ball practice, but as soon as I hear any more information I will be passing it along.
Augustalee plans call for widening Westmoreland Road and U.S. 21, realigning Bailey Road at Poole Place Drive and building a new segment of Northcross Drive from Jim Cooke Road to Westmoreland Road, according to published legal notices.
Developer Cornelius Bromont LLC's Augustalee will be on 104 acres on the south side of Cornelius, between I-77 and U.S. 21. The developer expects the first retail stores to open in fall 2012.
Augustalee will offer residences starting at $350,000 above retail stores; Class A office space in numerous buildings; and parks, walking trails and other amenities.
Cornelius Bromont closed on its financing before the national economic downturn, Josh Rector, the firm's senior vice president, said last year. Securing the financing allowed Cornelius Bromont to buy the property and begin designing the project's first phase, he said.
The firm plans to pay up front to widen I-77 from Exit 23 in Huntersville to Exit 28 in Cornelius. The developer plans to seek reimbursement from the government through such possible financing measures as "certificates of participation," a form of government-issued debt that doesn't require voter approval.
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