KANNAPOLIS, NC – The City of Kannapolis is seeking proposals for the redevelopment of eight buildings in the heart of downtown on West Avenue. The buildings, which date from the 1930-50s, are located across from the entrance to the Sports and Entertainment Venue and near the VIDA Mixed Use District. By partnering with a developer experienced in adaptive reuse, the City’s goal is to preserve these buildings and activate them as part of the downtown business district.
The buildings have prime commercial footage and are considered to be some of the most valuable and historic pieces of property in Kannapolis. They are located at 101, 103, 105, 111, 109, 113, 115 and 119 West Avenue. (Note: The Gem Theatre is not for sale and the City intends to retain ownership of the theatre).
These buildings are part of what is known as Downtown Block One. The reminder of the block, which contains properties on N. Main Street, West A Street, West 1st Street, will be sold in a phased approach in the future as to not saturate the real estate market too quickly. However, if a buyer is interested in buying the entire block, excluding the Gem Theatre, the City will entertain a proposal.
The City is in the midst of investing over $120 million in a Downtown Revitalization Project which includes infrastructure improvements, construction of a linear park and streetscape and the Sports and Entertainment Venue (the new home of the Kannapolis Intimidators) and a parking deck in the VIDA Mixed Use District. All of which will be completed by 2021.
This group of properties on Block One includes a former restaurant space that is move-in ready and other properties which will need improvements. The properties are located in a designated Opportunity Zone and the City is in the process of applying for historic district designation – which could give developers the potential to use these tax credits as financing tools.
“We have always planned to sell and partner with private investors for the downtown properties. The time is right to begin actively seeking additional partners for key pieces of properties on West Avenue,” commented Kannapolis City Manager Mike Legg. “We look forward to seeing proposals from the private sector and their vision for transforming this area and these buildings into a vibrant destination. We will be looking for proposals which will complement the SEV, the Gem Theatre, VIDA, and the historic architecture of the properties.
Background Information - In 2015 the City purchased 50 acres of land and buildings in the downtown core and adopted a downtown master development plan. The first three phases of the plan are now under construction: infrastructure and a linear park streetscape; the VIDA Mixed Use District which includes a parking deck, a hotel, a brewery, apartments; and the Kannapolis Sports and Entertainment Venue, the new home of the Kannapolis Intimidators. The City is also vetting several proposals from developers for an owner-occupied townhome project for the downtown.
Details on the RFP are located at – www.kannapolisnc.gov/blockone
For more information contact Jordan Jones, with the Development Finance Initiative, at email@example.com. The deadline for proposals is September 6, 2019.