Kannapolis City Council is set to select a developer Monday for the first phase of the city’s ambitious plan to revitalize its downtown.
Fort Lauderdale-based Lansing Melbourne Group won the recommendation from Kannapolis city staff for their project over a competing proposal. City Council will vote Monday.
The project is part of Kannapolis’ unusual response to suburban sprawl and the post-textile decline of its downtown. Last year, Kannapolis bought 46 acres of its downtown property for $8.75 million. The city plans to partner with developers to build a thriving downtown, including a new baseball stadium for the minor league Intimidators, and restore old buildings.
“The Demonstration Project is one of the first steps in revitalizing downtown and will include multi-story residential, retail and parking development between Main Street and West Avenue. This project is expected to generate momentum and enthusiasm in downtown Kannapolis,” the city said in a statement.
The LMG project will total $60.6 million of private investment and $12.6 million of public funds from the city to build a parking deck. In total, the project will cover two blocks, or four acres. LMG will purchase the land from the city once terms have been finalized. The proposal includes:
▪ 271 residential units
▪ 83,000 square feet of retail space (19,800 square feet of new construction and 63,000 square feet of existing space)
▪ A 116-room hotel
▪ 506 parking spaces
After the first phase of the demonstration project, Kannapolis hopes to build a new downtown stadium and arts center and entice developers to build hundreds more apartments, additional shops and restaurants and an office tower.