$200 million Lake Norman mega mixed-use community forges ahead. People move in.
After years of ownership changes and stalled construction, a $200 million Lake Norman mega mixed-use community is forging ahead in Cornelius, with people gobbling up homes, its new development team said Saturday.
“We wanted to make sure that we assembled a best-in-class team that was made up of nothing but local folks … that could be very proud of what we’re going to deliver,” Dan Hughes, co-founder of Mooresville-based River Rock Capital Partners, told The Charlotte Observer.
He was referring to Alexander Farms, a 54-acre planned community off Westmoreland Road and West Catawba Avenue near the lake.
Cottages, apartment homes, commercial space
The development includes 70 active-adult rental cottages that are nearly fully leased, a community of 142 apartment homes opening in summer 2027 and 126,000 square feet of commercial-retail space.
Three acres of the property are being donated for a public park, a walking trail connecting to Cornelius’ 50-mile greenway network, and to preserve a historic tenant house.
And Northcross Drive Extension, a 1.75-mile, $20 million state road under construction from Interstate 77 exit 25 in Huntersville to west of I-77 exit 28 in Cornelius, will include a roundabout near the Alexander Farms entrance.
“Construction is well underway,” Hughes said about the road. “They already have the bridges built.”
Once the road opens in the July-September time frame next year, “that’s going to really relieve pressure off 77,” he said.
The interstate at Lake Norman is often bumper-to-bumper during the daily commute to and from Charlotte.
“New epicenter” for Lake Norman town
Hughes and David Dupree, managing partner of Cornelius-based North State Development, said they’re excited about the progress of Alexander Farms.
The layout of the commercial part of the project is about 85% finished, Dupree said.
“There’s just some finishing touches we need to do,” he said. “And we are also kind of ahead of the curve on some of our small-shop retail space buildings.
“But our primary focus is to get a grocer and medical tenants, and then the small-shop space will follow,” Dupree said.
River Rock Development, a subsidiary of River Rock Capital Partners, recently took ownership of 16 acres that will be the commercial district in Alexander Farms.
River Rock “is actively recruiting a marquee grocery store and medical tenant to anchor the commercial district,” according to a River Rock Development statement.
The ranch and apartment homes in the development are under River Rock’s Easy Living Community brand, Hughes said.
The company has developed at least 30 rental communities in the Carolinas and Georgia in partnership with investors, with a total investment of at least $5.5 billion, according to its website.
River Rock Village, the name for its community of 70 cottages, is 90% leased, he said. “We just have the last handful of units we’re getting ready to release for leasing. We had to finish some infrastructure on the commercial side first before we can get the (certificates of occupancy).”
“We think it’s one of the best sites there could be, particularly for Cornelius residents,” Dupree said.
“It’s a walkable community, and that’s what really sold us,” Hughes said. “We’re real excited about it. We don’t make these investments lightly.”
“Alexander Farms will become the new epicenter for commercial-retail in Cornelius,” Hughes said.
This story was originally published December 15, 2025 at 5:00 AM.