Growth: Southeast News

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July 28,  2021

 

The city of Kannapolis has reached an agreement which will bring more development to West Avenue. The city will provide three parcels of property to Right Field Development, LLC as an investment incentive. The land has an appraised value of $1,668,442. In return, Right Field Development, LLC will develop the parcels into apartments, restaurants, retail stores, condominiums and possibly a hotel. Construction must be completed by 2026, with a minimum tax value of $40.125 million.

The parcels, known as Blocks 4A, 4B and 5, are in front of Atrium Health Ballpark and total about 1.902 acres. Right Field Development is comprised of the Lansing Melbourne Group (which constructed the new VIDA Apartments on West Avenue) and Temerity Capital Partners (the owners of the Kannapolis Cannon Ballers). Right Field Development expects to begin the Phase 1 Project within several months, with Phases 2 and 3 to follow.

Phase 1: Block 4A is 0.362 acres on West Avenue immediately north of the entryway plaza to Atrium Health Ballpark and will be developed as a seven-story building of offices, a restaurant, the offices of the Cannon Ballers team, ticketing space and five stories of apartments. Each apartment will have dedicated patio space that will face either West Avenue or the ballpark. Once completed, it will have a minimum tax value of $8,460,000.

Phase 2: Block 5 is 0.879 acres at the corner of West Avenue and Cannon Baller Way and will be developed as 79 condominiums or apartments and first floor retail space. This block will have a minimum tax value of $20,325,000.

Phase 3: Block 4B is 0.591 acres at the corner of West Avenue and Laureate Way. This block is expected to be developed as either a 109-room hotel or a multifamily residential project with 48 units. This phase will have a minimum tax value of $11,340,000.

Approximately 300 additional parking spaces will be included in structured parking lots as part of the three phased development.


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