FOR SALE - LoopNet...Vanguard Group, Allstate, and TIAA-CREF. FOR SALE Augustalee Cornelius, NC...

Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated.

1815 South Tryon Street, Suite ACharlotte, NC 28203

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FOR SALELand Development OpportunityAugustaleeCornelius, NC

Contact Information:Rob.Pressely, [email protected]

Cornelius

Charlotte

Huntersville



www.CBCmeca.com

FOR SALEAugustalee Cornelius, NC

MECA

Executive Summary

Contact Information:Rob Pressley, [email protected]

Coldwell Banker Meca is pleased to exclusively offer the opportunity to purchase the 104.7 acre development land parcel know as Augustalee. The land is located 15 miles north of Center City Charlotte and just one mile east of Lake Norman, North Carolina’s most popular inland recre-ational amenity.

Charlotte is second only to New York City as the nation’s leading financial center, home to Bank of America’s headquarters and Wells Fargo’s east coast headquarters. Duke Energy’s headquar-ters highlights Charlotte’s growing energy hub. There are eight other Fortune 500 companies headquartered here.

The Lake Norman area is home to some of Charlotte’s most prestigious and fast growing resi-dential development. The Augustalee mixed-use development opportunity has been favorably compared to the highly successful Birkdale development located one mile south.Augustalee offers the best retail, offi ce and high density residential development opportunity in Charlotte’s northern suburbs.

The property is zoned for a mix of retail, residential, and hospitality uses to enhance growth in the Town of Cornelius. This mixed use development has the potential to cater to a multitude of different niches within the approved uses.

Although some initial site plans and illustrations have been added to the offering memorandum, they by no means represent a final design thus allowing for maximum flexibility in developing the property. These illustrations are provided simply to assist in facilitating the “vision” of what could be constructed.



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Investment Highlights

• One of the last significant Interstate frontage tracts remaining in Mecklenburg County.• Located in dynamic Lake Norman submarket• Planned new Interstate 77 interchange at Westmoreland Rd., northern boundary of site.• Highway Commercial and Village Center zoning entitlements as outlined in the Property Description• Approvals for 1.4 millions square feet of Class A offi ce space, restaurants, retail space, two hotels and 400 condominium





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Contact Information:Rob Pressley, [email protected] MECA

Site Map




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Property Description


The site is located at the southeast corner of Interstate77 and Westmoreland Road in Cornelius, NorthCarolina. Access is via Westmoreland Road and USHighway 21 (Statesville Road). Jim Cooke Road bisectsthe southern portion of the site and provides accessfrom US Highway 21. The offering parcel consists ofa total of 104.70 acres. The current approvals arefor a mixed-use development, known as Augustalee,that includes 1.4 million square feet of Class A officespace, restaurants, retail space, along with twohotels and 400 luxury condominium residences. Theproject also includes significant road improvementssuch as widening of Interstate 77 at the subject, a newexit of Interstate 77 at Westmoreland Road, and anextension of Bailey Road along with a flyover bridge.

Augustalee is located in the Town of Cornelius andis zoned HC-CD and VC-CD (Highway CommercialConditional and Village Center Conditional Districts).The subject was rezoned to these districts on April 23,2008 (zoning petition REZ 02-07) and is subject tocertain conditions.


The Highway Commercial District is coded to providefor the location of auto-oriented and auto-dependentuses and/or those uses which have a definablemarket area which extends beyond the scale of the Neighborhood, Village, or Town Center. The intentof these provisions is to facilitate convenient access,minimize traffic congestion, and reduce visual clutteralong certain designated commercial corridors such asCatawba Avenue (in the vicinity of the Interstate)and Statesville Road (US 21).

The Village Center District is coded to encourage thedevelopment of large-sale mixed-use districts thatcompliment the surrounding neighborhoods and aresupported by existing and planned transportationnetworks constructed to support the traffic demandsof both auto and the pedestrian. Village Centerstraditionally form near the convergence of large,coherent neighborhoods. Village Centers are finite insize, typically radiating 1/4 mile from the “Main-Main”intersection. The pedestrian can therefore walk fromone end of the Village Center to the other inapproximately 10-15 minutes. Corridors of mixed-usebuildings typically form entry ways into the formalizedVillage Center.



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Conditional Approval based upon:• 1. The widening of Interstate I-77 along thesubject’s site• 2. Construction of a new interchange of Interstate77 at Westmoreland Road• 3. Extension and construction of Bailey Road as a2-lane divided shoulder section from US 21 to thecurve to provide east-west connectivity.• 4. Construction of a Bailey Road Flyover bridge(pedestrian friendly bridge).• 5. The receipt of approval and availability ofpublic and/or NCDOT funds for the constructionof the specific on-site and off-site roadimprovements on or before October 31, 20010• 6. The completion of the construction of thespecific off and on-site road improvements byDecember 31, 2012. The applicant may receivean extension of this deadline not to exceed6months for circumstances beyond its reasonablecontrol. This extension request will be reviewedand consented to by the Town, which consent willnot be reasonably withheld. If these events do notoccur, the value estimated in this appraisal notreliable.

Property Description (cont.)Easements: According to the provided plats, thereis a 68-foot wide Duke Power line right-of-way anda 30-foot wide Power line Maintenance easementtraversing through the northern portion of the site.There is also a 100-foot wide Gas Pipeline CompanyEasement traversing through the Southern portion ofthe site. These right-of-way and easements are notdeducted from the land area as they can be used asopen area or parking for future development. Typicalutility easements are assumed to exist.

Site highlighted in red

Proposed road improvements include:

Widening of Interstate 77 along thesubject site

Construction of a new interchange ofInterstate 77 at Westmoreland Road

Extension and construction of BaileyRd. as a 2 lane divided shouldersection from US 21 to the curve toprovide east-west connectivity.

Construction of a Bailey Road Flyoverbridge (pedestrian friendly base)



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Demographics




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Area OverviewThe Charlotte Area Economy Charlotte is the second leading financial center in the United States with over $2.21 trillion in total assets.

Serving as the corporate headquarters for two of the nation’s largest banks, Charlotte is second only to New York City as the country’s leading finan-cial center. Bank of America (the nation’s second largest bank) and Wachovia Corporation (the country’s fifth largest bank) are headquartered in Charlotte.

Through recent acquisitions of Fleet Boston andGolden West Financial Corp. by Bank of Americaand Wachovia, respectively, both banks continueto solidify their presence in Charlotte andinfluence in the financial industry. In addition,Wachovia has acquired A.G. Edwards to formthe 2nd largest retail brokerage firm in the UnitedStates.

Charlotte is in an extremely competitiveeconomic position because of the businessinfrastructure that its hometown banks havehelped to establish. Complementing the banksare large regional operations for major fi nancialservices firms including Transamerica, AXA, TheVanguard Group, Allstate, and TIAA-CREF.


Though banking and finance serve as thecity’s industry cornerstones, Charlotte has alsoemerged as a distribution, transportation, andmanufacturing leader as well.

Charlotte is the largest city within the nation’s fifth largest urban region. Only New York City, Chi-cago, Los Angeles, and Miami have larger urban regions as 7.2 million people live in the Charlotte’s “Urban Crescent” region and over 6.4 million people live within a one hundred mile radius of Charlotte. Charlotte is also the 6th ranked city in number of Fortune 500 headquarters as noted by the chart below.



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Area Overview (cont.)


Over the past decade, several additional employers representing a wide variety of economic sectors have entered the Charlotte business market. Of these recent major corporate relocations to Charlotte the most no-table is TIAA-CREF’s construction of their 930,000 square foot East Coast Operations Center in Charlotte’s University Research Park. Other significant Charlotte area employment events during this time frame include, Lowe’s Home Improvement.

Charlotte clearly enjoys a strong economy with a breadth and depth that is virtually unparalleled in any other U.S. market. A total of 57% of “Fortune 500” firms have established themselves in the Charlotte market with nine of these firms headquartered here. Addition-ally, 438 firms with over ten million dollars in sales are headquartered in the city creating a sizable and diverse economy. There are 500+ Foreign-owned companies in the marketplace, proving that Charlotte’s business ties extend far beyond the two Carolinas or the Southeast.

Charlotte has truly become a popular corporate and re-gional headquarters location. In the last decade alone, close to $12.8 billion was invested in the local economy by over 8,500 fi rms, who also created an additional 142,912 new jobs. Charlotte also boasts several busi-nesses that have been recognized as some of the fastest-growing private companies in the U.S.



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Contact Information

MECA

Robert A. Pressley, CCIMPresidentColdwell Banker Commercial MECA

704-971-6525 (O)704-348-2477 (F)704-904-4053 (M) [email protected]

www.cbcmeca.com


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FOR SALE - LoopNet...Vanguard Group, Allstate, and TIAA-CREF. FOR SALE Augustalee Cornelius, NC...

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