LMG – Kannapolis Downtown Mixed-Use Development – North Carolina - Project Profile
"LMG – Kannapolis Downtown Mixed-Use Development – North Carolina - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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Lansing Melbourne Group (LMG) is undertaking the construction of a mixed-use complex in Kannapolis, North Carolina, the US.
The project involves the construction of a mixed-use complex on a 1.6ha of land. The project will be implemented in two phases as follows:
The first phase includes the construction of 275 residential units, 1,765m2 of new retail space and 3,158.7m2 of renovated retail space in the existing block including old Cabarrus Bank, and a parking deck, and installation of security systems, and elevators.
The second phase includes the construction of a 106-room hotel and additional residential units depending on market demand.
In September 2015, City of Kannapolis (CoK) acquired the project site for US$8.75 million.
In March 2016, CoK planned to sell the land to private developer and make him the owner.
CoK has scheduled a meeting on April 25, 2016, to issued a request for proposals included developers demonstrating a plan for the project.
The Built Form, LLC appointed as an architect for the project.
On July 11, 2016, Lansing Melbourne Group (LMG) and Neyland Associates have submitted proposals to invest in the Project.
On August 03, 2016, Kannapolis staff members recommend the City Council to select LMG as the project developer. City Council scheduled to vote on establishing a memorandum of understanding (MOU) with LMG for the development of the project.
On August 8, 2016, Kannapolis City Council (KCC) selected LMG for the development. The investment ratio for public to private partnership is 1:5 respectively.
In January 2017, The KCC approved a master development agreement comprising design, finance, construction, ownership and operations for the project. LMG agreed to invest US$60 million for the construction and KCC agreed to invest US$12 million for the construction of a parking deck.
In March 2017, Barton Malow Company was appointed as construction project manager.
Construction works are expected to commence in the fourth quarter of 2017 and anticipated completion by the third quarter of 2019.
The project involves the construction of mixed-use complex on 1.6ha of land in Kannapolis, North Carolina, the US.
The US$72 million project includes the following:
1. Construction of 275 residential units
2. Construction of 1,765m2 new retail space
3. Construction of 106 room hotel
4. Renovation to 3,158.7m2 space in the existing block
5. Construction of restaurants
6. Construction of 400 parking spaces
7. Installation of security features
8. Installation of elevatorsReasons To Buy
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