The Kannapolis City Council voted Monday night to approve moving forward with extending utilities to Kannapolis Crossing. Kannapolis Crossing is a mixed-used development that will be located at the new Exit 65 off I-85 (Old Beatty Ford Road). The project is in the City of Kannapolis and Rowan County.
Carolyn Martin with Commercial Properties Realty Trust will develop 318 acres at the new interchange. Martin plans to construct 500 residences (including apartments, homes and townhomes) on the site. The site will also include two hotels, a brewery, restaurants, a greenway and commercial/industrial businesses. The firm estimates the build out of the project will be completed by 2028 and have an investment value of $368 million. This would result in the City netting $42.1 million in property tax revenue over 22 years and Rowan County netting $43.9 million over the same period.
The City of Kannapolis will extend water and sewer infrastructure to the site at a cost of $10.4 million. Commercial Properties Realty Trust will contribute $3 million to help offset those utility costs. In June, the City Council will vote on the final development proposal for the project. The agreement will outline Commercial Properties Realty Trust’s commitment to the type and scale of the project and investment levels in exchange for the City’s commitment to extend water and sewer utilities.