Huntersville Town Center
NORCOM Properties, (NORCOM) is developing a 17.5 acre mixed use development in partnership with the Town of Huntersville and Discovery Place. The overall investment in this project will be in excess of $34 million in phase I and will involve public and private equity and debt.
Huntersville was recently ranked by "Money Magazine" as number 76 on its list of America’s Best Places to Live.
Being such a great place to live, the town is growing rapidly. In 1990, the population was only 3,000. Today, it is over 37,000. Due to this rapid growth, the Town of Huntersville has recognized the need to take proactive steps to make the Town more livable and able to continue this growth. This growth has also meant that the Town needs more services, thus requiring them to expand their Town Hall.
Part of this proactive plan is creating a new town center in Downtown Huntersville. Located at the intersection of Gilead Road and Old Statesville Road, there really is no “downtown” in Huntersville. Instead, next to the Town Hall are dilapidated buildings, a used car lot, and vacant land. There is no “sense of place” in this area that a vibrant downtown creates.
Huntersville is using the additional Town Hall space as a catalyst for the redevelopment of Downtown Huntersville. In addition to this space, zoning allows for mixed use development—retail, office, and residential development. The Town plans to build around 20,000 s.f. of additional space to house it's services.
Due to the great demographics and the exciting plan, Discovery Place, a local children’s museum, is going to build its first satellite location—Discovery Place Kids! This 21,212 s.f. museum will act as an anchor to approximately 45,000 s.f. of retail and 60,000 s.f. office space.
There will also be a significant residential portion, including both single- and multi-family development. The Littlejohn Group, a respected regional multi-family residential market research firm, has done a preliminary study of the site, and believes that the market could support at least 250 units, with room for vertical expansion as the site matures as a transit oriented development.
We already have interest from other retailers and office users to be part of this project, and the retail and office market in this area are strong. Additionally, the demographics in the area are very strong.
Discovery Place has negotiated the lease with the Town of Huntersville. They have also begun their fundraising in earnest, targeting a late 2009 opening. The nature of this location and its use will drive great demand for the additional retail, commercial and residential uses. We have a signed Development Agreement with the Town of Huntersville, and the Town Commission and Staff are firmly behind this project.
Please contact us if you have any further questions or would like any additional information.