The challenge
In 2015 and with advising support from DFI, the City of Kannapolis acquired and set about revitalizing its entire downtown core. After master planning, the City and DFI established a public private partnership framework to guide the phased redevelopment of downtown. Upon completion of several phases of the downtown revitalization efforts the city desired to move forward with redeveloping a block adjacent to the Swanee Theater across the street from VIDA I.
DFI’s work
DFI conducted pre-development feasibility analysis on the 2.7-acre site on the west side of West Avenue and Vance Street. The development plan for this site called for a mixed-use development featuring market rate multi-family units, ground floor retail along West Avenue, and a structured parking deck. DFI supported the City in endorsing the development strategy for the site, including the public investment plan and selecting the private development partner of CRG Residential. DFI is currently advising the city on the negotiations of a development agreement with the private development partner.
Development details
| Residential units | 234 (proposed) |
| Retail square footage | 11,000 (proposed) |
| Estimated private investment | $58.5M |
| Year opened | 2027 (est.) |
Partners
Government: City of Kannapolis
Developers: CRG Residential
Other contributors: Built Form (architecture)
