About Mooresville's Langtree At The Lake

Langtee at the Lake is a Go! Mooresville, NC Real Estate

Residents of Iredell and Northern Mecklenburg County have been waiting patiently for over a year now on the development of Langtree at the Lake. Road infrastructure has been in place with the addition of a new exit off I-77.

Here is a recent article by the Davidson News that covered the breaking news. Every Broker in the Lake Norman region should be excited by the comments and announcement that vice president Brad Howard stated in the article.

Work could begin this summer on an initial phase of the 300-acre mixed-use Langtree at the Lake development off I-77 Exit 31. The site's developer this week announced a partnership with an Ohio company to begin construction of a section that includes upscale apartments and shops.

Langtree Properties has been working plans for the $800 million project in Mooresville, off I-77 near Lake Norman. Thursday's announcement said Langtree has formed a joint venture with RL West Properties of Toledo, Ohio. The new Langtree Development Co. LLC, would "immediately begin" work on the project.

Langtree Group vice president Brad Howard, said in a press release he thinks the economy is on the rebound, making it a good time to start the project

"This is about Economic Development. Period. The world is ready to begin taking risks again. It has been a difficult road, but our dream is now a reality," Mr. Howard said. "I look forward to local job creation, sales and property tax generation, and most of all I hope this sparks the willingness for others to begin to build again."

Mooresville developer Rick Howard, president of The Langtree Group and Brad's father, said in the press release he was excited about the partnership. "In today's uncharted and challenging economy, I cannot express my thanks and excitement enough to the leadership of the RL West organization for recognizing the opportunity and embracing our vision. I look forward to implementing our dream, Langtree," Mr. Howard said.

Added Barry Rigby, an RL West executive vice president: "This is a community based effort for the benefit of all. We have executed a new chapter in Mooresville's rich history."

Friday's announcement did not mention financing.

Langtree at the Lake and Larkin development may get millions in stimulus money.

The Lake Norman region has been waiting patiently for the new Langtree at the Lake development to begin construction. However, tax issues have plaqued the project and prevented any construction.

Well here comes the government to help bail out both the Langtree project and Larkin development. Here is an excerpt from our local newspaper that gives hope for the projects to start moving dirt again.

An Iredell County government financing authority agreed last week to let the planned Langtree at the Lake and Larkin developments seek state approval for a combined $41million in "recovery zone bonds."

The bonds are part of the federal American Recovery and Reinvestment Act of 2009, intended to help reignite the economy. States approve and allocate the bonds.

The developments would obtain private financing for the bonds, so taxpayers wouldn't be at risk if the projects fail, officials said. Still, the county and state have to make sure the projects are fiscally solid enough to be able to obtain the financing, and the developments will create lots of jobs.

Members of the Iredell County Industrial Facilities & Pollution Control Financing Authority unanimously agreed last week to allow the developments to ask the state to approve the bonds.

Larkin is seeking $25million in bonds. The mixed-use development will encompass 1,000 acres off Interstate 77 Exit 45 in Troutman. A boulevard will extend the development north to Exit 49A in Statesville.

Larkin is expected to create at least 1,100 jobs in its first five years, Larkin officials told the authority.

In December, Iredell County gave Langtree at the Lake the go-ahead to seek $9million in the same type of bonds. The developer was back last week to request an additiona $16million, after more bond money was projected to be made available.

The project, at Interstate 77 Exit 31 in south Iredell, is expected to create about 1,900 jobs from 2012 through 2015, Russ Rogerson, executive director of the nonprofit Mooresville/South Iredell Economic Development Corp., told the authority.

The N.C. Department of Commerce and the N.C. Local Government Commission will next consider approving the bonds. The Iredell County Board of Commissioners also will have to schedule a public hearing.

Langtree Exit off I-77 open.

Another major stepping stone crossed for the Langtree Development. We expect this this development with its unique location to the interstate and Lowes Headquarters situated directly on Lake Norman to provide an excellent opportunity for expanding franchisers and other business owners.

Please contact Carolina Commercial Advisors for info. www.carolinacommercialadvisors.com or call Nick at 704 577 3306

See article from WSCOTV:

Drivers on Interstate 77 will see a new exit on their way to work Monday. After more than two years, the Langtree Road corridor, or exit 31, opened Friday night between Davidson and Mooresville.The new exit was first scheduled to open on July 15, but the North Carolina Department of Transportationsaid heavy rain in May and June delayed construction.The total cost of the project was $21.4 million. It creates a new entrance to the Lowe's corporate campus. Officials hope it will ease some of the traffic congestion on Fairview Road. Construction on the new interchange first started in February 2007.

While living in the Lake Norman area for the past 10 years I have seen the landscape change in many ways. I am very excited to see that a development that has been in the works for years is finally coming to fruition. Here is a recent article I read that will keep you updated on the Langtree at the Lake development.

Despite the spring rains, Interstate 77 Exit 32 in south Iredell remains on track to open this summer, a state transportation official said.

Barring weather delays, the long-anticipated interchange will open July 15, said engineer John Cook of the N.C. Department of Transportation office in Statesville.

"Even with all the weather we had this spring, they're still on schedule," Cook said last week of general contractor Rea Contracting of Charlotte.

The $21 million project includes a third interstate lane both southbound and northbound between the new exit and existing Exit 33 near Mooresville.

Interstate paving is finished southbound but not northbound, Cook said. "The main thing is the paving, and we're doing that at night," he said.

Signals have been installed on Langtree Road at the new exit, Cook added.

The state promised the new exit years ago as an incentive to lure the national headquarters of Lowe's Companies Inc., the home improvement retailer accessible from Exit 33 and N.C. 115. Lowe's is paying to build a road straight to its headquarters from Langtree Road near the new exit .

Work started on Exit 32 in March 2007.

The exit leads to Lowe's in one direction and to the planned $800 million Langtree at the Lake mixed-use development in the other direction.

Langtree Road will eventually be expanded to serve as an east-west connector between I-77 in south Iredell and Interstate 85 in Cabarrus County. The connector would link with N.C. 3 through the counties.

The construction of Langtree at the Lake, across the causeway on I-77 just north of Davidson, may get under wayas soon as this fall with funding provided by special assessment improvement district bonds, also known as SAID bonds. At a meeting last month, the Mooresville Town Board of Commissioners took the next step toward enabling Langtree principal developer Land Acquisition & Investment to begin installing water, sewer and roads by unanimously approving a resolution to proceed with the necessary steps to authorize as much as $40 million in SAID bonds for the mega-development. Langtree would be the first development in North Carolina to secureSAID bonds since the state legislature approved the funding mechanism in August of last year.

The $880 million development will consist of 300,000 square feet of corporate and professional offi ce space,650 luxury condos, a 150-room boutique hotel, a 300-room hotel and convention center, a 40-acre preserve and a number of retail shops and community amenities. Approved by the Mooresville Town Board in December 2006, Langtree at the Lake will occupy 125 acres at the emerging Exit 32, which is currently under construction, including several acres fronting Lake Norman.

Other municipalities in Mecklenburg and Iredell counties stand to reap the benefits of such large-scale job creation, too. Beyond that, however, Langtree is also anticipated to spur ripple development across north Mecklenburg and attract new businesses to the area. The water and sewer lines that Langtree will install using the SAID bonds will have the capacity serve adjacent properties that have no such utility services. Smith said that the sewer line will open up the southeast quadrant of Exit 32 to new development, extending around Lake Davidson into the Town of Davidson,that has heretofore been undeveloped because of the absence of utilities. Davidson town staff members are anticipating a direct impact from Langtree and are planning for future growth in the town that will ride the development's long coattails.