Tim Anderton

While cost figures remain an issue, some Mooresville Town Commissioners are reportedly re-thinking their attitudes towards the commuter rail line extension to Mt Mourne.

New financial data regarding the project seems to be the major reason for the shift in attitude. For ¼ of the price of widening I-77 with an additional lane, the rail line could carry as much traffic and be done at least 8 years sooner. The cost of the North Corridor extension (to Mt Mourne from Davidson) is estimated at $21 million. Mooresville would be expected to provide $15.8 million of that. CATS officials feel that the increased tax revenue from business density increasing along the line would cover the bulk of that amount (previous reports of the CATS North Corridor negotiations reference Federal Railway Administration loans to acquire this capital upfront).

Iredell County has already passed on contributing financing to the project, but talk has begun about possibly re-submitting the project to the County Commissioners.

All of this speculation may be moot, however, as the rest of the financing for the line would have to come from Mecklenburg County sales tax increases, and other CATS rail line projects are competing for this same money. To complicate matters further, the newly elected board in Huntersville has expressed issue with town money, which would be necessary for the project, being allocated to the train.

These transportation issues stand to have massive impact on the commercial and residential real estate markets in the Mooresville / South Iredell area. We've talked here before about the perceived disconnect between the Charlotte Metro region and South Iredell. Apart from issues of ridership and usage, mass transit linkage between the areas would go a long way to dissolving that perceived disconnect and further emphasize the viability of Moorseville/South Iredell as a potential business location for those finding difficulty locating appropriate space in Charlotte.

CATS Express bus 83X, which runs from Mooresville to Charlotte 4 times a day, could cease to exist without extension of the subsidy which expires this coming July 1.

The Town of Mooresville's 3 year contract to subsidize the bus route is at an end, and Mooresville commissioners have been advised not to extend another $95,000 to continue the route through the next fiscal year. While overall ridership is down in recent months, the line has shown steady growth in ridership since its inception. Some proponents of the bus line say that the recent temporary drop in ridership is due to elimination of key Park-and-Ride locations, and that some riders have since found ways around this challenge and are returning to the bus.

Commissioners Frank Rader and Mitch Abraham make up the 2 person committee charged with determining which outside funding issues the town should allocate funds for. Their recommendations this year include not renewing the CATS subsidy, which would cause CATS to have to cancel the line. The Board has not yet voted on these matters, though.

CATS officials say that while the 77X line, which has pick-up locations in Davidson, Cornelius, and Huntersville, could shoulder some of the load but certainly not all. Some Mooresville residents that use the line feel that the increased traffic and air pollution caused by the loss of the 83X more than justifies the cost to Mooresville. Alternative funding options have been mentioned, such as requesting that Iredell County share the subsidy burden with the Town. The current fare for the 83X is $2.60 each way.

Mooresville residents with an opinion or comment on the matter should contact their Town representative and/or the Mooresville Tribune.

Real estate advisory firm The Staubach Company has been contracted by Premier, Inc, to analyze the company's needs and options in the Charlotte area.

The company created and owned by 200 hospitals and health systems provides administrative support in the realms of purchasing and care-tracking for its members. Premier says it has no plans to relocate its San Diego headquarters to join the 600 or so employees already in the Charlotte area. Initial projections indicate that the company will be looking for approximately 250,000 sq ft, making this the biggest move in Charlotte commercial real estate in over 3 years.

It is worthy of note that the available commercial space in the Charlotte area is already limited (vacancy rates dropped below 1% in December in the Charlotte Metro region) and with several large downtown office projects canceled, on hold, or moving forward far more slowly than originally anticipated, it's possible that Premier will be looking outside Charlotte to fill their needs.

Cornelius Bromont, LLC, the firm behind the potential Village at Lake Norman project in Cornelius, says in their literature that the project will not be developed if the proposed I-77 interchange at Westmoreland Rd (Exit 27) is not approved.

The firm will also require a commitment from the Town of Cornelius and Mecklenburg County that the increased tax revenue from the Village project will go towards offsetting the area infrastructure improvements that are part of the Village plan. These include widening of I-77 from Catawba Ave (Exit 28) to south of Mt Holly-Huntersville Rd and US 21 from Westmoreland to Bailey Rd, as well as an extension of Bailey Rd into a 'fly-over' over I-77.

The promise of The Village at Lake Norman is far bigger than the local transportation upgrades. The complex is to sit on 102 acres bounded by Westmoreland Rd, I-77 and US 21. More than 750,000 sq ft of retail space, 800,000 sq ft of office space, 2 hotels, and 440,000 sq ft of condominium space would be nestled among “many trees and resort-quality landscaping elements” and “many parks and open spaces”. Underground parking and service areas would alleviate traffic concerns and parking for the 'SouthPark-style' retail shops and restaurants. A 'Village Green' area would be used for public events, festivals, and shows. Estimated local economic impact is over $370 million and over 3,000 new jobs.

A new development in northwest Cabarrus county seems to be a sign of changes in the area. The Enclave at Timber Ridge is a 75-acre development aimed at the highest end of the housing market. The 21 lots range from 2 to 7 acres and the average price point is $1.7 to $1.8 million. So far, buyers are area business and medical professionals already in or near the area, but the intended marketing focus is on those affiliated with the North Carolina Research Campus under construction in Kannapolis.

This unprecedented level of residential land value in the Concord/Kannapolis region has been foreshadowed by developers since the announcement of the bio-tech facility. A recent sale of a 7 acre lot in the Enclave for $495,000 is the likely the highest price-per-acre sale in Cabarrus county history. Land values have been steadily rising all around the area as work continues on the Bio-tech research park. While much of the value of this particular land sale has to do with its location within the Enclave development, it is still indicative of future value increases as more capital comes to the area in association with the park.