Jan. 25 – The city of Kannapolis has announced plans to move forward with an Alabama company’s $300 million new construction and redevelopment investment project that would bring residential units; retail and restaurant space and corporate offices downtown.

The Kannapolis City Council voted on Jan. 22 to unanimously approve a memorandum of understanding with Corporate Realty, Inc., of Birmingham, Alabama.

The non-binding memorandum begins the process of a formal partnership with Corporate Realty.

The $300 million project is part of the city’s ambitious downtown revitalization plans to restore old buildings and construct a new baseball stadium for the minor league Intimidators; residential units; retail space and a performing arts center.

Over the next several months, Kannapolis officials and Corporate Realty will work to complete due diligence, create a development plan and negotiate a master development agreement to establish more details regarding the sale of property, design, finance, construction, ownership and operations of the venture’s first proposed project.

The first proposed project is a mixed-use block of properties and buildings on West Avenue adjacent to the city’s proposed sports and entertainment venue.

The second proposed project includes a block of buildings adjacent to and south of the historic Gem Theatre. Buildings in this block would be redeveloped as historic, creative office space; retail and restaurant space and parking along with new construction. The city would retain ownership and preserve the Gem Theatre.

The third proposed project is an active senior residential community on a portion of the property between West Avenue and Dale Earnhardt Boulevard.

The fourth proposed project is corporate headquarters office space on privately owned property adjacent to the proposed sports and entertainment venue.