Firm Will Develop Parcel in Kannapolis Gateway Park
August 14, 2017
The City of Kannapolis will sell the remaining parcel of property located in the Kannapolis Gateway Business Park near N.C. 73 to Elevation Acquisition and Development, LLC. The 7.25 acres will be sold for $1.5 million, its appraised value.
The Kannapolis Gateway Business Park was developed by the City in 2002 to attract business, commercial and industrial companies. The City has succeeded in its goal for the park as it is now home to Stewart-Haas Racing, Haas Formula One and the Novant Health Distribution Center.
The business park currently generates $250,000 in annual property tax revenues for the City. Elevation Acquisition and Development’s investment of approximately $8 million would add $50,000 in tax revenues to the tax base.
“We look forward to working with Elevation as they develop the property to complement the other businesses in the park and nearby properties. Creating value and employment opportunities for our City has been our priority at the Kannapolis Gateway Business Park and with the sale of this last remaining parcel we have been able to achieve our goals, said Kannapolis Mayor Darrell Hinnant.
Elevation Acquisition and Development, a Charlotte based firm, is expected to develop the property for office and retail use.