Of Property For The Village At Lake Norman
For Immediate Release May 19, 2008
CORNELIUS, NC - Cornelius Bromont, LLC has completed the purchase of
104 acres in Cornelius and Mecklenburg County, to be the future site of
the Village of Lake Norman. The project is part of an overall mixed
use development that involves construction of office, residential,
retail and hotel facilities.
In addition the developers plan to construct about $80 million in
roadway improvements, including the widening of I-77, a new Exit 27 at
Westmoreland Road, widening of U.S. 21, a new flyover bridge taking the
realigned Bailey Road across I-77, additional roadway construction west
of the interstate, intersection and signal improvements, and more. The
roadway improvements require further approvals by local, state and
federal highway officials, which are currently being pursued by the
developers and their team.
On-site construction will include retail space, Class A office space, a
250-room full service hotel with banquet facilities and a 100-room
boutique hotel, as well as high-end residences above retail.
Cornelius Bromont has partnered with the BUILD Fund of America to
provide mezzanine financing for the project and Fifth Third as an
additional lender. The amount of the purchase was not announced.
"We are very pleased to have passed this important milestone," said
Josh Rector, project manager and Senior Vice President for Cornelius
Bromont. "We are now proceeding to complete the engineering and
architectural plans, and most importantly the necessary transportation
improvement approvals. Members of our team are also talking with
several potential tenants. We hope to begin physical construction by
the end of 2009."
"This is such a great opportunity for the North Carolina building
trades," said Tim Nichols, Director of Marketing at Labor-Management
Fund Advisors, LLC, the real estate advisor to the BUILD Fund of
America. "The Village at Lake Norman is just one example of how the
BUILD Fund of America invests back into the jurisdictions from where it
receives funding. Not only is this a great opportunity for union
members in the area to invest in such a lucrative project, but they and
their families will also be able to patronize and enjoy the Village at
Lake Norman for many years to come."
About Cornelius Bromont, LLC
Cornelius Bromont, LLC, is a partnership of Bromont Investments of
Scottsdale, AZ, and Carlsen Douglas Development of Huntersville, NC.
Both firms have over 30 years experience in real estate and commercial
development. Bromont has won national awards for the design and quality
of its buildings. More information on Cornelius Bromont is available at
http://www.corneliusbromont.com.
About the BUILD Fund of America
The Building Union Investment and Local Development ("BUILD") Fund of
America is a commingled real estate fund that provides pension funds
the opportunity to diversify their existing stock and bond portfolios
with to-be-built institutional quality real estate projects located in
their jurisdictions. The mission of the BUILD Fund of America is to
earn competitive market-driven returns by investing in to-be-built or
significantly rehabilitated real estate projects that increase market
share for union labor and signatory contractors. The BUILD Fund of
America, which includes investments by U.S. labor union members,
requires that union labor be used to construct the project. Therefore,
this project is expected to create a significant amount of jobs for
union labor and contractors. Details at www.LMFA.com.
----------###-------
Media Contact: Buck Lawrimore, Lawrimore Communications Inc.,
704-332-4344,
http://www.lciweb.com
