As the City of Kannapolis closes out phase 1 of its economic revival plan – with nearly $133 million invested in land acquisition, the Kannapolis Cannon Ballers, and improving the city’s infrastructure, it turns its focus to building the economy – as reported in a recent article in the Charlotte Business Journal. Called “Imagine Kannapolis”, the city “is looking to stretch the wave of private investment beyond downtown.”
Andy Sandler, owner of the Kannapolis Cannon Ballers, and Lansing Melbourne Group are helping to bring private investment dollars into downtown Kannapolis. The result: “Nearly all of the redeveloped retail space is leased or has a lease commitment, and the Cannon Ballers set new franchise attendance records in its first season at the ballpark,” reports the Charlotte Business Journal. Current projects include 250,000 square feet of retail space and 1,059 residential units.
“We knew when we bought the team (in 2018) that we were going to be losing money in 2019, and we thought we were going to be moving into a brand-new stadium in 2020,” Sandler told the Journal. “And obviously, we played no games in 2020, so we had another year of significant losses. … So, it was a tough start, but we had a long-term view. Fortunately, what we have seen in 2021 and 2022 is validating our long-term view.”
Read the full article: https://www.bizjournals.com/charlotte/news/2022/08/11/kannapolis-downtown-development-mill-town-ncrc.html