Prime downtown real estate hits the market
Three of the four parcels on the market contain turn-of-the century houses in various states of repair.
March 9. By Dave Yochum. With less than 10 months before the Cain Center for the Arts grand opening, downtown Cornelius is poised for redevelopment.
A four-lot parcel along Catawba Avenue at School Street has hit the market for $1.6 million. Three of the four parcels contain turn-of-the century houses in various states of repair. The 1.4 acre, four-lot parcel is the trophy, not the houses.
A four-lot parcel along Catawba Avenue at School Street has hit the market for $1.6 million.
Marketed as a “redevelopment opportunity,” the Neighborhood Mixed Use zoning on the bulk of this property allows for high-density residential and limited commercial, all within walking distance of the $25 million Cain Center which opens in December.
The sellers are Elaine and Phil Howard, owner of Southern Financial Group, officed at 21216 W. Catawba. They could not be reached for comment.
Corner Oak property
Also on the market is the Corner Oak Land Assemblage, which is adjacent to the Cain Center itself. It comprises 200 feet of frontage along Catawba Avenue, including brick storefronts from a century ago.
The asking price is $2 million to $4 million, according to sources in local commercial real estate.
A mixed-use project is highly probable; possibilities include a boutique hotel with a parking deck, condominiums and retail, including restaurants.
Downtown will be a different place in the years to come, according to developers, even though there is still a question around how the Town Board will update the Land Use Plan over the next five or six months.
Until then rules and regs for developers of larger projects are in flux, but you can think in terms of a higher level of development downtown—restaurants, breweries, art galleries, a hotel.
The Cain Center for the Arts is a $25 million capital investment that is attracting regional if not national attention from developers.
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One of the charming things about this area of Cornelius are the older homes of which many are businesses now. It is a shame to sell these out to a large development group. Now our street will lose some of its character and charm. And Cornelius will look like every other overgrown suburb.
I had a bad feeling that the Cain Arts center would open the door to a greedy real estate frenzy that disdains the value of historic beauty. What a shame.
Greed is slowly choking out any lingering resemblance of what was once considered a great little lake town with charm and character.
Greed?
I agree with DW it is the Community of Cornelius that needs to define what it is and wants to be , not leave it in the hands of a developer who is merely looking for profit. The charm and character of Cornelius is a draw and any new projects coming into it especially in its downtown need to contribute not detract. I am not aware of all the plans for the Cain Center but I am hopeful that a part of its construction is also in consideration of the parking, not that I would want a monolithic parking garage but if you want a community that is quaint and supports walking, they need some place to park to enjoy the experience, especially when the Cain Center is hosting a large event, and is in support of the nearby businesses.
I have a great idea, everyone that is complaining about these listings could pool their money, buy the parcels…instead of inflicting their vision on other people’s property.
Yes
Congrats to Mr, And Mrs Howard on the soon to be sale. I hope a high end large developer buys these and builds high end expensive housing- We need the tax base.
Revaluations this year , coming at the worse time. Maybe they could postpone it. People are struggling to pay for gas , food , everyday essentials.
Many comments posted here just show how uninformed and how insensitive people can be. There are more factors involved in the consideration to sell something thst has generational history than just flat out greed.
Mr Howard has provided what can only be described as the most affordable rent in downtown Cornelius for years, providing families a place to live that otherwise may not be able to reside here. I hope that whoever buys it will consider keeping with the charm of this part of town. Best wishes to them
Your welcome. We also hope for the same.
The Howard properties are in crappy shape. Have you ever seen those worn out mobile homes behind the property? He also owns a property on Brinkley and Washam and it is a mess too. SELL it and do anything to it-it will be an improvement. Thank you to the Howards for letting this property be purchased and improved.
I bought a lottery ticket when I saw this this for sale In the print copy of Cornelius Today last week. Unfortunately, I didn’t win. I would snap that up and renovate into 2 beautiful bed and breakfasts and a cafe that would be purposeful and keep with the charm of Old Town Cornelius. One can dream . Anyone that has big money that is reading this is welcome to my idea ☀️
You are welcome, I am sure there will be an improvement if we ever decide to sale them.
In the meantime keep the slanderous coming keyboard cowboy.
I do not see it as a encroachment of high end first class buildings and other amenities I see it as exactly what Cornelius needs to continue to grow and survive in the future.
I also believe it is the property owners rights to do what they want with their property. Those who object can buy and control a property or run for town council and try to control a property but if it is just wishes without action than step aside because things are going to change.