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Table 2.2: Single-Family Closings in the Central Area :and Cabarrus County, <br />2003-2007 <br /> <br /> <br />Year <br />Twp. 5 <br />Closin s <br />Twp. 11 <br />Closin s <br />Total Closings <br />Tw s. 5 & 11 Cabarrus <br />County <br />Closin s <br />Twp. 5 & 11 <br />% of Coun <br />2003 59 l 17 176 1,181 14.9% <br />2004 47 146 193 1,566 12.3% <br />2005 32 224 256 2,042 12.5% <br />2006 53 241 294 2,425 .12.1% <br />2007 57 229 286 .1,844 15.5% <br />Total 248 951 1,205. 9,058 13.3% <br />Annual Avera a SO 191 241 1,812 <br />Source: M.O.R.E. Report <br />Table 2.3: New Construction Townhouse Closings in the Cehtral Area and <br />Cabarrus Count , 2003-2007 <br /> <br /> <br />Year <br />Twp. 5 <br />Closin s <br />Twp. 11 <br />Closin s <br />Total Closings, <br />Tw s. 3 & 11 Cabarrus <br />County <br />Closin s <br />Twp. S& 11 <br />°lo of Coun <br />2003 0 0 0 104 0.0% <br />2004 0 0 0 90 0.0% <br />2005 0 0 0 115 0.0% <br />2006 0 10 10 174 5.7% <br />2007 0 0 0 140 0.0% <br />Total 0 10 10 623 1.6% <br />Aanuat Average 0 2 2 125 <br />Source: M.O.R.E. Reporc <br />R'e1l6tt <br />Approximately 75,000 square feet of neighborhood retail currently exists within the <br />Central Area. With the growth in and near the area, more retail development can be <br />expected. <br />Retail. projections are based primarily on entitled developments, as retail demand by <br />household growth is difficult to accurately measure because the study area sdivergent <br />from a natural retail trade area. Much of the demand and development within the study <br />area will be driven by outside households. <br />There are two major entitled projects in the Study Area. with known square footage. A <br />third site has received approval onthe sketch plan. First, the Aston Properties retail <br />development south ofNC 49 has been approved for 800,000 square feet ofretait space, <br />reportedly anchored by a Super Target. @ is anticipated that the sitewill be fully <br />developed between 2010 and 2020. <br />Second, the: Mills at Rocky River was approved for 565,000 square feet of retail as part of <br />a mixed-use, conditional rezoning in 2006. The Mills is located along Rocky River <br />Road, approximately three miles south of NC-49, the neazest major highway. The lack of <br />access will make this site less attractive to a major anchor, decreasing the probability of <br />retail being developed on'this site before 2030. Additionally, residential construction in <br />