AG 1998 11 16 - Laserfiche WebLink

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KINGS GRANT A BRIEF HISTORY OF KINGS GRANT The concept of a Kings Grant interchange and related development was first conceived in 1986 from the observation of growth patterns around Atlanta. A succession of brokers, developers, and investors, including the largest real estate developer in the United States, failed either to design a viable development plan, induce landowners to enter into purchase contracts, or obtain adequate financing. In 1989 Interstate Combined Ventures was formed by Landex, Inc. to develop Kings Grant. ICV brought together the necessary elements to rebuild credibility and proceed with the project. One of the first actions taken by ICV was renegotiation of the interchange construction agreement that provides for the State of North Carolina to pay 50% of the cost. Another important action taken by ICV was the sale of some 320 acres tO Cabarrus County for the site of a general aviation facility to relieve traffic at Charlotte Douglas International Airport. In 1991 the Charlotte Motor Speedway joined ICV and the State in a revised interchange construction agreement to expand the scope of the interchange to allow for the obvious acceleration of growth trends in the area. In 1994 the design and right-of-way acquisition were finally completed, and the construction contract awarded. The new interchange opened October, 1996. In 1994 the core property acquisition was completed with the support of a new financial parmer, G L Wilson Building Company. Nearly 1,500 acres have been assembled to date. Since its inception, Kings Grant has evolved from a multi-use project with an emphasis on industrial development into a multi-use project with an emphasis on retail development, and no industrial development on the core acreage. The cornerstone of retail development is a regional mall that will be developed by the Mills Corporation and Simon/Debartolo Property Group. They completed the purchase of their site in July, 1997. In 1990 Interstate Combined Ventures cooperated with the City of Concord in the annexation of Kings Grant, and the City demonstrated its firm support of Kings Grant by extending water and sewer lines to Kings Grant well ahead of development. The City also purchased the airport site from Cabarrus County, and completed the $31 million airport in 1994. The City has also undertaken construction of a new $10 million championship golf course adjacent to Kings Grant. The new golf course is scheduled to open August, 1997. In February, 1997 the City purchased some 160 acres within Kings Grant, and subsequently entered into a joint development agreement for the northeast quadrant of Kings Grant with ICV. The City intends to build a convention center attached to a full service hotel on a portion of the property it has acquired.