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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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KINGS <br />GRANT <br /> <br />A BRIEF HISTORY OF KINGS GRANT <br /> <br />The concept of a Kings Grant interchange and related development was first conceived in <br />1986 from the observation of growth patterns around Atlanta. A succession of brokers, <br />developers, and investors, including the largest real estate developer in the United States, <br />failed either to design a viable development plan, induce landowners to enter into purchase <br />contracts, or obtain adequate financing. <br /> <br />In 1989 Interstate Combined Ventures was formed by Landex, Inc. to develop Kings Grant. <br />ICV brought together the necessary elements to rebuild credibility and proceed with the <br />project. One of the first actions taken by ICV was renegotiation of the interchange <br />construction agreement that provides for the State of North Carolina to pay 50% of the <br />cost. Another important action taken by ICV was the sale of some 320 acres tO Cabarrus <br />County for the site of a general aviation facility to relieve traffic at Charlotte Douglas <br />International Airport. <br /> <br />In 1991 the Charlotte Motor Speedway joined ICV and the State in a revised interchange <br />construction agreement to expand the scope of the interchange to allow for the obvious <br />acceleration of growth trends in the area. In 1994 the design and right-of-way acquisition <br />were finally completed, and the construction contract awarded. The new interchange <br />opened October, 1996. <br /> <br />In 1994 the core property acquisition was completed with the support of a new financial <br />parmer, G L Wilson Building Company. Nearly 1,500 acres have been assembled to date. <br />Since its inception, Kings Grant has evolved from a multi-use project with an emphasis on <br />industrial development into a multi-use project with an emphasis on retail development, and <br />no industrial development on the core acreage. The cornerstone of retail development is <br />a regional mall that will be developed by the Mills Corporation and Simon/Debartolo <br />Property Group. They completed the purchase of their site in July, 1997. <br /> <br />In 1990 Interstate Combined Ventures cooperated with the City of Concord in the <br />annexation of Kings Grant, and the City demonstrated its firm support of Kings Grant by <br />extending water and sewer lines to Kings Grant well ahead of development. The City also <br />purchased the airport site from Cabarrus County, and completed the $31 million airport in <br />1994. The City has also undertaken construction of a new $10 million championship golf <br />course adjacent to Kings Grant. The new golf course is scheduled to open August, 1997. <br />In February, 1997 the City purchased some 160 acres within Kings Grant, and subsequently <br />entered into a joint development agreement for the northeast quadrant of Kings Grant with <br />ICV. The City intends to build a convention center attached to a full service hotel on a <br />portion of the property it has acquired. <br /> <br /> <br />
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