Ground broken for 'largest ever' building of its kind in Cabarru - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Ground broken for 'largest ever' building of its kind in Cabarrus Co

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CABARRUS COUNTY, NC (WBTV) -

Ground was broken Tuesday morning for The City of Kannapolis and Childress Klein Properties and the construction of a 360,000 square foot speculative industrial building, to be known as Afton Ridge I, in the Afton Ridge Business Park.

The building, which fills a local void for available manufacturing and warehouse space, is expected to be completed by December 2014. 

"We are extremely excited about the opportunity to establish new inventory within the City of Kannapolis, with the goal of spurring economic development and establishing new jobs in our community," said Kannapolis Mayor Darrell Hinnant. "It is exciting that they're going to be investing over $23 million in this project and the City of Kannapolis is also sharing in some of that."

The Kannapolis City Council unanimously agreed to offer a financial participation package, which includes a three-year tax rebate at 85 percent of the property taxes due to the City once the building is complete. The City of Kannapolis will also provide Childress Klein Properties with a $500,000 loan with no payments due to the City until the building is at least 50 percent leased or the building is sold. At that point in time, $250,000 of the loan will convert to a grant with no required payback. The remaining $250,000 will be repaid to the City. If Childress Klein Properties begins construction on a second building in the business park within 18 months from the time the first building is 50 percent leased or sold, the City of Kannapolis has committed to converting part of or the entire remaining $250,000 loan to a grant.

"Childress Klein is pleased to be able to continue to invest in Kannapolis," stated Landon Wyatt, partner with Childress Klein Properties. "The location of the spec building at Glen Afton Boulevard offers great potential for a variety of businesses looking to relocate to the Afton Ridge Business Park. This is a project that would not be possible without the support of the community and the Kannapolis City Council."

Wyatt also said that property would be suitable for a number of potential clients.

"This building could fit certainly the logistics and distribution operations that are increasingly looking at this area, but also light manufacturing as well," Wyatt added.

The plan for Afton Ridge I, which will be located at 6361 Glen Afton Blvd. includes:
- 360,000 Square Feet
- Office Area – Built to Suit
- Immediate access to I-85 at Kannapolis Parkway
- 30' clear building height
- Designed with energy and water saving features
- 78 dock doors
- Up to 237 auto, and 100+ trailer parking spaces

"We are fortunate to have companies willing to invest and build speculative buildings in Cabarrus County," said Patrick Coughlin, Cabarrus Regional Chamber of Commerce and Cabarrus Economic Development Corporation President and CEO. "Frequently, we receive inquiries from companies looking to expand or relocate to the Charlotte region. By establishing greater inventory, Kannapolis becomes more attractive because interested companies are able to move quicker in their search and decision-making process."

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