Cornelius Bromont buys 104 acres for Village of Lake Norman

Cornelius Bromont has completed the purchase of 104 acres for the site of the Village of Lake Norman, a $516 million mixed-use development proposed along Westmoreland Road in Cornelius.

Financial terms of the land deal weren't disclosed.

Cornelius Bromont, a partnership of Bromont Investments of Scottsdale, Ariz., and Carlsen Douglas Development of Huntersville, is developing the project.

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It's slated to include 1.4 million square feet of office, restaurant and retail space, along with two hotels and 400 luxury condominiums.

The project is to be built over six to 12 years, depending on market demand.

The developers have proposed that Interstate 77 be widened to six lanes from four in northern Mecklenburg County. The highway would be widened in both directions between I-77 Exit 23 in Huntersville and Exit 28 in Cornelius.

The developers have pledged to pay $35.2 million toward the highway improvements. In addition, they say they will pay $54.8 million to widen U.S. Highway 21 and Westmoreland Road.

Financing for much of the project's road improvements would come from future property tax revenue generated by the development.

The highway proposal requires approval from the Federal Highway Administration, N.C. Department of Transportation and the Mecklenburg-Union Metropolitan Planning Organization.

"We are now proceeding to complete the engineering and architectural plans, and most importantly the necessary transportation-improvement approvals," says Josh Rector, project manager and senior vice president for Cornelius Bromont. "Members of our team are also talking with several potential tenants. We hope to begin physical construction by the end of 2009."