MOORESVILLE — The South Iredell Community Development Corp. has purchased land for a new industrial park code-named “Project Prosperity.”
The development will comprise 476 acres, large enough to hold $115 million in investment, according to Robert Carney, executive director of SICDC. The group bought the land on Highway 801 in Mooresville from Charlotte developer Forest City Southeast for $5 million.
SICDC is an economic development nonprofit that was loaned the money to buy the property by a group of banks, headed by BB&T. SICDC will have the opportunity to repay that loan when industrial tenants buy parcels in the park, which could be ready for its first tenants in May 2014, according to Carney.
This is not the first industrial park of its kind in the town. Iredell County and Mooresville have financed two other parks: South Iredell Industrial Park and Mooresville Business Park. Both parks are nearly full.
The third park does not have an official name yet, but it is expected to have roads and water and sewage systems in place for tenants. The first phase of the project is expected to include 200 to 250 acres.
Carney said the new park has more developable acreage than the other two because the land at the first two parks has more natural obstacles: wetlands, hills, streams and inclines. The land was originally intended for Forest City Southeast’s Cotton Creek subdivision.
Rail access is planned for the park, something the other two parks already feature.
According to Carney, the park will not only create jobs and more tax revenue for the town but also have “extremely competitive” pricing.