Stalled Kannapolis project may get fresh start

The Kannapolis City Council will have a public hearing Monday regarding renewed development at the stalled Kellswater Bridge neighborhood.

The hearing will be at 6 p.m. at the Kannapolis Train Station, 201 S. Main St.

Charlotte-based Mountain Real Estate Capital partnered with Raleigh-based L Star Land and purchased the unfinished development in December for $20 million, said Adam Ashbaugh, a partner with L Star. Kellswater Bridge Development originally planned to build 900 to 1,000 homes on the 270-acre site but built only about 80 before the project went into foreclosure last year, Ashbaugh said.

MREC and L Star are in discussions with city officials and residents to clarify design standards for the homes they want to build.

Ashbaugh said he is confident the issues will be resolved at next week’s meeting. He also said the partnership has homebuilders lined up and ready to start construction, but he wouldn’t reveal the names of the companies.

“If everything is approved on the 26th, I would say we’d start construction immediately,” Ashbaugh said. “It was a failed development, and our intention is to resurrect it.”