The Stewart Group has won approval from Cornelius officials on a contract to buy a lot on which it plans to build a two-story, 15,000-square-foot commercial center.
Last week, Cornelius’ Town Board OK’d allowing Stewart to purchase the vacant lot next to Town Hall.
David Stewart, a partner with Stewart, a Davidson real-estate development and investment company, said his company put down $5,000 two weeks ago to secure the lot. The company is putting together design plans and trying to find tenants for the proposed center.
Stewart hopes to get about six tenants for the building, including a restaurant and bank.
The Cornelius Police Department used to be on the vacant lot, but it was razed in 2009.
Stewart said that, according to the contract with Cornelius, his company has 12 months to complete design plans and find tenants. If town commissioners approve the plan, the company would then purchase the lot for $100,000, Stewart said.
The project is likely to be a smaller version of Stowe’s Corner, a 23,000-square-foot mixed-use building in Davidson the company developed in 2009, Stewart said.