CORNELIUS, NC-Cornelius Bromont LLC has purchased 104 acres in Cornelius and Mecklenburg Counties, where they plan to build a 2.2 million-sf, $516-million mixed-use development project. Neither the transaction price of the land nor the seller were disclosed, though the property was acquired from 12 different individuals, many of whom were family members.

Plans for the site, which will be called the Village at Lake Norman, include 655,000 sf of high-quality retail space, 400 luxury condominium residences, 810,000 sf of class A office space, a 250-room full-service hotel and a 100-room boutique hotel.

The developers are also planning $80 million in roadway improvements to ensure ease of access to the development. The plans include the addition of an exit to Westmoreland Road from Interstate 77, the widening of both I-77 and US 21, and a new bridge taking the realigned Bailey Road across I-77, all of which are subject to approval by highway officials.

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