Retail Developer Plans to Sell Off 16-Acre Parcel in Emerging Growth Area at $12.50 psf to $15.50 psf

Emerging and expanding retail tenants off Interstate 77′s Exit 23 in Huntersville, just north of Charlotte, could help promote Huntersville Gateway, a 16-acresite under development just north of Charlotte.

Developer Compass Rose Associates Inc. has the land for sale at $12.50 to $15.50 psf and hopes to sell parcels to companies that would in turn build their own retail or office space.

Compass Rose president Jim Houser has hired Robert Vande Weghe, president ofEvergreen Commercial Properties, to market the project. The plan is to create a mixed-use environment of shops and offices totaling about75,000 sf, and possibly a hotel.

Although the vacancy rate in this market has been relatively high at 29.5%,it is largely due to a newly constructed building at nearby Huntersville BusinessPark, according to Frank Warren, president of Karnes Research Co.

Although leasing space at Huntersville Gateway will remain an option, the preferred plan is to sell parcels for owner-occupied development, Housersays.