MOORESVILLE, NC-The 84,000-sf former Troutman Shirt Factory here, 30 miles north of Downtown Charlotte, is getting a new face and a new name–Lake Norman Design Center. Locally-based Streeter & Associates is putting $1.5 million and three years of labor into the conversion, but already has six tenants lined up when the first $500,000 phase is completed in the first quarter.

The developer’s total renovations cost equates to $17.86 per sf, about five times less than the construction of a new asset, according to construction estimators familiar with comparable projects.

During the later stages of development, an additional building of undetermined size will be added to house the professional services of attorneys, mortgage brokers, architects and other support services.

Streeter bought the building in 1997, intending to it as a warehouse and distribution center, but a year later decided to develop the design center.

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