Stan Suther's Real Estate and Stuff

A recent article in the Statesville Record & Landmark told of the Statesville City Council’s initial approval of annexing and rezoning land for a plan to build a new regional mall just south of exit 45 between Statesville and Troutman.  The developer, Christopher Bitterlin, is a gentleman from San Diego, CA whose son is going to Davidson College near here.  Mr. Bitterlin toured the area as part of his placing his son at Davidson and really was impressed with our local communities and with the economic potential of the Iredell County area.  So, he formed a group of investors, including local folks, to buy property and start the process of designing and building this mall.  I know there are local people investing because I met one recently at a meeting of the Charlotte Regional Realtor Association Board of Directors (I’m one of them).  Don Harrow is Executive Director of the Piedmont Public Policy Institute, and when this proposed mall was mentioned, he said he is an investor (small world!).  Their immediate goal is to close on 50 acres in January and open the first phase sometime in 2011.  They will market this as a regional mall that will draw from a large area much like Concord Mills but on an upscale focus rather than outlets.  I have heard rumors that it may have Mall of America-like entertainment as a drawing card.  This project will be just south of the in-progress mixed use development, Larkin, that covers almost 1,000 acres with groundbreaking planned for early 2009.  Mr. Bitterlin considers Larkin to be complimentary of his project with a different but supportive approach.  Larkin got Statesville City Council appoval for a phase one sketch plan in August of this year.  In the face of all of our economic uncertainty, it is nice to see that there are those who feel we have the strength and circumstances to offer successful investment opportunities down the road.  More to come!