The Mooresville Tribune reported today that the developers of Langtree at the Lake, Rick and Brad Howard, have sold the 300 acre project for approximately $60 million to RL West Properties of Toledo, Ohio. The Howards plan to continue their involvement in developing the property. They’ve been working with RL West for several years on part of the project, and Brad Howard had told me earlier that they are a major player with good financial power available. In the world of real estate development, financing problems have been a major reason for projects like this to become stalled. Up the road near Statesville, another large mixed-use project, Larkin, has made little apparent progress in the last couple of years because of this financing problem, although their developers claim that they still intend to get going once the economy improves..
With positive news on the reduction of unemployment in the news today, hopefully we’ll begin to see that we’ve passed a tipping point in moving our economy toward a brighter outlook. Progress on developments like Langtree at the Lake (think of the jobs involved in building that complex) can only serve to fuel the growth of our economy. Within the last couple of months, two commercial businesses have secured land and built new buildings near the intersection of Brawley and Williamson Roads in Mooresville. I hope all of these projects signal a renewal of economic growth.