Tuesday, 13 June 2017 13:15

MPV Properties to partner on Vermillion Village

Written by  Lee Sullivan
A sketch plan for Vermillion Village. The large orange block indicates the location of the anchor tenant of the commercial component. A sketch plan for Vermillion Village. The large orange block indicates the location of the anchor tenant of the commercial component. Courtesy MPV Properties

HUNTERSVILLE, N.C. -- Charlotte-based MPV Properties will partner with Huntersville’s Bowman Development Group in the three- to five-year transformation of a vacant, 30-acre tract in the town’s center into a mixed use neighborhood viewed as a catalyst for downtown rejuvenation.

This week, MPV — a firm specializing in a variety of commercial real estate services – announced that it has signed on to oversee the commercial development aspect of Bowman’s plans for Vermillion Village, a mix of retail and residential buildings surrounding an anchor-tenant supermarket on the downtown acreage historically referenced as the Anchor Mill site.

At last week’s Huntersville Town Board meeting, commissioners okayed zoning changes and a detailed sketch plan of the entire project — and provided a waiver allowing for a single retail building of up to 78,000 square feet — to clear many of the final hurdles on Bowman Development Group’s path to complete the purchase of the property. The closing date for the $1.35 million acquisition is set for July 6, according to Nate Bowman, founder and leader of the development firm.

The Vermillion Village property is just northeast of the N.C. 115/Gilead Road intersection on an L-shaped tract bordered by North Church Street, Fourth Street and Huntersville-Concord Road. The name ties in with Bowman’s existing mixed-use Vermillion neighborhood on the other side of Huntersville-Concord Road.

The lone landmark remaining on the property is a water tower, dating back at least 50 years and possibly to the early 1900s, that is a reminder of the site’s history as the home of manufacturing operations. The town purchased the abandoned mill site in the mid -1990s and eventually demolished the remnants of the fire-damaged structure that had occupied the property since the 1890s. The water tower, at the northwestern edge of the site near Church Street, will be preserved as a feature of the new mixed-used development.

In the announcement from MPV, the company said the joint venture at Vermillion Village will include a 78,000-square-foot supermarket and at least 18,000 square feet of additional retail space. MPV’s Steve Vermillion — whose name is coincidentally the same as the development — will be the company’s direct consultant for the project.

Bowman’s group will oversee the development of as many as 400 apartments and townhouses in the neighborhood.

New roads to serve the neighborhood, and improvements to existing roads and intersections expected to be impacted by the project, are a central part of the development. In addition to the purchase price, Bowman’s group has pledged an additional $250,000 to help finance some of the required road upgrades.

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