Langtree's re-start has business leaders excited

By: Jessica Osborne | Mooresville Tribune
Published: February 07, 2011

Mooresville business officials say they are excited that the long-anticipated Langtree at the Lake development is finally getting underway.

“This is certainly good news for the community who have watched this hard work for a number of years,” said Karen Shore, president & CEO of the Mooresville-South Iredell Chamber of Commerce.

“It’s refreshing, any positives we can see right now with economic development we need to embrace and certainly celebrate those headlines of moving forward.”

On Friday, the Tribune disclosed that Mooresville’s Langtree Properties

has sold the project’s 300 acres for an estimated $60 million, while creating a partnership to move the upscale residential/commercial development forward.

Langtree Properties is partnering with RL West Properties of Toledo, Ohio, to form Langtree Development Company, LLC. The 300 acres in the I-77/Exit 31 area were sold by Langtree Properties to RL West for approximately $60 million, according to an Iredell County filing this week.

Langtree Vice President Brad Howard said the cash infusion will allow the long-anticipated development to proceed.

Robert Carney, interim executive director of the Mooresville-South Iredell Economic Development Corporation, agreed with the chamber’s Shore that the jump-start of the Langtree project is “great news for the community.”

He added, This project going vertical brings with it an array of opportunities, namely job creation, which is crucial in today's market. The MSIEDC will continue to work closely with both Langtree and RL West to provide support towards the success of this project."

The ambitious Langtree at the Lake project was announced in 2007, but the economy’s sag prevented its start. Now, said Steve Welly, president of RL West, “In this joint alliance, we are replacing the debt with capital, working in conjunction with the five to six years of planning to make this project a reality.”

Officials of the new Langtree Development Company said they anticipate beginning phase one of the project by July.

Phase one of the Langtree project will feature 300 apartment units, retail shops and four miles of waterfront view, said Barry Rigby, executive vice president of RL West Properties.

“We’re planning a wide variety of nationally known sit-down restaurants to local mom ‘n’ pop stores, so there is a good mix of Mooresville and national tenants.”

Companies originally announced as future tenants include Ruth’s Chris Steakhouse and Embassy Suites hotel. It is unclear whether those businesses are still in the works here.

Phase two of the project will add 200 more apartment units.