Lansing Melbourne Group (LMG) is honored to be a part of the downtown revitalization of Concord, North Carolina. LMG will begin construction on three residential and mixed-use properties this summer and Novi Lofts will be a unique addition to downtown. Novi Lofts represents an estimated $18 million investment downtown. After many years of vacancy, the City sold the old municipal building at 26 Union Street South to LMG to make way for Novi Lofts across the street from the Cabarrus Creamery and next door to Gianni’s.
Considering this lot’s unique location sandwiched between Union Street South and Market Street, LMG will pay special attention to the integration of the retail units into the surrounding environment on both Union and Market Streets. Novi Lofts will offer ~86 residential units, ground floor retail, and a roof-top restaurant. Providing wider sidewalks and outdoor street-level terraces for retail and allowing for the private use of such spaces will help to bring activity generators to the exterior of the project in a way that engages the general public and creates a sense of community. The Novi Lofts building will also include one level of parking underneath it consisting of approximately 7 spaces.
LMG will support diversity and inclusion by dedicating a portion of floating units to workforce tenants earning at or below 80% of the area median income.
The City supported the entire Novi project through a downtown MSD performance tax-based incentive agreement. In addition, the City of Concord and Cabarrus County made commitments for evening parking and paid weekday parking passes if ever necessary in the future in the Cabarrus County Parking Deck.
Current: Demolition Underway
Construction Start: Mid 2021
Estimated Completion: Late 2023