A Cornelius developer has purchased 800 acres in Barium Springs from The Children’s Hope Alliance. Purchased by Prestige Acquisitions, LLC, the land, which spans through parts of Troutman and Statesville, will be utilized for a large-scale mixed use project which could see increased housing and employment opportunities in the northern Lake Norman region.
The sale is estimated to be completed by the end of 2022, and plans for what is to be developed, is already under way. Prestige has plans to create a business park and neighborhoods, large enough to accommodate up to 2,000 new single and multi-family homes. The land may also house a school and civics center, to be determined in future negotiations with local leaders. At this scale, the development could be the largest planned development in the Lake Norman area.
The sale of the land also greatly benefits The Children’s Hope Alliance, which still runs its operations at the Barium Springs campus, which in itself, spans 70 acres. On top of the purchase price, Prestige Acquisitions, LLC, has also pledged to donate an additional $500,000 to the Alliance. The Children’s Hope Alliance provides support for at-risk kids and families in the area, and has been recently selling assets to raise additional funds to expand their cause. In addition to the 800 acres in Troutman & Statesville, the Alliance is also selling almost 500 acres near Banner Elk to fund additional expansions and services.
This new development is slated to take roughly 6 years to complete once the sale is final.