Fifth Third Bank has put up for sale 104 acres at I-77 and Westmoreland Road in Cornelius that once was slated to become a massive mixed-use development called Augustalee. The Charlotte Business Journal reports that Fifth Third completed its foreclosure on the property in August and has hired Piedmont Land Sales and CB Richard Ellis to market the site, possibly for offices.

LINK: Sept. 24, 2010, Charlotte Business Journal, “Fifth Third puts failed Cornelius project site on the block.”

The Cornelius Town Board voted 5-0 Tuesday night to revise the conditions facing developers of the massive Augustalee mixed-use project proposed on 104 acres off I-77, at Westmoreland Road.  The board also gave the project’s new owners until  October 31, 2010, to work out financing for widening I-77 and other roadwork related to the project. Read the full story

Cornelius board could vote on extension for Augustalee project

The town boards of both Cornelius and Davidson will meet tonight (Tuesday, Oct. 27) in their respective town halls, with agendas that include planning issues. Davidson’s board meets at 6 p.m. for its monthly work session, where it will hear presentations from three more study groups helping to draft a new townwide Comprehensive Plan. Read the full story

Developers of the $515 million Augustalee mixed-use project off Statesville Road in Cornelius have apparently lost control of the project after the project’s mezzanine lender carried out a foreclosure sale Thursday. But a lawsuit over the foreclosure is continuing and it’s uncertain exactly how or whether the project might proceed.

The sale, by the Building Union Investment and Local Development Fund of America Trust, of Detroit, throws into question the future role of developer Cornelius Bromont LLC. Read the full story

Updated Wednesday, Aug. 26, 9:15 a.m.
The developers of the $515 million mixed-use Augustalee project in Cornelius said Tuesday they have filed suit against their mezzanine lender in a dispute over progress on the project.

The lender, the Build Fund, of Detroit, has said it planned to foreclose on the 104 acres off Stateville Road/Hwy 21 in Cornelius, and sell the developers’ stake at a sale planned this Thursday, Aug. 27. Read the full story

Updated Wednesday, Aug. 5, 2009, 1:58 p.m.

A key lender to the massive Augustalee mixed-use project off I-77 at Westmoreland Road has begun foreclosure proceedings against the developers, saying the project is in “technical default,” Cornelius officials said Tuesday. But those officials said they don’t think the news means the end of the project. Meanwhile, developer Cornelius Bromont LLC issued a statement Wednesday saying it is “in discussions” with its lenders over the matter. Read the full story

The Lake Norman Transportation Commission voted unanimously Wednesday night to endorse I-77 widening and other road improvements associated with the proposed half-billion-dollar Augustalee mixed-use development in Cornelius.

In a 2 1/2 hour meeting at Mooresville town hall, the commission also agreed in principle on a compensation package that will keep executive director Carroll Gray for another 12 months.

Read the full story

Board also hears school’s proposal to use Roosevelt Wilson Park

Updated Wednesday, May 26, 2009, 3:01 p.m.

The town has decided to drop plans for creating a new commercial tax district in the Exit 30 area amid objections from property owners.  Read the full story