MOORESVILLE PROJECT TO MIX CONDOS, SHOPS Ken Elkins Staff writer 7/4/2005 A developer is planning an $8 million, four-story residential-retail project that would add 50,000 square feet of space in downtown Mooresville. The building, dubbed 100 North Church Street, would include 18 two-bedroom condominiums on the upper three floors, with retail planned at the ground level. It's a project of Cornerstone Real Estate Development, which says it already has four condos reserved through a $1,000 refundable deposit program and two retail spaces spoken for. "We have been pleased with the response," says Tom Kilroe, a Cornerstone partner and president of Thomas John Development. "We haven't really started our heavy marketing campaign." He declines to identify prospective tenants. Kilroe believes the condos, priced at $352,000 to $500,000, compare favorably with units in uptown Charlotte. "The price apparently does not seem to be an obstacle, provided (buyers) get value," he says. Condo units will range from 1,515 square feet to 2,015 square feet. Jamie Justice, Mooresville town manager, speaks favorably of Cornerstone's plans. "It's a progressive proposal," he says. "It's great to see investment downtown." The building, to be erected on Church Street at Center Avenue, will include a four-story atrium, and each condo will feature a private exterior balcony and two parking spaces in a basement garage. On the street level, Kilroe would like to include a 4,700-square-foot restaurant. He is in discussions with a real estate agent representing a restaurateur. An attorney and a retailer who's planning a high-end bicycle shop also have expressed interest in two of the small retail units, he says. Kilroe and partner Bruce Guild have been working on the project for more than three years. Original plans called for a parking garage adjacent to the site, which would have been financed jointly with the town of Mooresville. That idea was abandoned when the town chose for another location for a downtown parking garage. If all goes as planned, construction of 100 North Church Street could start in the fall, with completion targeted for early 2006. Kilroe believes the opening will precede streetscape improvements the town is planning for late 2006. A contractor hasn't been selected for 100 North Church Street, which is being designed by Hennon Group Architects. © 2005 American City Business Journals Inc.