The massive Augustalee mixed use retail/commercial/residential project planned at the junction of Westmoreland and NC 21 is in ‘technical default’ between Cornelius-Bromont, the developer, and the BUILD Fund, a prime lender.  Essentially, BUILD has foreclosed on the land and is evaluating alternative development strategies.

BUILD Fund representatives were in the area earlier in October meeting with the Cornelius Town leaders and the Planning Board and received a one-year extension of timelines to allow time for the identification and involvement of a new development partner.  No additional changes to the original proposal and conditions were requested.