New development group takes over Alexander Farms

Stalled construction at Alexander Farms / Jason Benavides photo

Dec. 10. By Dave Vieser. River Rock Development, a subsidiary of River Rock Capital Partners, along with an investment group that includes several Cornelius residents, has acquired the commercial portion of the Alexander Farms project. The group has officially taken over the final 16 acres of the project, 10 of which are buildable commercial parcels.

The project, originally approved in 2020, had paused over a loss of funding and legal matters with the previous developer.

“This transaction resolves previous obstacles that stalled commercial progress and clears the path for continued development of the long-planned project,” River Rock said in a statement.

River Rock said it is actively seeking a “marquee grocer and medical tenant” to anchor the development. The approved rezoning allows several commercial uses, including restaurants, general retail and a grocery store. The town is waiting on clarification to determine if the plans for a medical tenant would fall under the approved plan or require additional consideration.

The remaining six acres will be used for common areas, including ponds and other open space. The project also includes the donation of three acres for a public park, the creation of a new walking trail connecting to Cornelius greenways, and the preservation of the tenant home on the site.

“As a native Charlottean, I’ve watched this site sit unfinished for years,” said Stuart Ross, one of the new partners and a longstanding Cornelius resident. “We’re committed to bringing Alexander Farms to life in a way that honors the character of our town and meets the long-term needs of our community.”

Dates were not immediately available on when the investment group expects the first commercial projects to open.

“Our team worked hard to move this development forward so the property can finally reach its potential,” said David Dupree, another Cornelius-based partner and managing partner at North State Development. “Alexander Farms will create jobs, attract new services, and bring new commercial life to a corridor that has long been ready for it.”

The Alexander Farms development also includes two residential components — River Rock Village and River Rock Manor. River Rock Village is complete and site preparation has begun on River Rock Manor, which is expected to open in early summer 2027.