Capital Currents: River Rock Rescues Stalled Alexander Farms Project

Cornelius, NC – December 11, 2025 – In a move signaling a decisive end to years of uncertainty, River Rock Development, a subsidiary of the real estate investment firm River Rock Capital Partners, has acquired the commercial heart of the Alexander Farms project. The deal, which closed on November 20, puts the firm in control of the final 16 acres of the highly visible 55-acre mixed-use site, resolving a complex web of financial and legal issues that had paralyzed one of Lake Norman's most anticipated developments. The acquisition clears the way for a renewed vision, with River Rock now actively seeking a marquee grocer and a medical partner to anchor the community and unlock its long-dormant economic potential.

For residents and town officials, this is a long-awaited turning point for a project that had become a conspicuous symbol of stalled progress at the busy corner of Westmoreland Road and West Catawba Avenue.

From Stall to Start: A Project's Troubled Past

The journey of Alexander Farms has been a case study in development risk. Initially approved in 2020 under Florida-based developer WIN Development, the $110 million-plus project was envisioned as a vibrant, walkable community. However, the vision crumbled following the death of a key investor, which triggered a cascade of failures. Commercial construction ground to a halt in 2024, and WIN Development subsequently defaulted on its obligation to complete critical public infrastructure. This default forced the town of Cornelius and Mecklenburg County to call in over $4.9 million in surety bonds to cover the unfinished work.

The financial turmoil was compounded by a series of protracted legal battles. Disputes between entities affiliated with River Rock, which was developing the residential portions of the site, and the master developer, WIN Development, escalated all the way to the North Carolina Supreme Court. As legal proceedings dragged on, the project's initial anchor tenant, the grocer Lidl, pulled out, leaving a critical void in the commercial plan. The site itself languished, with unfinished roads and erosion control issues creating what one official called "precarious" conditions. Even a piece of local history, a rare surviving tenant house, was left suspended on a temporary platform, its fate uncertain until a local preservation group intervened.

River Rock's acquisition, backed by an investment group that includes four local residents, effectively untangles this knot. It represents a strategic foreclosure and buyout that consolidates control, resolves the legal quagmire, and provides the capital and operational expertise needed to finally execute the master plan.

The Financial Case: Tapping a $200 Million Market Gap

River Rock's confidence in reviving Alexander Farms is grounded in a compelling market analysis of the Cornelius area. The region is not just growing; it is booming. The town's population has swelled from just 2,600 in 1990 to over 32,000 today, with projections nearing 35,300 by 2025. This rapid expansion has created a significant gap between consumer spending power and available local retail.

A recent commercial demand analysis revealed that residents within a five-mile radius of the site possess an estimated $1.4 billion in annual retail spending power. However, local businesses capture only $1.2 billion of that, resulting in over $200 million in annual "sales leakage" as residents travel elsewhere for shopping and services. The analysis specifically identified grocery and dining as primary categories where local demand outstrips supply, providing a strong data-driven rationale for River Rock's search for a new anchor grocer.

The pursuit of a medical tenant is equally strategic. The site is just minutes from the new Atrium Health hospital, and the broader region's healthcare infrastructure is expanding, evidenced by Duke Health's recent acquisition of a nearby facility. This creates a synergistic opportunity for ancillary medical offices and services that cater to the area's growing and affluent population, particularly its active adult demographic.

The River Rock Playbook: A Vertically Integrated Strategy

This project is a quintessential example of River Rock's specialized investment strategy. The firm is a vertically integrated real estate company with divisions spanning development, construction, and management, backed by what it cites as 150 years of combined experience. This model provides end-to-end control, mitigating the execution risks that plagued the previous developer.

Central to its strategy is the "An Easy Living Community" brand, which focuses on the burgeoning active adult (55+) housing market. This demographic is one of the fastest-growing asset classes in U.S. real estate, and River Rock has delivered over 30 such rental communities. Their expertise is already on full display at Alexander Farms. River Rock Village, a community of 70 active adult cottage homes, is complete and almost fully leased. Meanwhile, construction is progressing on River Rock Manor, a 142-unit luxury apartment community featuring a two-story clubhouse and resort-style pool, with a planned opening in early summer 2027.

This on-site success provides a powerful proof of concept and a built-in customer base for the future commercial tenants. "With a renewed vision, we are fully focused on identifying a best-in-class grocer and a medical partner to anchor the fully approved 126,000 square foot commercial component of Alexander Farms,” said Jerry Mosley, Co-CEO of River Rock Capital Partners. “We are excited to now bring that vision to Cornelius, one of the most desirable communities on Lake Norman.”

Weaving a New Economic Fabric for Cornelius

The project's revival is not just a private equity play; it's a collaborative effort with deep local ties. The inclusion of Cornelius residents in the investment group underscores a commitment to community-centric development.

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

The development is also timed to coincide with significant public infrastructure investments. The N.C. Department of Transportation is already constructing a bypass at nearby Exit 25, and a new roundabout is planned adjacent to the site to improve traffic flow. These projects, along with others aimed at widening West Catawba Avenue, are crucial for supporting the increased density and ensuring the commercial hub is easily accessible.

The master plan itself incorporates significant public benefits, including the donation of three acres for a public park, a new walking trail connecting to Cornelius’ extensive 50-mile greenway network, and the preservation of the historic tenant house. These elements are designed to integrate Alexander Farms into the town's fabric, honoring its history while providing modern amenities.

“As a native Charlottean, I’ve watched this site sit unfinished for years,” said Stuart Ross, a partner and longtime 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.”