Cornelius, North Carolina, Dec. 11, 2025 (GLOBE NEWSWIRE) -- River Rock Development, a subsidiary of River Rock Capital Partners, an integrated real estate investment, development and management company, today announced the acquisition of the commercial portion of Alexander Farms, signaling a long-awaited fresh start for the highly visible site at the corner of Westmoreland Road and West Catawba Avenue in Cornelius.
The investment group, which includes the principals of River Rock and four local investors and residents, has officially taken ownership of the last 16 acres, 10 of which are buildable commercial parcels of the mixed-use site following the closing on November 20, 2025. Six of the acres will be utilized for common area spanning ponds, open spaces, etc. This transaction resolves previous obstacles that stalled the commercial progress and clears the path for continued development of the long-planned project.
River Rock is now actively seeking a marquee grocer and medical tenant to anchor the commercial portion of Alexander Farms. The development is in a highly desirable location just minutes from the new Atrium Health hospital and medical plaza, Birkdale Village, and other regionally established retail hubs. The commercial district at Alexander Farms offers a strategic opportunity for tenants seeking high visibility, accessibility, and a desirable area of Lake Norman.
The master plan for Alexander Farms, which encompasses nearly 55 acres, is designed as a walkable, upscale mixed-use community that seamlessly blends residential, commercial, and recreational amenities. The development features two of River Rock’s Easy Living Communities including 70 active adult ranch homes designated as “Cottages” in River Rock Village as well as River Rock Manor, a beautiful 142-unit apartment home community with two stories of premium amenities, complemented by another 126,000 square feet of commercial tenants, including grocery, retail, restaurant, medical, and service-oriented tenants.
There has been steady construction progress on River Rock Manor at Alexander Farms, the 142-unit active adult residential component designed as an Easy Living Community. The building will feature one- and two-bedroom residences, a two-story clubhouse, heated resort-style pool, coffee bar, lounge, and other curated amenities. The first phase is anticipated to open in early summer 2027, with market-rate pricing released closer to completion.
“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. “River Rock has a long track record of developing successful Active Adult Communities that enhance quality of life for its residents. We are excited to now bring that vision to Cornelius, one of the most desirable communities on Lake Norman.”
“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 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.”
In addition to River Rock Manor, River Rock has completed River Rock Village at Alexander Farms, 70 Easy Living cottage homes. The Cottages, which have been a huge success, are almost entirely leased out. These homes embody the Alexander Farms mantra of active adult living, featuring modern amenities, open-concept layouts, and thoughtfully designed spaces. With three bedrooms, two to 2.5 baths, and up to 1,850 square feet, these ranch-style homes offer maintenance-free living at its finest, providing residents with comfort, convenience, and a vibrant community lifestyle.
The project includes the donation of three acres for a public park, the creation of a new walking trail connecting to Cornelius’ 50-mile greenway network, and the preservation of the historic tenant house, ensuring the community honors its history while offering modern conveniences and lifestyle amenities.
Roadway improvements to further support the development are already underway. The Department of Transportation is currently constructing a bypass at Exit 25 in Huntersville, with future plans including a roundabout adjacent to the site to enhance traffic flow and access.
“As a native Charlottean, I’ve watched this site sit unfinished for years,” said Stuart Ross, a partner and 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.”
For leasing inquiries, please email inquiries@riverrcap.com or phone David Dupree at +1 (704) 361-4513.
About River Rock
River Rock is a vertically integrated real estate development and management company specializing in active adult communities, with more than 150 years of combined experience across development, construction, and operations. The company has delivered over 30 rental communities, one of the fastest-growing asset classes in the U.S. and, in partnership with investors, has completed more than $5.5 billion in value-added real estate investments across North Carolina, South Carolina and Georgia.
River Rock is also the creator of An Easy Living Community, an active adult housing brand designed to meet the increasing demand for accessible, maintenance-free living. Focused on thoughtful design, meaningful social connection, and a resident-first experience, River Rock is committed to expanding high-quality housing options while enhancing the wellbeing and sense of belonging for every community it serves.
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