Charlotte City Council is considering a plan to sell 11.6 acres on West Tyvola Road to a developer who would build affordable housing on the site.
Located across from the City Park development at the former Charlotte Coliseum site, the land would accommodate up to 200 units. Laurel Street Residential, a Charlotte-based developer is offering $1.2 million for the site, currently vacant. Laurel Street Residential plans to build a “mixed-income” development, which typically include some market-rate units and some units reserved for people making less than the area’s median income.
“The property on West Tyvola Road is located in an area experiencing new market rate developments with little to no affordable housing,” the city of Charlotte said in a news release.
City Council will be asked to approve the sale to Laurel Street on Feb. 13. The city is working to create or preserve 5,000 affordable housing units over the next three years, and selling city-owned land to affordable housing developers is one of their strategies.