A slice of vacant, city-owned land on West Tyvola Road could soon be home to 200 new apartments for people with lower incomes and senior citizens.
Laurel Street Residential, a Charlotte-based developer, has filed plans to rezone 11.6 acres across from the former Charlotte Coliseum site. The company has reached an agreement with the city of Charlotte to buy the site for $1.2 million.
The site would be developed with up to seven main buildings. In those, 120 units would be for apartments for affordable and “workforce” housing (a term that typically refers to units reserved for people who make about 80 percent of the area’s median income) and 80 would be apartments reserved for senior citizens.
The transaction is the latest step Charlotte is taking to try to solve its affordable housing dilemma. City Council will hold a hearing on the rezoning plan and vote on it in the coming months.