Luxury apartments planned for uptown will include affordable units, officials say
A 353-unit luxury apartment complex in uptown Charlotte will include 106 units for residents below the city’s median income when it opens in 2024, nonprofit real estate company Inlivian said Monday.
The mixed-income residential community at 8th and North Tryon streets will be the first of its kind in North Carolina, Inlivian said. Census data show the median income in Charlotte is $65,359.
Today, affordable rents for those earning 30% and 60% of the area median income (AMI) range from $530 to $1,220, and $1,400 to $1,700 for those earning 80%, according to Caroline Kenney, director of public-private ventures at Urban Atlantic. Market rents range from $1,800 to $3,600, she said.
The $115 million project is a partnership between Inlivian, Charlotte’s housing authority, and Urban Atlantic, a mixed-use housing developer based in Bethesda, Maryland. Inlivian brought in Urban Atlantic to help execute the vision. Urban Atlantic has worked on other projects in North Carolina.
Nationwide, Urban Atlantic has worked across the East Coast and as far west as Memphis, but the developer primarily builds in and around Washington.
“The same market strengths that have brought such an incredible wave of development to Charlotte certainly attracted us,” Kenney told The Charlotte Observer.
Kenney said the company hopes local stakeholders will continue to support inclusive development as it moves further south.
Preliminary work is underway on the site of the vacant Hall House, formerly Barringer Hotel, and construction is scheduled to begin in the early fall, Inlivian said.
The building will feature 1940s-era art deco architecture, and amenities will include a spa pool, co-working cafe, rooftop terrace, dog park, and sports courts.
Inside, there will be one-, two- and three-bedroom units, in addition to studio apartments. The affordable units will be evenly dispersed.
“Every Charlotte resident deserves a place to call home that brings them pride and sets them up for success,” Mecklenburg County Commissioner Mark Jerrell said in an Inlivian news release. “(Inlivian) is opening doors that will provide more access to many of the city’s best amenities, which for too long have been available to high-income individuals only.”
This story was originally published July 18, 2022 at 3:26 PM.
CORRECTION: An earlier version of this story misspelled Caroline Kenney’s name.
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