Land sale for massive uptown development will net $8M for affordable housing in Charlotte
Nearly $8 million from a future land sale for the Seventh and Tryon redevelopment will go toward three affordable housing projects in Charlotte.
Mecklenburg County and Bank of America will sell the uptown parcels as part of a massive $600 million planned development, which calls for an office tower, retail space, apartments and a new Main Library branch.
Original plans had called for affordable housing within the development, but project leaders later said it would be too expensive to do so, The Observer previously reported. That irked housing advocates, who balked at proposed tax breaks for the developer for other items, such as parking.
After months of public and private disagreements about how affordable housing should factor into the project, county commissioners in June agreed to direct money from the land sales to affordable developments already underway elsewhere.
On Tuesday night, commissioners voted 8-1 to fund three developments by the Charlotte-Mecklenburg Housing Partnership, totaling 326 units:
▪ $4 million for the 104-unit development with the YWCA Central Carolinas on its Park Road campus, expected to be completed in 2023.
▪ $2.75 million for the 140-unit Highland Creek Senior Housing development, expected to be completed in 2022.
▪ $1.155 million for the 82-unit South Village at Scaleybark development, expected to be completed in 2022.
Funding is contingent on the land sale and commissioners’ subsequent grant approval, county officials said. The earliest that would occur is January 2022, said Mark Hahn, the county’s asset and facility management director.
County Manager Dena Dioro said the allocated money will see results quickly, because it will close the final funding gap for projects well on the way to completion.
“They’re ready for execution,” she said of the selected projects. “We know they’ll be able to actually move forward with these projects, which is important.”
Tuesday’s allocation leaves $4.75 million available to fund other affordable projects out of a total $12.7 million set aside from the land sale for that purpose.
Commissioners also previously agreed to award $6 million from the future land sale to Inlivian for mixed-income apartments the housing authority plans to develop on its own adjacent to the Seventh and Tryon site.
Inlivian, whose parcel was originally included in the larger development, wanted to lease its land rather than sell outright to the private master developer as the other landowners involved in the deal —primarily the county and Bank of America — had agreed to do.
The other landowners subsequently moved forward without Inlivian with plans for a smaller footprint that does not have affordable housing onsite.
Project leaders say they favor that plan because it can fund more units outside of uptown, where land and other costs are cheaper. The three developments are in locations identified as “high opportunity” areas close to transit, jobs and other amenities.
This story was originally published January 6, 2021 at 11:17 AM.
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