Brooklyn Village back to drawing board: More affordable housing, faster timeline
The developers behind Brooklyn Village are addressing two major criticisms of the private-public partnership: It didn't include enough affordable housing, and it's taking far too long to build.
Why it matters: Brooklyn Village, a decade-old plan to honor a razed historic Black neighborhood through redevelopment in Second Ward, is going in another direction. It's now proposed as two all-affordable apartment buildings in its first phase — with construction starting later this year at the earliest.
The original plan included 550 multi-family units, of which only 55 were affordable (for households earning 60% of the average median income and below). It also included 22,100 square feet of retail.
The new plan calls for 250 units, all of which will be considered affordable — with 100 for households earning 30% AMI or below, 30 for 60% AMI and 120 for 80%. Retail space is reduced to 9,018 square feet.
Context: Building new, lower-cost residential units is an attempt to chip away at the city's growing affordable housing crisis. Charlotte lacks more than 35,000 affordable housing units, per city estimates.
Catch up quick: Previously, The Peebles Corporation's Donahue Peebles III said construction on the multifamily buildings wouldn't begin until June 2026, attributing the delays to intricate land transfers and weak market conditions.
Mecklenburg County commissioners have been frustrated with the prolonged timeline and lack of community benefits.
Commissioner Elaine Powell said Tuesday she's almost felt "nauseous" when seeing Brooklyn Village on their agenda because of the slow progress. Some commissioners are skeptical of further commitments with Peebles because of the delays, but they are looking at the proposal with a "fine-tooth comb."
Zoom in: Under the revised proposal, Peebles will agree to a 99-year affordability covenant. Inlivian, Charlotte's housing authority, will be the project's co-developer and provide residents with wraparound services, such as child care and financial literacy training.
"The goal is to make affordable housing just a stopping point on your larger socioeconomic journey," Peebles said.
Legacy Real Estate Development, the affordable housing arm of the Peebles Corporation, is also joining the project.
The new plan reserves 10 units for domestic violence victims.
The intrigue: The development will introduce considerable affordable housing to an area where the household income is nearly $100,000 and residents are within walking distance to Whole Foods and Trader Joe's. Peebles said the project takes the paradigm of building affordable housing where land is least expensive and "flips it on its head."
"This pales in comparison to the conventional affordable housing that you see in the state of North Carolina that — though, serves a meaningful need — is conventionally three-story, garden-style in lower resource areas and surface parked," Peebles continued.
What they're saying:"I think it's phenomenal," said Mark Jerrell, chair of the commissioners, after Tuesday's presentation.
The big picture: The entire plan for Brooklyn Village incorporates a 150-room hotel, 336 mixed-income multi-family housing, office and more retail across 17 acres.
The first two affordable housing buildings will go on parcels closest to South Alexander Street.
What's next: BK Partners — the LLC set up by The Peebles Corporation in partnership with Charlotte-based Conformity Corporation for the project — is seeking Housing Trust Fund dollars from the city, federal tax credits and $2.5 million in gap financing from Mecklenburg County.
Construction could begin by late 2025 or early 2026, taking 18 to 20 months, Peebles said. The first residents would move in 2027.
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