Brooklyn Village developers warn county it will forgo affordable housing plan
Why it matters: It's looking increasingly less likely that Peebles will actually redevelop Brooklyn, once a thriving Black neighborhood in Charlotte until it was razed in the '60s and '70s.
A legal battle could ensue if the county wants to reclaim control of the site it sold to The Peebles Corporation for a discount.
Catch up quick: Mecklenburg County sold prime land near Uptown to The Peebles Corporation and its development partner at a discounted rate, expecting they would honor Brooklyn through a mixed-use development that incorporates affordable housing.
But the project has stalled for years because of negotiations and construction delays, which have been blamed on market conditions.
In February, the development team revised its proposal and said it would build 250 affordable housing units — instead of 550 mixed-income units — in part to restore confidence with county commissioners.
The latest: Peebles told the county April 18 it would miss a contractual deadline to demolish a building on the site due to the discovery of asbestos. WFAE reports that the county may use this latest delay as an out from its relationship with Peebles.
In an unprompted email to Axios on Tuesday, Peebles emphasized that it now owns the Brooklyn land. "There is no reversion provision for Mecklenburg County to take it back," the email states.
Peebles also said it scored among the top applicants for a government subsidy to build affordable housing. However, the email claims the city was "insistent" that the county contributed, and the county refused.
Peebles further blamed the county for not disclosing the asbestos. It added that the building is on Phase 2 land for Brooklyn Village, which the developers do not own and, according to the email, do not plan on acquiring within the next decade.
"The County wants BK Partners to pay for and perform an environmental clean-up of a building we do not own," the email states. "They are trying to shift the cost of extensive clean up."
The other side: A letter Mecklenburg County's outside attorney sent to Peebles Corp. in late April, reported by WFAE, reads, "In reality, this is merely a continuation of BKV's ongoing attempts to avoid performing the demolition and removal work it agreed to perform. Clearly, BKV did not proceed diligently because it has been hoping it could evade its obligations."
Mecklenburg County provided Axios with its April 30 response to Peebles but declined to comment further.
The bottom line: The latest email effectively warns the county to approve its request for more funding if it's "genuinely committed to providing more affordable housing."
"Otherwise, we will wait until market conditions improve in Charlotte and then proceed with our original plan," the email states.
What's next: Developers say they expect to meet with the county in the coming weeks to seek a resolution.
Read The Peebles Corporation's statement to Axios in full below:
1. The development team of BK Partners, composed of Conformity Corp and The Peebles Corporation, owns the Phase 1 land.
2. There is no reversion provision for Mecklenburg County to take it back.
3. BK Partners has the right to build luxury apartments, a hotel, office and retail.
4. Current market conditions make construction of any of these uses infeasible economically. This is due to the impact of a global pandemic, the tripling of interest rates and an oversupply of apartments in the market.
5. BK Partners has an obligation to build 10% of any apartments on Phase 1 as affordable.
6. To address the County's and City's need and desire for more affordable housing, BK Partners was willing to build 250 units of affordable housing in two buildings.
7. As is the case for all affordable housing in Charlotte and the nation, a government subsidy is required. We applied for it and scored at the top of the applicants.
8. The City was insistent that the County contribute to their subsidy and the County refused.
9. As to the Board of Education building:
A. It is on the site of Phase 2 which we do not own and do not plan on acquiring in the next 8-10 years.
B. At the County's request two years ago, BK Village agreed to demolish the building under the expectation that there was minimal asbestos.
C. Prior to securing a permit for demolition, an additional environmental study was performed, and extensive friable asbestos was discovered. This extended the timeframe to demolish the building significantly as all the asbestos will need to be removed by hand first. Then demolition will follow.
D. The extensive asbestos in the building increased the demolition costs fivefold and added 6 to 8 months of time to the demolition process.
E. BK Partners was unaware of the extensive environmental contamination of the building prior to this discovery.
F. Apparently, the County government knew of the contamination but did not disclose this information to us.
10. The Board of Education Building has nothing to do with the schedule of Phase 1, nor does it impact the construction of affordable housing. It is the County government who is trying to leverage the construction of affordable housing to force us to cover the cost of the environmental clean-up of the Board of Education building in exchange for them to support affordable housing on Brooklyn Village Phase 1. We are surprised and disappointed by their approach. However, this is a complicated issue which will need to be addressed at some point.
11. The County wants BK Partners to pay for and perform an environmental clean-up of a building we do not own. They are trying to shift the cost of extensive clean up to BKV Partners.
12. BK Partners does not understand the urgency of the Board of Education building demolition as our original development agreement contemplated it being demolished before we started on Phase 2, which is 6-8 years away.
13. BK Partners has asked the County to allow us to proceed with the affordable housing buildings now and separately work out the issues involving the environmental clean-up.
14. If the County is genuinely committed to providing more affordable housing, it will approve our request. Otherwise, we will wait until market conditions improve in Charlotte and then proceed with our original plan.
15. BK Partners plans to meet with the county in the coming weeks to try and reach a resolution to move forward with the affordable housing.
16. There have been several reports of how we have delayed the project. Here are the facts:
A. The Development Agreement was approved by the county Commission October 2016.
B. The County did not control all of the land in Phase 1 because the City had rights to recover a portion of the land in Phase 1.
C. The County and City did not reach an agreement on the land until 2021.
D. BK Partners acquired the land under Phase 1 for $10 million in 2023.
E. BK Partners immediately commenced demolition and site work on the property as required in the agreement with the County.
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The words 'anticipates,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predicts,' 'project,' 'should,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements related to the continued clinical development of stenoparib in ovarian cancer and small cell lung cancer, including the initiation of patient enrollment in the Phase 2 trial and a new combination study; the Company's ability to generate data to support regulatory approval; the expansion of the DRP® platform to antibody-based therapies; the potential clinical benefit of stenoparib; and the Company's financial position and ability to support future operations. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to multiple risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to clinical development timelines, patient enrollment, trial outcomes, regulatory approval processes, the predictive performance of the DRP® platform, and the Company's ability to secure sufficient funding or partnerships to support its programs, as well as broader risks related to the biopharmaceutical industry and general economic and market conditions. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled 'Risk Factors' in our Form 10-K annual report filed with the Securities and Exchange Commission (the 'SEC') on March 31, 2025, and our Form 10-Q quarterly report filed with the SEC on August 15, 2025, available at the SEC's website at and as well as discussions of potential risks, uncertainties and other important factors in the Company's subsequent filings with the SEC. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law. ### Company Contact: investorrelations@ Media Contact: Thomas Pedersen Carrotize PR & Communications +45 6062 9390 tsp@ ALLARITY THERAPEUTICS, CONSOLIDATED BALANCE SHEETS(in thousands, except for share and per share data*) June 30, December 31, 2025 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 17,801 $ 19,533 Receivables from ATM sales — 1,416 Other current assets 116 115 Prepaid expenses 1,357 507 Tax credit receivable 1,609 770 Total current assets 20,883 22,341 Non-current assets: Property, plant and equipment, net 322 309 Total assets $ 21,205 $ 22,650 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 4,605 $ 4,182 Accrued expenses and other current liabilities 2,977 5,232 Warrant derivative liability — 1 Income taxes payable 81 74 Convertible promissory notes and accrued interest, net of debt discount 1,375 1,350 Total current liabilities 9,038 10,839 Total liabilities 9,038 10,839 Commitments and contingencies (Note 9) Stockholders' equity Common stock, $0.0001 par value (250,000,000 shares authorized); 17,075,338 and 7,302,797 shares issued and 14,619,636 and 7,302,797 outstanding at June 30, 2025, and December 31, 2024, respectively 2 1 Additional paid-in capital 141,209 131,130 Accumulated other comprehensive loss (2,461 ) (354 ) Accumulated deficit (124,018 ) (118,966 ) Treasury stock, at cost; 2,455,702 shares (2,565 ) — Total stockholders' equity 12,167 11,811 Total liabilities and stockholders' equity $ 21,205 $ 22,650 * All common share data has been retroactively adjusted to effect reverse stock splits in 2024 (See Note 1 in our Form 10-Q quarterly report filed with the SEC on August 15, 2025, available at the SEC's website at ALLARITY THERAPEUTICS, CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(UNAUDITED)(in thousands, except for share and per share data*) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Operating expenses: Research and development $ 2,321 $ 1,058 $ 3,724 $ 3,228 General and administrative 1,812 2,313 3,445 4,383 Total operating expenses 4,133 3,371 7,169 7,611 Loss from operations (4,133 ) (3,371 ) (7,169 ) (7,611 ) Other income (expense): Interest income 237 53 459 53 Interest expense (12 ) (426 ) (69 ) (528 ) Foreign exchange gains (losses) 1,588 (128 ) 1,726 (52 ) Change in fair value of derivative and warrant liabilities — 2,243 1 2,662 Total other income, net 1,813 1,742 2,117 2,135 Loss before income tax benefit (2,320 ) (1,629 ) (5,052 ) (5,476 ) Income tax benefit — — — 4 Net loss (2,320 ) (1,629 ) (5,052 ) (5,472 ) Gain on extinguishment of Series A Convertible Preferred Stock — 31 — 222 Deemed dividend on Series A Convertible Preferred Stock — (71 ) — (299 ) Net loss attributable to common stockholders $ (2,320 ) $ (1,669 ) $ (5,052 ) $ (5,549 ) Net loss per common share, basic and diluted $ (0.15 ) $ (3.34 ) $ (0.38 ) $ (21.78 ) Weighted average common shares outstanding, basic and diluted 15,543,321 499,303 13,357,266 254,727 Other comprehensive loss Net loss $ (2,320 ) $ (1,629 ) $ (5,052 ) $ (5,472 ) Change in cumulative translation adjustment (1,830 ) (144 ) (2,106 ) (119 ) Total comprehensive loss $ (4,150 ) $ (1,773 ) $ (7,158 ) $ (5,591 ) * All common share data has been retroactively adjusted to effect reverse stock splits in 2024 (See Note 1 in our Form 10-Q quarterly report filed with the SEC on August 15, 2025, available at the SEC's website at Attachment Allarity Therapeutics Press Release - Second Quarter 2025 UpdateError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
