Latest news with #ThePeeblesCorporation
Axios
8 hours ago
- Business
- Axios
A timeline of the embattled Brooklyn Village project
Nine years ago, Mecklenburg County selected The Peebles Corporation to redevelop 17 acres for Brooklyn Village, a project designed to honor what was once Charlotte's largest Black neighborhood. Today, the prime land on Uptown's edge is unmoved dirt. Why it matters: Brooklyn Village is intended to be a transformative development, breathing fresh life into the neighborhood and attempting to make amends to the Brooklyn community, which was razed in the 1960s and '70s. Surviving descendants have waited decades for some form of restitution. Yes, but: In recent years, The Peebles Corporation has pushed off construction, sought more public funding and reworked site plans. The lack of progress has frustrated community members and leaders. The latest: In April, the company informed the county that it expects to miss a contractual deadline to demolish an old, empty school board building on the site. The latest delay could be the final breaking point in the county and developer's shaky partnership. Meanwhile, a separate redevelopment deal with Peebles has fallen through with the city of Durham. Here's a timeline to catch up with Peebles' increasingly complicated history in Mecklenburg County and North Carolina. June 2025: Durham cuts ties with Peebles Durham cancels its agreement with Peebles to redevelop its former downtown police headquarters. Similar to the situation in Charlotte, Peebles has gone back and forth with Durham on how much affordable housing would be included in the project and how the city would subsidize construction. April 2025: Peebles seeks to postpone demolition of on-site Brooklyn building Peebles sends a letter to the county explaining that the 1969 Board of Education building on the Brooklyn site contains asbestos. The firm seeks an extension until July 31, 2026, to demolish the building. However, Peebles' contract with the county states the building must be torn down by July 28, 2025. WFAE reports that the county intends to uphold the deadline, possibly signaling a breakup in the long-drawn-out public-private partnership. Earlier in April, City of Charlotte staff advises city council not to fulfill a $13.5 million request to help fund Brooklyn Village. They refer to "challenges" with Peebles' financials, WFAE reports. February 2025: Peebles pitches new plan Following a poorly received presentation to county leaders months prior, The Peebles Corporation presents a new plan to build 250 all-affordable units at Brooklyn Village. The previous plan was for 550 housing units, with only 55 set aside as affordable. Peebles says the firm would seek Housing Trust Fund dollars from the city, federal tax credits and $2.5 million in gap financing from Mecklenburg County. Some commissioners say they're excited about more affordable housing, while others are skeptical of further commitments with Peebles. They say they will look at the proposal with a "fine-tooth comb." August 2024: Construction postponed until 2026 The Peebles Corporation says construction on two multi-family buildings won't begin until June 2026 — nearly a year after the required start date in the contract with Mecklenburg County. The contractual deadline is "conditioned upon a favorable financing and marketability climate," a county spokesperson tells Axios. Peebles cites economic challenges, from record-high interest rates to an "oversupply" of multi-family housing in Charlotte. Vilma Leake, a senior commissioner who went to church in Brooklyn, asks Peebles: "Will we ever finish it? Will I get to see it?" Also in August 2024, the City of Durham selects Peebles to redevelop its former downtown police headquarters. July 2024: Mecklenburg County sells land Mecklenburg County finalizes its discounted sale of 5.7 acres at Brooklyn Village to the developer for $10.3 million. The land, on the edge of Uptown and near The Pearl, has risen in value since the price was agreed to in 2016. 2016-2023: Construction start prolonged The project timeline is prolonged due to negotiations over contracts and site plans, developer due diligence and an extended closing period, according to statements from Mecklenburg County. The developer starts "horizontal" construction work on the site, including demolishing the Walton Plaza building and relocating underground utilities. 2016: Mecklenburg County chooses developer Of three bidders, Mecklenburg County chooses BK Partners — a partnership between New York-based The Peebles Corporation and Charlotte-based Conformity Corporation — to develop Brooklyn Village. The first phase is anticipated to finish in 2021 (but never breaks ground). 1960s and '70s: Brooklyn is razed
Axios
05-02-2025
- Business
- Axios
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.
