More affordable housing developments will get a funding boost from the future land sale for the uptown Seventh and Tryon redevelopment.
Mecklenburg County commissioners on Tuesday approved nearly $3.8 million for four projects underway by nonprofit developer DreamKey Partners.
The money will come from the sale of the 1.5 uptown blocks designated for the massive $600 million Seventh and Tryon project, which calls for an office tower, retail, residences and the redevelopment of Main Library and Spirit Square.
The decision to use land sale money for other affordable developments came after Seventh and Tryon leaders scrapped initial plans to include affordable units in the uptown development because of cost, the Observer previously reported.
As project leaders talked in public and among themselves, a debate emerged: Is it better to put fewer affordable units in the city core on more expensive land that’s close to services and jobs, or fund more units elsewhere in less costly areas?
County officials and Bank of America, the primary landowners involved in the deal, decided to split the difference, directing $6 million to mixed-income apartments Inlivian is developing uptown next to Seventh and Tryon and $12.7 million to offsite locations.
The money will provide financing to projects that have most funding secured but need a last push to begin construction.
The four developments approved Tuesday total 220 units, and are priced for households earning between 30 and 80% of the area median income, or $25,250 to $67,350 for a family of four.
The projects approved Tuesday are:
$1.17 million for the Connelly Apartments development. The building, near Charlotte’s airport off Morris Field Drive, will have 78 units for households at 30, 60 and 80% AMI.
$925,000 for Mayfield at Sugar Creek, on West Sugar Creek on land from Mayfield Memorial Baptist Church. It will have 51 units at 30, 50, 60 and 80% AMI.
$900,000 for Caldwell Supportive Housing on East Fifth Street in Elizabeth next to Caldwell Presbyterian Church. It will have 21 units for people transitioning out of homelessness.
$800,000 for the Marvin Road Apartments, at Marvin and Billingsley roads in Grier Heights. It will have 70 units at 30, 60 and 80% AMI.
Commissioners previously awarded $8 million to three affordable developments underway from DreamKey Partners, formerly the Charlotte-Mecklenburg Housing Partnership.
Developments selected for land sale funds are in areas considered high opportunity, meaning they are close to jobs, transit and grocery stores.
Commissioner Pat Cotham praised the developments, particularly for their locations.
“A short ride to the store, a walk to the grocery store, the bus comes by, this is exactly what we need,” she said. “This is really going to make a difference.”
Commissioner Mark Jerrell said he was especially happy with the income mix.
“That’s exactly what this board is always talking about,” he said. “Support for our working families, and this is an investment in our working families,” he said.
Funding for all the affordable developments are contingent on the land sale to Seventh and Tryon master developer Metropolitan Partnership, which is expected in early 2022.
With the projects approved Tuesday, the land sale would fund eight affordable developments with a combined 652 units.