The city of Charlotte recommended to City Council on Monday not to fund the Brooklyn Village project from its Housing Trust Fund.
Last decade, Mecklenburg County partnered with the Miami Beach-based Peebles Corporation to develop Brooklyn Village, with apartments, office space and a hotel. The idea was to make amends for the destruction of the original Brooklyn neighborhood, a Black community in uptown that was razed during urban renewal efforts in the 1960s.
But Peebles hasn’t built anything yet.
Earlier this year, Peebles announced a new plan for the first phase of the development in Second Ward: a 250-unit complex, with all units being affordable. The previous plans had called for affordable housing to be mixed with market-rate apartments.
To get the project started, Peebles asked the city for $13.5 million from its trust fund, which was recently replenished with a $100 million voter-approved bond. That is the largest ever housing bond the city has received.
But the city’s Housing and Neighborhood Services said, as of now, that’s too much money. It also said that the $13.5 million is the largest request it’s ever received from an affordable housing developer.
It also said there are “challenges” with Peebles’ financials.
Rebecca Hefner, director of Housing & Neighborhood Services, said it’s possible the city could find a way to fund the project. She hoped the city could meet with Peebles and county officials.
Several council members said they hope the project can move forward.
The city recommended to City Council funding six other apartment complexes, as well as money to buy and preserve existing affordable housing.
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