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Randolph Dragon

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  1. This is correct. 100% It is prioritizing their basic business model and limited capacity for creative development over: 1) More impactful, multi-pronged affordable housing outcomes. 2) The vibrancy, scale and authenticity of our Uptown and Tryon St.
  2. Much more accurate depiction of big picture and choices around housing. https://www.charlotteobserver.com/news/local/article242815616.html WHERE WILL HOUSING MONEY GO? Bank of America already has committed $4.2 million, about half the proceeds from selling its land, to fund up to 207 units in affordable housing projects already underway outside of uptown. The money would close funding gaps to make units available faster. That leaves commissioners to decide how to spend $14.5 million, which comes from the rest of the land sales and $3 million committed by the developer for affordable housing. County officials presented the commissioners three options, two of which would put affordable units in or adjacent to the Seventh and Tryon development. The first would use the $14.5 million to build 36 affordable units on site, including 12 for households earning 30% of the area median income, or $23,700 for a family of four. The second option would bring Inlivian, formerly the Charlotte Housing Authority, back into the mix. Inlivian, which owns land originally included in the Seventh and Tryon project, left the landowners group after disagreements with other landowners about whether the housing authority would sell its land outright or lease it back to the master developer. County officials and others involved in the project, including Bank of America, planned to move forward without Inlivian or its land, and have previously said the now-smaller footprint would make affordable housing too expensive on site. County officials offered no details about how Inlivian would be involved under option two. The third choice, similar to a proposal Seventh and Tryon leaders outlined to The Observer earlier this year, would direct all money from the land sale — $18.7 million — to affordable housing projects outside of uptown already underway. If all of the money went to outside projects, it would increase the possible units spread across several developments to more than 700, rather than the 200 Bank of America has committed to with its $4.2 million. Commissioners can also choose to direct money to a combination of the three options.
  3. I believe the potential for off-site units generated has been misreported. The 207 units is via the BofA $4.2M earmarked contribution. Depending on the desired allocation for the remaining $14.5M, overall potential for off-site could be closer to 600-800 total units.
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