Jump to content

Brookhill


SydneyCarton

Recommended Posts

This huge site, like The Colony, will be transformed from terrible to terrific.  I’m elated to see it be redeveloped.

P.S.: I couldn’t find an existing thread, so I made this.  If those with greater insight don’t think a thread is warranted yet, then , hopefully, the moderators can delete it.  
 

From the January 10, 2020 Observer:

0C62CD06-301F-445D-82D4-8AAD682E492E.jpeg

Edited by SydneyCarton
  • Thanks 1
Link to comment
Share on other sites


Financing might be tough to get according to this article.  with only 29 years left on the land lease that is not long.  Most buildings on land leases it is 50-99 years.

https://businessnc.com/tom-hendrickson-leading-brookhill-village-redevelopment-in-charlotte/

here is the article this morning Biz Journal talking about the financing

""His company, Lookout Ventures, in partnership with a local nonprofit, the South Tryon Community Development Corp., are undertaking a project that many over the years have been unable — or unwilling — to touch. It involves a complicated ownership structure that includes a 99-year ground lease that expires in 2049 and decrepit buildings renting far below the city's soaring averages in one of its fastest-growing neighborhoods.  "(The ground lease) is a challenge, but it offered an opportunity," Hendrickson said. "If the property was available for sale fee simple, it’s a lot easier to throw a bunch of money at it and do a market-rate deal."Because of the way the ground lease is structured, traditional low-income housing tax credits can't be used to finance construction of affordable housing on the Brookhill site. Instead, the relatively new Freddie Mac non-LIHTC forward financing, which provides flexible terms for workforce- and affordable-housing projects, will be pursued to underwrite a significant chunk of the new development. It is expected to be a $60 million project.""

https://www.bizjournals.com/charlotte/news/2020/01/10/whats-at-thetop-of-brookhill-village-developers-to.html?iana=hpmvp_clt_news_headline

Edited by KJHburg
  • Like 2
Link to comment
Share on other sites

Just now, KJHburg said:

Financing might be tough to get according to this article.  with only 29 years left on the land lease that is not long.  Most buildings on land leases it is 50-99 years.

https://businessnc.com/tom-hendrickson-leading-brookhill-village-redevelopment-in-charlotte/

Also the density that is being proposed down not seem correct for the size of the plot. 3 story flats and Townhomes? 360 units? On 16 acres.... That feels sparse. Unless they think that will be easier to tear down in 30 years. 

Link to comment
Share on other sites


1 hour ago, KJHburg said:

I don't think this site will be considered for a stadium.  Imagine asking the state and city to pump hundreds of millions of dollars for a new stadium while kicking people out of lower cost housing.  It is not going to happen I can assure you.   No transit, no good highway connectivity.   Either uptown on Charlotte Pipe and Foundry or what about the acres and acres Levine owns?  But here on the site of Brookhill no way. 

It's just a short walk from the Lynx stop.   Anyway, it seems like the Pipe and Foundry is the preferred site.

Link to comment
Share on other sites

3 hours ago, KJHburg said:

I don't think this site will be considered for a stadium.  Imagine asking the state and city to pump hundreds of millions of dollars for a new stadium while kicking people out of lower cost housing.  It is not going to happen I can assure you.   No transit, no good highway connectivity.   Either uptown on Charlotte Pipe and Foundry or what about the acres and acres Levine owns?  But here on the site of Brookhill no way. 

You'd have to bury several streets to make a stadium in first ward happen. The City wouldn't even cut out a street through the middle of 1st Ward park, no way do they abandon 4 full blocks of connectivity, that it would take to build a Football stadium in first ward.

Link to comment
Share on other sites

8 minutes ago, SgtCampsalot said:

My mind's eye feels like a stadium would need to utilize every empty lot in First Ward Proper, including the train stations, in order to fit just barely.

It would take minimum 6 contiguous blocks 3x2, MINIMUM

Edited by Guest
Link to comment
Share on other sites

  • 2 months later...

26 minutes ago, Blue_Devil said:

Should be denser, however this plan seems to be pushed back more toward neighborhoods, if the gradually build density toward Tyron, that would be great

I would imagine much more dense uses on Tryon.

Link to comment
Share on other sites

  • 1 year later...
  • 7 months later...
  • 3 months later...
Posted (edited)

A new plan for Brookhill Village in Charlotte — again BY LAUREN LINDSTROM UPDATED MARCH 16, 2022 5:53 PM

After taking over redevelopment of Charlotte’s Brookhill Village, a local businessman says he plans to not only preserve and build affordable housing but also commercial space for businesses facing rising rent prices. Charlotte businessman Mike Griffin has taken control of the land lease for the South End-adjacent community. A Raleigh-area developer, Tom Hendrickson, announced Tuesday he’d transferred the lease after unsuccessful redevelopment attempts, according to a statement sent to the Observer. The community, opened in 1951, is some of the last affordable housing in the area but badly needs upgrades....

Read more at: https://www.charlotteobserver.com/news/business/development/article259433689.html#storylink=cpy

 

Edited by SydneyCarton
  • Like 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.