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SydneyCarton

Brookhill

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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:

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Edited by SydneyCarton
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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
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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. 

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I was trying to imagine the density and for those who were as well I used Junction 1504 as a reference.  That development is 280 units on 10 acres.  So this is even slightly less dense than that..

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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.

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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.

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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.

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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 ricky_davis_fan_21
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48 minutes ago, ricky_davis_fan_21 said:

It would take minimum 6 contiguous blocks 3x2, MINIMUM

I’m still trying to piece together where it would fit at Charlotte Pipe- would they not have to re-route Morehead at least some? 

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