The Charlotte City Council this week unanimously voted to approve the sale of a 3-acre parcel in uptown near Interstate 277, the proceeds of which will pay off debt on the NASCAR Hall of Fame.
Atlanta-based Pollack Shores Development will pay $12.2 million for the property south of Caldwell Street and across from the Hilton Garden Inn on Stonewall Street. The deal is subject to upset bids that must increase the sale price by at least 5 percent.
The land is part of a multiparcel package that the city is selling to pay off the $20 million it borrowed to help finance the NASCAR Hall of Fame. The proposed deal with Pollack Shores would extinguish the debt, Deputy City Manager Ron Kimble told council members.
Pollack Shores is currently developing the 273-unit Myers Park Place, a multifamily project with a mixture of one-, two-, and three-bedroom apartments on Park Road.
This is the third tract the city has marked for sale over the last couple of years. In May 2013, the city sold a 2.3-acre wedge at Stonewall and McDowell streets for $3.8 million. Charlotte-based Proffitt Dixon Partners bought the property to build a 210-unit apartment complex, dubbed Fountains Uptown. The city is required to repay the loan only as the land is sold.
And last year, Crescent Acquisitions, a subsidiary of Charlotte-based developer Crescent Communities, agreed to buy a 5.3-acre tract at the southwest corner of Caldwell and Stonewall streets for $10.3 million. The company’s plans for the site include a 47,000-square-foot Whole Foods supermarket, a 450-unit apartment community, a 1,200-space parking deck, 15,000 square feet of retail space and up to two hotels,
Two more tracts remain for sale. The parcels are all zoned UMUD, an urban, mixed-use district that allows the tallest and densest development of the city’s zoning classifications. Any excess proceeds from the land sales after retiring the NASCAR Hall of Fame bank loan will be used to reimburse the city and state for construction costs on I-277.
In other developments, the council approved the allocation of funds from the city’s Housing Trust Fund for eight proposed affordable-housing developments.
The funds are available for developers receiving N.C. Housing Finance Agency (NCHFA) Tax Credit awards for new construction and rehabilitation. Not all of the planned developments will receive funding from the NCFHA, which will announce its awards in August. Recommended funding for projects that don’t receive a tax credit award from the state will be returned to the Housing Trust Fund for future allocations.
The proposed HTF allocations are for:
- A 30-unit, $45 million development at 1798 Baxter St., which would receive $1.5 million from the trust fund.
- An 82-unit, $10.3 million project dubbed Magnolia Gardens at 5223 Beatties Ford Road, which would receive $1 million from the fund.
- A 98-unit, $12.2 million development at 6520 Mallard Creek Road. The Rodden Square project would receive $1.2 million.
- An $11.5 million redevelopment of the Tall Oaks apartments in the Cherry neighborhood, which would receive nearly $1.3 million.
- A 64-unit, $8 million senior-housing project at 5915 Tuckaseegee Road, which would receive $1.3 million.
- A 96-unit, $13.5 million multifamily complex at 2600 West Arrowood Road, which would receive $1.4 million.
- A 70-unit, $9.7 million development at 3924 Weddington Road, which would receive $1.4 million.
- A 112-unit, $15.2 million project at 1321 Allen St., which would receive nearly $4.4 million from the city.
Council members voted against funding one proposal, a 67-unit, $7.3 million development at 7700 Harrisburg Road seeking $730,000 from the city’s trust fund. The city’s Housing and Neighborhood Development Committee recommended to not award an HTF allocation to the project, dubbed Settler’s Wood.
Developers must submit final applications to the NCFHA by May 15.