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Pappas Properties gets extension on CATS parking deck

 

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The Charlotte City Council on Monday unanimously approved a two-year extension on Pappas Properties’ delivery date of a Charlotte Area Transportation System parking deck to serve the Scaleybark Light Rail Station. The developer is planning a 23-acre mixed-use project west of the station.

Pappas’ Scaleybark Partners plans to develop up to 400,000 square feet of office space, a 120-room hotel, 75,000 square feet of retail and 500 multifamily units and townhomes at the site. The city sold the developer 16 acres near the station along South Boulevard in 2008 for $5.2 million as part of a public-private partnership that required the developer to include parking for the light-rail station in its plans.

Scaleybark Partners requested the extension because it is still working on the second phase of the transit-oriented development and will be unable to deliver the permanent parking to CATS by the February 2016 deadline, according to the city’s staff. Until the deck is built, light-rail riders can continue to park in the surface lot operated by CATS on the development site.

So far, the company has completed several steps in the first phase of the long-delayed project, including the construction of a storm-water retention pond and the installation of lighting and landscaping along South Boulevard. The staff reported that Scaleybark Partners is negotiating letters of intent for 15,000 square feet of retail and 50 townhomes, and has nearly finalized plans for the hotel. Pappas Properties did not respond to a request for more details.

Along with the parking deck, Scaleybark Partners is required by its purchase agreement to include 80 affordable-housing units in the multifamily component of its project. Those apartments would serve households earning 60 percent and below of the area median income of $40,320.

Scaleybark Partners has until the end of 2017 to identify a financing plan for the subsidized housing. To date, the company and Charlotte-Mecklenburg Housing Partnership have submitted three unsuccessful applications for low-income tax credits to defray the cost of building the units. The developer is “evaluating a different financing approach to implement the affordable units,” according to the city staff, and will continue to coordinate and consult with the city on its progress.

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