INLIVIAN and Urban Atlantic secured $84 million in construction funding for “Trella Uptown,” a mixed-income apartment community that will be located at 426 N. Tryon Street. It will have 106 units available for residents who earn $22,600 – $60,300 annually.
The announcement comes as Charlotte’s housing market seems to become rapidly less affordable for many working and middle-class families.
Trella Uptown is planned to offer resident-supportive services like employment readiness services, after-school programming for youth, child literacy classes, family counseling and life coaching.
The complex will be located near employment, cultural and educational centers, and two LYNX light rail stations.
Contributors to the $84 million in funding include:
- Chase: $50 million
- Aetna: $16 million
- Horizon Development Properties: $7.8 million
- Mecklenburg County: $6 million
- City of Charlotte: $3.2 million
Trella Uptown is described as being a “first-of-its-kind” in the state of North Carolina.
“To our knowledge, this is the first apartment community to have units serving this wide range of incomes all in one Class-A apartment building in a top apartment submarket, spread seamlessly throughout the building,” Caroline Kenney, managing director of public-private ventures, told QCity Metro.
Kenney said the market rate rents will be set according to the rate when the community opens in December 2024.
