Commitment to affordable housing
This is Laurel Street Residential’s second effort to secure funding for River District Apartments.
Nelson told QCity Metro in a recent interview that the project was first approved for funding in 2021, but construction was delayed because of market changes like increased construction costs and interest rates.
“It has been a journey because the market has changed a great deal since the original concept was put on the table,” Nelson said.
Laurel Street was initially awarded $2 million for the River District project but needed an additional $6 million. Laurel Street returned the $2 million to the city and reworked the project to reduce the budget.
“We know the importance of affordable housing for the city of Charlotte. But we also are equally committed to being a good steward of the city’s resources. So [we] want to do the best that we can to make sure we’re using those resources as effectively and efficiently as possible,” Nelson said.
Cochran said the development company had to decrease the size of the project to lower the asking price.
Cochran said the new plan means Laurel Street cannot offer as many units as initially planned.
“You can never put enough money toward affordable housing. But we always try to do as many as we can with that kind of resources that are available, and that’s part of the secret sauce of doing this work,” Cochran said.
About the development
Many of Laurel Street Residential’s properties offer age-restricted senior housing, but the River District Project will be open to all ages.
“[This development] is trying to create opportunities for individuals and families to have access to market-quality units that are affordable to households that make between 30% and 80% of the median income,” Nelson said.
Cochran said the apartment complex, which will have one, two and three-bedroom units, will appeal to families because the River District is a “brand new” community.
“We typically do senior communities in [areas] that are already established, where seniors are trying to stay in the community,” Cochran said.
Cochran said that most of the developments Laurel Street Residential does are in partnership with other community stakeholders like Black churches. Laurel Street Residential has partnered with churches like Saint Paul Baptist, The Park Church and Little Rock AME Zion.
“We kind of partner with folks that have a vision for what they want to try to accomplish. And they need someone to come in and knows how to develop it and build the housing,” Cochran said.
Construction on River District apartments will begin in 2024. Laurel Street Residential hopes to see residents moving in by 2025.
Amenities for River District apartments include washer and dryer connections, fully equipped kitchens, a fitness center and a multipurpose room. Cochran said in the future, CATS will extend bus service to the community.
Read more at QCityMetro.com
