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Affordable housing, Lake Norman-area projects and more Charlotte residential real estate news

CHARLOTTE — As market-rate apartments continue to spring up across the Charlotte area, a few affordable-housing initiatives here gained traction last month, too.

Charlotte City Council, for instance, followed Mecklenburg County in July in putting $3.5 million behind efforts to save Brookhill Village. Griffin Brothers Property Services and Quore Real Estate Advisors are working to restore 100 units remaining at the 35-acre site off South Tryon Street and Remount Road — near expensive South End — after most of the buildings there were demolished. The combined $7 million subsidy will go to the developers toward offsetting costs of keeping those units affordable.

On the east side, in the Grier Heights neighborhood, affordable-housing developer DreamKey Partners — previously named Charlotte-Mecklenburg Housing Partnership — broke ground in July on a for-sale, 18-townhome project on Orange Street, near Randolph and Sam Drenan roads. Aveline at Orange Street is targeted for buyers with a household income that’s 80% of the area median income. Pricing for a three-bedroom, two-and-a-half bathroom townhome there will start at $284,000. For perspective, a home in the city of Charlotte sold for a median sale price of $431,000 in June.

Elsewhere in Charlotte, the city is seeking developers to bring affordable and workforce housing to a couple of sites it owns north of uptown. Both properties fall within one of the city’s designated Corridors of Opportunity.

Farther out in the region and unrelated to affordable housing, the changes keep coming to plans for a high-profile and controversial development in Huntersville centered around a lagoon and beach club. After the town’s planning commission in late June recommended the full board vote down the project, which has faced heavy pushback from residents in the area, developer Jake Palillo has twice scaled back his plans. Renamed to Waterside from Lagoona Bay, the latest version still calls for the lagoon and beach club, but with fewer residential units and no retail on a 263-acre site off Sam Furr Road. The changes pushed back the timeline on the public approval process.

In nearby Davidson, a different project is making headway. Summit Farms, which looks to combine a working farm, commercial space and low-density housing on 58 acres at East Rocky River and Shearer roads, could go before the town’s commission for a vote later this month. And in Fort Mill, nearly 100 townhomes are slated for a 30.5-acre portion of the former Charlotte Knights stadium site, part of a larger redevelopment effort.

CBJ’s latest real estate roundup takes a closer look at the latest residential developments that are planned or underway across the Charlotte area.

Check it out here.

(WATCH BELOW: Affordable housing torn down, replaced with more expensive homes)


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