CHARLOTTE — The future of Charlotte’s long-delayed Brooklyn Village has become increasingly uncertain after part of the development site was transferred back to a lender amid foreclosure proceedings.
Property records show developers returned roughly six acres of the 17-acre site to lender Peachtree Group in a deal valued at nearly $24.4 million.
The move followed a foreclosure notice filed against developer The Peebles Corp. for parcels along Brooklyn Village Avenue, according to the Charlotte Observer.
Peebles was selected by Mecklenburg County in 2016 to lead the $700 million redevelopment of the historic Second Ward site, with plans for apartments, retail, office space and a hotel.
The project was originally expected to be completed in 2021, but nearly a decade later no vertical construction has begun. Horizontal grading has occurred, but the site remains largely undeveloped.
The project sits on land that once formed the heart of Charlotte’s historic Brooklyn neighborhood, a thriving Black community that was largely demolished during urban renewal efforts in the 1960s. County leaders and developers had promoted Brooklyn Village as a chance to honor that history while bringing new housing and economic development to uptown.
Delays have piled up for years. A lengthy closing process meant Peebles did not officially acquire the site until late 2023. In 2024, the developer cited high interest rates, tight lending conditions and an oversupply of apartments as reasons for postponing construction.
Peebles later revised Phase I to focus entirely on affordable housing, reducing the plan from 552 units to 250 income-restricted apartments for residents earning between 30% and 80% of the area median income.
While county commissioners initially praised the expanded affordable housing component, relations between Mecklenburg County and Peebles deteriorated behind the scenes.
In 2025, the county voted in closed session to end certain negotiations with the developer, though officials did not publicly specify which negotiations were terminated. Questions have continued to swirl over why no buildings have risen on the site despite years of planning.
Peebles still owns the remaining portions of the property and says it hopes to continue working with the county on later phases.
But with foreclosure activity now affecting part of the project and tensions between the developer and county unresolved, the fate of Brooklyn Village appears more uncertain than ever.
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