CHARLOTTE — New York-based The Peebles Corp. has given up ownership of the Uptown parcel targeted for the first phase of Brooklyn Village after its lender on May 5 filed to foreclose on the property.
Atlanta-based Peachtree Group, formerly Stonehill Group, acquired the deed associated with 700 and 800 E. Brooklyn Village Ave., according to Mecklenburg County property records. Those parcels, previously owned by Peebles, were to be developed as the initial project to launch a $700 million redevelopment of the former Brooklyn neighborhood.
Phase one called for 496 market-rate multifamily units, 56 affordable units priced for residents making 60% of the area median income, and roughly 20,000 square feet of retail space. Future phases were planned for 5.43 acres at Marshall Park, at 303 S. McDowell St., and the 5.91-acre former Charlotte-Mecklenburg Schools Board of Education building at 701 E. Martin Luther King Jr. Blvd. The county still owns those sites.