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New 198-unit apartment complex latest step in affordable housing
Multi-family Platform Lofts breaks ground
 
Published Thursday, May 9, 2019 10:17 am
by Herbert L. White | The Charlotte Post

NRP GROUP
An artist’s rendition of Platform Lofts, an affordable housing complex in north Charlotte.

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An affordable housing complex has broken ground on the light rail extension.


Platform Lofts, a 198-unit multifamily apartment project developed by NRP Group, is one of the first communities of its kind located on the Blue Line and expected to be completed next year. The development is NRP Group’s third apartment community in the Charlotte market after Loft 135, an upscale market-rate project completed in South End in 2016 and The Parkwood, which is set to finish by fall.


“The City of Charlotte is committed to partnering with developers like NRP to provide affordable housing for our citizens,” housing and neighborhoods director Pamela J. Wideman said in a statement. “The ability to have quality affordable housing in close proximity to the Blue Line extension and other transit options is a prime example of how lower income families can have access to affordable housing in areas that provide upward economic mobility opportunities. NRP’s Platform Lofts development provides such an opportunity. The City of Charlotte is proud to be partnering with NRP in this exciting new development.”


Charlotte's booming population has resulted in an affordable housing crisis. City leaders are trying to add housing stock, which has a deficit of 30,000 affordable units. As a result, prices have squeezed middle- and working-class renters.


From 2010-17, nearly 90,000 apartments were added while 300,000 people moved to the area.


Platinum Lofts will include six residential buildings with two-, three- and four-bedroom apartments and amenities including a community room, gym, computer room, indoor and outdoor play areas and covered picnic pavilions with grills. NRP Group also partnered with Community Housing Resource, a nonprofit that provides affordable housing with social services initiatives.  


Public access streets will run through the site, which will also have direct pedestrian access to the Cross Charlotte Trail. Platform Lofts is located across the street from the Blue Line’s Old Concord Station, and less than a mile from the Eastway Rec Center, a $40 million community center scheduled for completion in 2020.


Platform Lofts is reserved for renters who earn 60 percent or less than the median income in Mecklenburg County, or $44,460 a year for a family of four.


“We’ve been acutely aware that the city of Charlotte has a great need for affordable housing at a mix of income levels, so we are thrilled at the prospect of participating in the opportunity to supply this type of housing,” said NPR Group Senior Vice President Aaron Pechota. “The effort to bring affordable housing to this site, at this long-awaited transit line, was years in the making and should bear fruit soon.”


Bank of America Merrill Lynch provided $25 million in loans and $13.2 million in direct equity and Charlotte’s Housing Trust Fund contributed $5.1M in gap financing.


“This development is an example of the work we’re leading to support Charlotte’s housing needs,” said Charles Bowman, Bank of America market president for Charlotte. “Our commitment to support affordable housing is part of how we drive economic mobility and help create safe and stable communities for residents of Charlotte.”
 

Comments

if it were not for the Asian population growing and moving into North Carolina, they would have built nothing
Posted on May 10, 2019
 

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