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New Brookhill developer launches website with community details
Details funding and construction basics
 
Published Saturday, April 11, 2020 5:00 pm
by Herbert L. White | The Charlotte Post

PHOTO | TROY HULL
A new website lays out future plans for the conversion of low-income Brookhill Village into New Brookhill, a mixed-income community in Charlotte's South End.

A website launch for the New Brookhill community is sharing information on the development.


The site, newbrookhill.com, lays out future plans for the low-income Brookhill Village neighborhood in the South End district along South Tryon Street near Center City. Developer Tom Hendrickson of Zebulon bought Brookhill Village’s land lease for $792,000 with the intent of building New Brookhill, a mixed-income neighborhood. Hendrickson closed on the leasehold rights in collaboration with community stakeholders that include South Tryon Community Development Corporation led by the Rev. Ray McKinnon.


Lookout Ventures Inc., owned by Hendrickson, will develop the property and a sister company, Brookhill Land Lease Ventures, is the leasehold tenant through 2049 when the land reverts to its owner, the family of Brookhill builder C.D. Spangler.


Among the website’s highlights:


• Hendrickson’s project vision and affordable housing plans


• Financing and impacts of including, or not including, public investments


• A construction timeline and phased development to avoid displacing 279 current residents


• Mandates from the Settlement Agreement with the U.S. Attorney’s Office


• Public presentations and community events


“Affordable housing for working families is core to the New Brookhill vision,” Hendrickson said in a statement. “The time is now to move forward for people in Brookhill who have waited many years for change. The promise of affordable housing in New Brookhill depends on public partnership.”


The $67 million, 324-unit development, which was announced in December, includes 164 apartments at affordable rental rates, including 65 units at 30% of area median income, 97 at 60% AMI and two at 80% AMI. The other apartments will rent at market rates. Units at the current Brookhill Village rent for an average of $450 a month.


“I think it has the potential to be a good model for affordable housing,” Sustain Charlotte founder and executive director Shannon Binns told The Post in February. “I think the way this could be a model is if they do find a way to get the financing that they need to build it in this way that I think could be an inspiring model for others who currently may believe it is impossible.”


Hendrickson has funding requests before city leaders including a $4.5 million loan from the Housing Trust Fund and a $10 million loan from the Charlotte Housing Opportunity Investment Fund. City Council will be briefing on the development April 13 with final vote April 27. Hendrickson has said he’s committed to starting construction this year if funding is arranged.


On the Net:
newbrookhill.com/questions

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Want to apply 3 bedroom
Posted on December 20, 2020
 
I want to apply as soon ? as possible!
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