Charlotte’s newest apartment tower will be The Pearl’s first housing. What we know
As The Pearl, Charlotte’s first medical tech and med school complex, continues to develop an apartment tower will be the next step. And that construction could start in August.
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The apartment complex, ANOVA, will house some of The Pearl’s first residents. The building’s height of 240 feet, or 20 stories, and the project’s use of a construction crane were approved in June, according to federal records. Usage of the crane was approved with a start date of Aug. 1 through January 2028.
ANOVA comes from a public-private partnership between Advocate Health, Atrium Health, Wexford Science & Technology and Ventas Inc., a real estate investment trust.
Construction will begin this year, a Wexford representative confirmed, but they would not say whether August was the targeted start time. ANOVA is scheduled to open in 2028, according to the complex’s website.
It’s unclear how much construction will cost.
Whether construction begins in August or later this year, the project has been highly anticipated.
In 2021, Atrium presented its $1.5 billion mixed-use development plan to Charlotte and Mecklenburg County officials. The healthcare group was seeking funding from the city and county, which it received to the tune of $75 million.
One of the concerns surrounding the project was the number of affordable housing units, especially because the development sits at the site of the former Brooklyn neighborhood. Prior to the 1960s, the Brooklyn neighborhood was a flourishing Black community. It was destroyed in the name of urban renewal and has borne the brunt of government interference and disinvestment.
Former residents and community groups such as the Brooklyn Coalition wanted to see more affordable housing options from the development.
ANOVA will house 382 apartments and 5% of the units, or about 19, will be income restricted.
It’s unclear what those income levels will be. The Wexford representative did not answer The Charlotte Observer’s question on the area median income limits.
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In 2021, Atrium’s presentation to the city and counted said a majority of the units would be for those making up to 50% AMI. But a report from NC Health News and the Charlotte Ledger noted that half the units would be for those in the 50% AMI bracket and the other half would be at 80%.
For a family of four, that’s an income between $56,100 and $89,750.
While there are limited affordable units at The Pearl, Atrium recently completed its other affordable housing commitment.
In June, Atrium swapped 14 acres of land between North Tryon and North Poplar streets with INLIVIAN, Charlotte’s public housing authority. It’s adjacent to another 16-acre INLIVIAN affordable housing development.
At least 25% of the residential units built on the North Tryon site must be reserved for affordable housing, and half of those must be made available to people earning 50% or less of the area median income. For a family of four, that’s an income of $56,100 or less.
Besides the upcoming construction of ANOVA, The Pearl’s development is moving along.
Along with the medical school that opened last summer with about 50 students, The Pearl is home to several companies. One is Siemens Healthineers, a German medical technology company that launched its first U.S.-based Experience Center in late September.
IRCAD established its North American headquarters at The Pearl, and IRCAD North America is a wholly owned subsidiary of Atrium Health.
Since opening, The Pearl has earned $224 million through jobs, visitors and student activity, according to a Thursday, July 9, news release from Advocate. It’s added 2,270 job, including 560 onsite employees in the healthcare, research, education and hospitality sectors.
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The district has also generated $9.8 million in tax revenue since it opened.
