{"id":2552,"date":"2026-07-01T14:06:33","date_gmt":"2026-07-01T14:06:33","guid":{"rendered":"https:\/\/charlotterelocationguide.com\/?p=2552"},"modified":"2026-07-01T14:06:33","modified_gmt":"2026-07-01T14:06:33","slug":"latest-delay-in-charlotte-for-700m-brooklyn-village-plan-involves-new-land-deal","status":"publish","type":"post","link":"https:\/\/charlotterelocationguide.com\/?p=2552","title":{"rendered":"Latest delay in Charlotte for $700M Brooklyn Village plan involves new land deal"},"content":{"rendered":"

A portion of the long-awaited $700 million mixed-use Brooklyn Village redevelopment<\/a> in uptown Charlotte has a new owner. Again.<\/p>\n

Read more Grilling on Fourth of July? How a Rock Hill area butcher shop fights high costs<\/a><\/p>\n

Meanwhile, development plans remain uncertain.<\/p>\n

For $24.3 million, real estate firm First & Early Partners purchased two parcels at 700 and 800 E. Brooklyn Village Ave., according to Mecklenburg County property records posted on June 29.<\/p>\n

It\u2019s the second time the 6-acre site has switched hands in the past month. On May 20, developer Peebles Corp. returned the site to its lender, Peachtree Group for almost $24.4 million<\/a>. That move came weeks after Peachtree Group filed a foreclosure notice on the parcels.<\/p>\n

Peachtree, then operating as Stonehill Group, provided Peebles with a nearly $23.6 million construction loan in 2023 for 6 acres of the Brooklyn Village site, according to Mecklenburg County records. Now, Peachtree has sold the land to Charlotte-based First & Early.<\/p>\n

It\u2019s unclear what First & Early intends to do with the site. The real estate firm didn\u2019t immediately respond to a request for comment on Tuesday.<\/p>\n

The Charlotte Business Journal first reported the sale<\/a>.<\/p>\n

The site was supposed to be the part of the first phase of the Brooklyn Village redevelopment, which, after a few changes, was set to be mainly affordable housing<\/a>. But nothing has sprouted from the ground in the past decade, since Peebles was named master developer of the project by Mecklenburg County.<\/p>\n

Horizontal grading was completed about two years ago. But other than that, only delays, disorder and discontent have come from the project.<\/p>\n

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<\/a> and disinvestment.<\/p>\n

Black-owned businesses and homes<\/a> were bulldozed for parking lots, the long-shuttered Board of Education building, Marshall Park and Bob Walton Plaza.<\/p>\n

In 2016, Mecklenburg County selected Peebles Corp.<\/a>, in partnership with Conformity Corp. under the name BK Partners, to redevelop the area into Brooklyn Village.<\/p>\n

The plan was for the 17 acres in Second Ward to be turned into 1,200 residential apartments, a hotel, retail and commercial space. The project was set to be an ode to the Brooklyn neighborhood.<\/p>\n

Read more Robert Harrington becomes Charlotte mayor today. He\u2019ll face 4 challenges right away<\/a><\/p>\n

But the project has only been an ode to continued disinvestment. And the recent land swap is the latest in a long list of delays<\/a> for the Brooklyn Village redevelopment.<\/p>\n

First, a five-year closing process delayed the project, which was supposed to be completed by 2021. Peebles didn\u2019t officially own the site until the end of 2023<\/a> and couldn\u2019t do anything to the site until the closing was complete.<\/p>\n

Then, unfavorable market conditions cited by Peebles Corp. in August 2024, including high interest rates, lack of lender support<\/a> and an oversupply of apartments, delayed the project start date until this year.<\/p>\n

Next, Peebles revamped its plan for Phase I<\/a> for funding and morale purposes. Instead of 552 apartment units, with 55 being listed as income-restricted, there would be 250 apartments all income-restricted for those making 30% to 80% of the area\u2019s median income.<\/p>\n

For a family of four, that\u2019s an income range between $33,650 and $89,750<\/a>.<\/p>\n

It was a move Peebles said county commissioners wanted. During a February 2025 meeting, all the commissioners who spoke applauded the addition of more affordable housing.<\/p>\n

But later that year, applause turned into discontent voiced in several closed session meetings.<\/p>\n

In August 2025, Mecklenburg County decided to end negotiations with Peebles Corp. during a closed session. What negotiations the county was ending was unclear, as Mecklenburg County didn\u2019t elaborate.<\/p>\n

The last time the two entities spoke was in November, WFAE reported in April<\/a>. The county again questioned why Peebles Corp. hasn\u2019t built anything on the site.<\/p>\n

There was no answer.<\/p>\n

Peebles still owns the remaining portions of the site.<\/p>\n

Last year, the developer said a majority of the delays is due to Mecklenburg County. And on Tuesday, the developer said it\u2019s looking forward to working with the county and stakeholders on Phase 2 and 3.<\/p>\n

Read more Religious instruction, public schools and the NC budget: 5 things to know<\/a><\/p>\n

It\u2019s unclear if the county feels the same sentiment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two parcels in Brooklyn Village, uptown Charlotte, sold to First & Early for $24.3M amid ownership shifts and ongoing delays for the long-stalled redevelopment.<\/p>\n","protected":false},"author":1,"featured_media":795,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-read-todays-edition"],"yoast_head":"\nLatest delay in Charlotte for $700M Brooklyn Village plan involves new land deal - \u0421harlotte Relocation Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/charlotterelocationguide.com\/?p=2552\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest delay in Charlotte for $700M Brooklyn Village plan involves new land deal - 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