Stalled Brooklyn Village project in Charlotte inches closer to a start date
Plans are still taking shape for a 6-acre section of the long-awaited Brooklyn Village redevelopment in uptown Charlotte. County staff and the new property owners hope to reach a preliminary agreement next month.
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Since August, Mecklenburg County staff and First & Early Capital, the property owners, have been working on a new development agreement for Phase I of the mixed-use project.
They have also proposed a timeline for the project which has been in the works for at least a decade.
Mecklenburg County Commissioners received an update on those discussions Tuesday.
Phase I will include market-rate and affordable housing, retail, office space and a hotel. The square footage of the nonresidential uses may change based on market conditions and financing options.
Here’s the rundown:
The proposed agreement is based on the master agreement the county signed with the previous developer, BK Partners, in 2018.
There’s also a proposed timeline. Commissioners will vote Nov. 5 on whether to move the project forward.
If approved, First & Early will have nine months to develop a plan based on the agreement. Commissioners will then vote on that plan.
If the plan is approved, construction must begin within 36 months. Financing options at that time will determine when the projects are completed.
The proposed agreement and timeline drew some concerns from county commissioners, but they also expressed appreciation that the project is moving forward.
Commissioner Susan Rodriguez-McDowell requested more affordable housing, an issue commissioners have raised for the past decade.
Commissioners Arthur Griffin and George Dunlap wanted the proposal to include more recognition of the area’s history as a once-vibrant, predominantly Black neighborhood. That could include a commitment to set aside a percentage of retail space for minority-owned businesses.
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Several commissioners hope First & Early could speed up the project timeline. As Griffin noted, former residents of Brooklyn have been waiting for this project since the 1990s.
Brooklyn Village was envisioned as an homage to the long-gone Brooklyn neighborhood, once home to predominantly Black businesses and families before it was demolished in the name of urban renewal.
In 2016, Mecklenburg County selected Peebles Corp., in partnership with Conformity Corp. under the name BK Partners, to redevelop the area as Brooklyn Village.
Peebles Corp. planned to transform 17 acres in the Second Ward into 1,200 residential apartments, a hotel, retail and commercial space. The project was supposed to be completed by 2021.
But for a decade, nothing was developed in Brooklyn Village. Instead, delays fueled animosity between the county and Peebles Corp.
The delays included a five-year closing process, high interest rates, a lack of lender support and, finally, asbestos remediation.
In August, the county filed a lawsuit against BK Partners LLC, alleging breach of the master redevelopment agreement and citing the company’s failure to meet contractually obligated construction and demolition deadlines.
In June, First & Early purchased Phase I of the Brooklyn Village redevelopment for $24.3 million, according to Mecklenburg County property records. The purchase included two parcels at 700 and 800 E. Brooklyn Village Ave.
André Collins and Jubal Early Sr. of First & Early Partners introduced themselves to county commissioners in August. The Charlotte-based real estate advisory firm outlined a 75-day process to collaborate with county leaders, conduct a joint market analysis and establish a development framework. That framework was discussed Monday night.
Now, First & Early will meet with county staff again to discuss the commissioners’ concerns.
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Come November, the Brooklyn Village redevelopment may have a start date.
