Title
Conveyance of City-Owned Properties for the Development of Affordable Housing
Action
Action:
Authorize the City Manager and staff to work with recommended affordable housing developers to finalize preliminary affordable housing proposals and negotiate conveyance of four vacant City-owned properties for the development of affordable housing, as follows:
* 11217 Providence Road West (parcel identification number 223-132-40) conveyance to Crosland Southeast,
* 1654 Newland Road (parcel identification number 077-061-13) conveyance to Habitat for Humanity of the Charlotte Region,
* 7605 University City Boulevard (parcel identification number 049-241-15) conveyance to DreamKey Partners and Conifer Realty, and
* 7204/7202 South Boulevard (parcel identification number 205-173-03) conveyance to The NRP Group.
Body
Staff Resource(s):
Shawn Heath, City Manager's Office
Rebecca Hefner, Housing and Neighborhood Services
Phil Reiger, General Services
Explanation
* The City currently owns four properties identified as suitable for affordable housing developments and for which development proposals have been received and evaluated by staff in response to a November 9, 2021 request for proposal (RFP). The properties and a summary of the recommended developers is as follows.
* Providence Road West
* Parcel Identification Number (PID): 223-132-40
* Council District: 7
* Appraisal: An appraisal of the property completed in January 2021 established a fair market value of $1,000,000.
* Recommended Developer: Crosland Southeast
* Development Type: Multi-family rental development
* Conveyance Method: Long-term ground lease from the City
* Newland Road
* PID: 077-061-13
* Council District: 2
* Appraisal: An appraisal of the property completed in December 2020 established a fair market value of $90,000.
* Recommended Developer: Habitat for Humanity of the Charlotte Region
* Development Type: Single-family, for-sale townhome development
* Conveyance Method: Fee simple warranty...
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