Affordable Apartments Planned Near Transit Line
Posted on: Thursday, 21 June 2007, 18:00 CDT
By Kirsten Valle, The Charlotte Observer, N.C.
Jun. 21--New apartments going up along the south-corridor light rail line will be the city's first affordable, transit-oriented rental housing, developers say.
South Oak Crossing, a $14 million project with 192 units, is being built on about 10 acres near Old Pineville and Arrowood roads.
The complex is within walking distance of the new Arrowood light rail station. The south-corridor rail line, which stretches about 10 miles from Pineville to uptown, is scheduled to begin service in November.
Most of the units will be priced lower than market value for residents who qualify, based on their incomes, according to the Charlotte-Mecklenburg Housing Partnership, which is developing the apartments.
Ninety-two units will be rented at market price.
"The big thing is that you need to make sure the folks who use transit can get to it," said David Howard, a Housing Partnership spokesman.
Eventually, the complex will attract residents who will use the light rail to get between their homes and jobs, he said.
South Oak Crossing will offer two- and three-bedroom units, from 925 to 1,162 square feet. The complex also features amenities such as a pool, fitness center, business center and movie room.
"Affordable" two-bedroom units will cost $615 to $825 a month, while affordable, three-bedroom units will cost $700 to $925 a month.
About 20 units will be rented cheaper for residents who qualify, based on their income, Howard said.
Potential residents must pass criminal background checks and meet other standards to live there, he said.
Construction started in December, and the project should be finished in about a year, said Sheila Neal of Carocon, the general contractor.
Howard said the first tenants should be able to move in by November.
Other high-density, transit-oriented communities are springing up along the light rail line.
Steve Harris of Harris Development Group recently announced plans to bring more than 2,500 townhomes, condominiums and apartments to the area in two high-density, transit-oriented communities that will adjoin the Interstate 485 and Arrowood transit stations.
Homes will range from the low $100,000s to about $350,000 each, with apartments renting for about $750 to $1,000 per month.
The Housing Partnership is planning a second affordable housing development near the future Scaleybark rail station, Howard said.
Howard expects development to follow the light rail but said rising land prices will make affordable projects rare. The last appraisal on the South Oak Crossing site showed that the land had more than tripled in value, he said.
South Oak Crossing is being built with money from the city of Charlotte, tax credits, loans and other sources.
The Housing Partnership is a private, nonprofit organization that promotes affordable housing for low- and moderate-income families.
-- Kirsten Valle: 704-358-6043
Want to Know More?
South Oak Crossing, 192 rental units, is going up on 10 acres at 7609 Old Pineville Road. Details or leasing information: 866-860-1905 or www.cmhprentals.com.
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Source: The Charlotte Observer (Charlotte, N.C.)
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