Charlotte Senior Community Breaks Ground
The $31 million, 120-unit property will be fully affordable.
Image by manbob86 via Pixabay.com
The Paces Foundation and Soho Housing Partners have started construction on a 120-unit affordable senior community in Charlotte, N.C. Fifth-Third Bank, LISC, Raymond James Financial, the City of Charlotte and Barings are financing the $31 million project dubbed Historic Nathaniel Carr Senior.
Westside Community Land Trust purchased the site and signed a long-term ground lease for the fully affordable development, with a Community Benefits Agreement also being carried out between the parties. The City of Charlotte, North Carolina Housing Finance Agency and Give Impact are further backing the project locally, with financial and concept support. Neighboring Concepts is the architect, Weaver-Cooke the general contractor, with civil engineering provided by Urban Design Partners.
Located at 2498 West Blvd., the site is near the intersection of West Boulevard and Billy Graham Parkway, both routes providing easy access to downtown Charlotte. The community will be close to several retail spaces, dining options and entertainment venues. Green areas, such as Clanton Park, Wingate Neighborhood Park and Southside Park, are within a 2-mile radius from the property, while Charlotte Douglas International Airport is less than 4 miles away.
As demand for affordable housing surges and aging Baby Boomers are creating a spike in need for senior housing, developers are trying to keep up. In early 2022, Woda Cooper Cos. opened a 50-unit affordable senior housing community in Hickory, N.C. The property serves individuals aged 55 and older, earning between 40 and 80 percent of AMI.
