Affordable Senior Housing Opens in Charlotte

Interior photo of one of the apartments at Gilfield Park. Image courtesy of Laurel Street Residential

Laurel Street Residential has opened Gilfield Park, an 80-unit fully affordable and age-restricted housing community in northwest Charlotte, N.C. The community serves seniors over the age of 55, earning below 80 percent of the area median income.

The property is the result of a private-public collaboration between Laurel Street, The Park Community Development Corp., the City of Charlotte, Bank of America and LISC Charlotte.

The developer broke ground on the project in December 2021 on 3.4 acres provided by The Park Church, which was founded in 1913 as Gilfield Missionary Baptist Church. Financing included:

• $9 million construction loan provided by Bank of America
• $5.7 million tax-credit equity investment from Bank of America
• $2 million loan provided from the City of Charlotte
• $4.3 million loan from the Charlotte Housing Opportunity Investment Fund
• $4.4 million permanent mortgage provided by Cedar Rapids Bank & Trust.

Gilfield Park represents the first phase of a 51-acre, master-planned development. The four-story building incorporates one- and two-bedroom floorplans ranging between 660 and 900 square feet. Common-area amenities include a fitness center, a community room, laundry facilities, a computer room, garden plots, covered patios and storage units. Apartments feature fully equipped kitchens with energy-saving appliances, walk-in closets and hardwood flooring. LSA Management serves as property manager.

The community is at 5915 Beatties Ford Road, 7 miles from downtown Charlotte. The location is near Interstate 77 and within walking distance of a bus stop and Hornets Nest Park.