By Laura Calugar
Laurel Street, a mixed-income residential development company, opened 757 North, a four-story, 115-unit apartment community in downtown Winston-Salem, N.C. The total development cost for 757 North was $15 million. Northridge Capital provided $4 million in equity and the development team secured $9.4 million in construction financing from First National Bank. The City of Winston-Salem also provided a $1.25 million loan and $325,000 land grant.
PARTIALLY AFFORDABLE COMMUNITY
The property is located at 757 North Chestnut St., one block from the Wake Forest Innovation Quarter, a mixed-use hub for biomedical, material sciences and information technology. 757 North is a workforce housing development that includes 29 affordable units reserved for households with incomes at 80 percent of the area median income. These will have rents ranging from $740 to $850 per month. The remaining 75 percent of the units will be unrestricted, with rents between $1,095 and $1,600 per month. 757 North offers one- and two-bedroom units with elevator access, and amenities include a fitness center, yoga studio, Wi-Fi café, coffee bar, indoor game room, conference room and outdoor patio with grills.
“This new community will offer residents modern amenities with a convenient location walkable to restaurants, retail, arts, culture and local employers. The ongoing growth of the Innovation Quarter has energized and transformed this neighborhood,” said Laurel Street Principal Dionne Nelson, in prepared remarks.
Laurel Street developed the community in partnership with Goler Community Development Corp., a Winston-Salem nonprofit specializing in the redevelopment of the Goler Heights neighborhood. Units are now available for lease.
Image courtesy of Laurel Street