An investment group is planning to develop the area around the BB&T Ballpark, but the Winston-Salem City Council wants to insure the new complex includes units for those who make less than the median income for the area.
The proposed complex will be a mixed-use development featuring luxury units, offices, and retail space. The developer, Brand Morgan, CEO of Brand Properties Real Estate Investment Group, told the city council the project will be built in phases, with the first phase planned to include a hotel, 250 apartments, approximately 50,000 square feet for retail use, and another 110,000 square feet for offices. There would also be two parking decks with a total of 1,000 spaces; the price tag for the first phase is estimated at $96m.
However, before any deal is finalized, the city is considering asking Brand to include “workforce” housing as part of the project. The proposal would require 5% of the rental units to be available to those who earn 50-80% of the median income for the area. It would also require an additional 5% be made available to those earning 80-120% of such income. The council will continue to discuss the issue with the developer.
When the project is complete, the developer might consider working with brochure printers on a booklet for distribution to realtors, both residential and commercial, describing the amenities available.
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