A joint venture between Laurel Street, the Park Ministries and the Park Community Development Corporation has broken ground on the 80-unit affordable Gilfield Park in Charlotte, N.C. The community, which is slated for delivery in early 2023, has a total cost of approximately $16.8 million. Bank of America provided a construction loan and a tax-credit equity investment for the development.
The community represents the first phase of a larger master-planned development on The Park Church’s 51-acre campus. Apart from Bank of America, the Charlotte Housing Trust Fund and the Local Initiatives Support Corporation, through their administration of the Charlotte Housing Opportunity Investment Fund, also provided funding.
The property is targeting seniors aged 55 years and up, with incomes below 80 percent of the area median income. It will comprise 48 one-bedroom and 32 two-bedroom units ranging from 660 to 900 square feet. Rents will range between $400 and $1,400. Each unit will feature walk-in closets, ceiling fans and fully equipped kitchens. Community amenities are planned to include outdoor green space, garden plots, a fitness center, individual storage units and a multi-purpose community room.
Located some 7 miles northwest of Uptown Charlotte, the community is close to several shopping, dining and retail options, as well as a bus stop. Interstate 77 and Beatties Ford Road are both easily accessible. Hornets Nest Park is also less than half a mile north of the property.