CHARLOTTE, N.C. (WBTV) – The Charlotte City Council will vote Monday night on a plan to sell more than four acres of land to developers who plan to build affordable housing on the site.
The city paid millions for the property but plans to sell it for a single dollar.
The property is along Reagan Drive near I-85 and West Sugar Creek Road. A Economy Budget Inn motel used to sit there, and was a hotbed for crimes, including robberies, shootings and murders.
In April 2023, the city bought the land for $4.2 million and tore the motel down. Now, the city has chosen to sell the property to Prosperity Hidden Valley.
The deal means the developer must build a minimum of 39 new townhomes to sell to families earning at or below 80% of the area’s median income. For a family of four, that is just under $80,000 a year.
The units must stay affordable for 20 years and may not be leased during that time. The purchase price of the homes will be limited and there will be down payment assistance and special mortgage financing.
City leaders said they selected the developer for its experience with creating affordable housing, especially for households impacted by racial disparities in homeownership.
Related: Charlotte leaders clash over motel demolition, move forward with project
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