Civic Park Apartments redevelopment gets $700,000 in tax credits
SALISBURY — Laurel Street Residential, master developer for the redevelopment of Civic Park Apartments, has been awarded a $700,000 allocation of federal tax credits by the N.C. Housing Finance Agency for the first phase.
The project is a collaboration with the Housing Authority and the city of Salisbury.
In 2011, the city was awarded a Choice Neighborhood Planning Grant of $170,000 from the U.S. Department Housing and Urban Development to transform the West End neighborhood, which includes the 72-unit Civic Park Apartments. With the announcement of this tax credit award, the community’s goal to reinvigorate housing in the neighborhood will begin.
In the spring, City Council voted to rezone about 19 acres for the project at the corner of Brenner Avenue and Standish Street and establish a conditional district overlay to allow a mix of 181 public, low-income and market-rate apartments.
The first phase of this multi-phased redevelopment, three garden-style apartment buildings to go up near Brenner Avenue, is expected to be completed by early 2015.
The project failed to win an $18 million grant last year from the U.S. Department of Housing and Urban Development but will re-apply.
Laurel Street Residential of Charlotte is a developer of mixed-income housing throughout the Southeast.