Title
Brooklyn Village Redevelopment Update
Action
ACTION:
Receive as information an update on the Brooklyn Village Master Redevelopment Agreement
Staff Contact: Jacqueline McNeil, Real Estate Management Director
Presentation: Yes
BACKGROUND/JUSTIFICATION:
The Brooklyn Village Master Redevelopment Agreement between the County and BK Partners, LLC governs the phased disposition of County-owned property in the Second Ward neighborhood of Uptown Charlotte. Phase I of the property (the former Walton Plaza building and grounds) was conveyed to BK Partners in July 2023. In a letter to the County dated May 15, 2024, BK Partners informed the County of its progress to date which includes:
1) Completion of demolishing the former Bob Walton Plaza building
2) Removal of asphalt, curbs, and lights from the grounds of the property
3) Mass grading of the property
4) Construction of detention ponds
5) Construction of underground storm water vaults and sanitary sewer
In addition to reporting on the above activities, BK Partners informed the County that, despite using commercially reasonable efforts to move forward with the project, they are delaying the start of construction on the Multi-Family Vertical Improvements at this time due to unfavorable market conditions. A representative of BK Partners will give a more in-depth presentation regarding the company's decision to delay the start of construction.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A