Title
Brooklyn Village Redevelopment Project - Phase I Update
Action
ACTION:
Receive as information an update on Phase I of the Brooklyn Village Mixed-use Redevelopment Project
Staff Contact: Dr. Leslie Johnson, Deputy County Manager
Jacqueline McNeil, Real Estate Management Director
Presentation: Yes
BACKGROUND/JUSTIFICATION:
In 2018, the County executed a Master Redevelopment Agreement ("MRA") with BK Partners, LLC for the redevelopment of approximately seventeen (17) acres of County-owned property in Uptown Charlotte into a mixed-use commercial and residential neighborhood coined Brooklyn Village. The redevelopment project was planned as three phases over land referred to as Brooklyn Village South (consisting of the former Bob Walton Plaza building and grounds) and Brooklyn Village North (the former Board of Education Building and Marshall Park). Brooklyn Village South, Phase I, of the project was to be constructed first and consisted of a mix of residential, retail, office, and hotel uses.
Consistent with the MRA, the County conveyed Phase I of the redevelopment property to BK Partners on July 28, 2023. However, to date, commencement of vertical construction on the property has not taken place. In the recent weeks, the original developer selected by the County, BK Partners, conveyed the Phase I property to its lender. Since then, First & Early Capital has obtained ownership of the Phase I land. During tonight's meeting, First & Early will share with the Board its vision for Brooklyn Village South (Phase I land only) including plans to bring the original development spirit of the Brooklyn Village project to fruition.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A