Construction of the Gilfield Park housing project, at the west side of Charlotte is presently in progress. This project is an affordable housing community meant for seniors and it will be executed through the collaborative efforts of Laurel Street, The Park Ministries and The Park Community Development Corp.
The Gilfield Park housing project will be developed on a 51-acre campus, which is being leased from the Park Church and is located on 1519 Beatties Ford Road, at about 7 miles northwest of uptown and proximal to Interstate 77. Construction will be handled by Laurel Street, a residential development company based in Charlotte and the proposed time of completion has been set for early 2023.
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Gilfield Park housing project brings 80 affordable units
The Gilfield Park housing project will feature a single building, designed to accommodate 80 units. While 48 of these units will be one-bedroom apartments, 32 will be two-bedroom apartments. The apartment sizes will range from 660 to 900 Square feet, with amenities such as ceiling fans, walk-in closets and a fully equipped kitchen. These apartments will be designated for seniors of ages 55 and above whose incomes are at 80% or below that of the area’s median income. The rent rate for these apartments will be as low as $400 per month, with the higher range pegged at $1,200 per month.
Design plans for the Gilfield Park housing project also include the development of a multi-purpose community room, garden plots and a fitness center. Several other amenities will be added such as a covered patio, storage units and elevator access. Sidewalks will also be built to connect the neighboring areas and ease accessibility for residents using the Beatties Ford Road and Interstate 77 routes.
Construction costs for Gilfield Park housing project are estimated at $16.8 million and the funds are being raised from various sources which include the Charlotte Housing Trust Fund (HTF), Bank of America Corp, and the Local Initiatives Support Corp (LISC) via the administration of the Charlotte Housing Opportunity Investment Fund. $4.3 million of the finances will come from the Charlotte Housing Trust Fund; plus a construction loan and a tax-credit equity investment which will be provided by the Bank of America.
