Plans are underway for The Resurgent, a $60 million mixed-use and affordable housing project, which the developers, N.C. A&T Real Estate Foundation have decided to embark on, in order to promote economic development in East Greensboro.
N.C. A&T recently received approval from the Greensboro Planning and Zoning Commission and now the foundation is ready to move forward on Phase I of The Resurgent project. This mixed-use development has been in the works since 2019 and was designed to include multifamily housing consisting of over 70 new studio apartments, one and two-bedroom units.
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20% of The Resurgent apartments reserved for affordable workforce housing
The first phase of The Resurgent development will also feature several ground floor local retail shops and restaurants, along with public art locations and office spaces. In addition, the third floor of the office building will house the East Greensboro Entrepreneurial Hub; a new business innovation, which prioritizes local Black and minority business startups in the Greensboro community. The developers also planned to set aside 20% of the available apartments, for affordable workforce housing.
The 275,642-square-foot Resurgent Project site is situated at the southeast corner of East Market Street and is just a 5-minute drive or 15-minute walk from downtown Greensboro. This project is a significant development for the East Market Street corridor area, which has been void of investments for about 30 years now. According to Kimberly Cameron, the East Greensboro community, Executive Director of N.C. A&T Real Estate Foundation, this project’s goal goes beyond just bringing new homes to the East Greensboro community.
Cameron pointed out that the foundation’s main objective was actually job creation. He said the idea behind this project is to give the people, who have lived in East Greensboro for a while, the opportunity to take advantage of this new development and work in some of the available jobs created within the area.
The $60 million construction costs for the Resurgent project will come from various sources which include the city of Greensboro’s 3.2 million forgivable loans; the new market tax credits incentives, worth up to 5 million; and a leverage debt, which will cover the rest of the funding. According to the developers, this project is expected to begin by the summer of 2022 and continue up until the end of 2023, with more details on future phases to be announced as the initial phase progresses.
