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New Brookhill Overview Presentation
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New Brookhill #brookhillmatters
Tom Hendrickson Chair & CEO Lookout Housing Ventures, Inc.
Patricia G. Garrett President Lookout Housing Ventures, Inc.
Natasha Fowler Project Manager V.P Project & Asset Mgt. Lookout Housing Ventures, Inc. Â Stanley Watkins City Strata Consulting Senior Advisor
Alvin C. Jacobs, Jr. Community Relations Advisor
Terry Shook Shook Kelley, Inc.
Brian Jenest Cole Jenest Stone
Frank Quattrocchi Shook Kelley, Inc.
Jeff Brown Moore & Van Allen
Tracy Russ, SOLID Public Relations Advisor
Chris Lee WeaverCooke, Inc.
Bobbie Fisher Bobbi Thomas Builders
Ricardo Fisher Bobbi Thomas Builders
Mike Jones Property Manager Brookhill Village
New Brookhill team
Courtney Lundquist S.L. Nusbaum Realty Co.
Rev. Ray McKinnon President South Tryon Community Development Corporation (STCDC)
A proud history of community over decades. Generations of families have called Brookhill Village home. A pioneering project in 1951 when originally constructed. Originally included supermarket, beauty and barber shop, gas station, hardware and variety stores for residents. Many area business and civic leaders have lived in Brookhill over the years.
A community built for hope
Buildings fall into disrepair. Community safety threatened. Brookhill left behind as surrounding area thrives. Federal Forfeiture Action by the US Attorney and more Brookhill lawsuits. Complications drive most developers away. The future of Brookhill Village looks bleak.
A future threatened by challenges
Walking in, not walking away • South Tryon Community Development Corp (STCDC) formed • Community Resource Center established • Brookhill Village II LLC “Bargain Sale” to the CDC • Brookhill Land Lease Ventures LLC buys the lease from the STCDC
Photo credit: 2018 © Alvin C. Jacobs, Jr. Permanent Collection of the Harvey B. Gantt Center
• Brookhill Land Lease Ventures LLC • •
•
Negotiated new lease with Brookhill Land, LLC (property owner). Signed agreement with ALL prior parties resulting in dismissal of ALL state and Federal actions. Agreement included commitment with CMPD to use reasonable efforts to redevelop Brookhill subject to financial commitments—including GAP funding.
Photo credit: 2018 © Alvin C. Jacobs, Jr.
A path to renewal created
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Brookhill Village today
Brookhill Village today
Photo credits: The Charlotte Observer
New Brookhill tomorrow
New Brookhill tomorrow
324 units of new housing Half of units affordable 30% AMI 65 units 39 units 60% AMI 58 units 80% AMI Brookhill
Highest number of 30% AMI units in NC
community
Affordability in thriving South End
Unit Type
Bedroom Size
# of Units
30%
2 Bedroom
65
$
477.00
60%
1 Bedroom
2
$
870.00
60%
2 Bedroom
31
$ 1,041.00
60%
3 Bedroom
6
$ 1,198.00
80%
2 Bedroom
52
$ 1,417.00
80%
3 Bedroom
6
$ 1,633.00
Market
1 Bedroom
10
$ 1,560.00
Market
2 Bedroom
32
$ 2,200.00
Market
2 Bedroom Townhome
64
$ 2,600.00
Market
3 Bedroom Townhome
56
$ 3,200.00
324 TOTAL
Rent
Mix of homes in a renewed community
• Construction begins in least-occupied areas • Temporary relocation within Brookhill • Moving assistance provided • Residents get first priority for qualification in new affordable units • Direct move into new units when possible
Minimal construction displacement
Community • • • • • • • • • • • • • • • •
On-site management Computer center Playground Pet-friendly, with dog park Swimming pool Fitness center Resident lounge Activity center Recreation center Laundry facility Controlled fob access to amenities Safety cameras Social services & activities Community gazebo Picnic area Barbeque grills
Apartment home • • • • • • • • • •
• • • •
Patio/balcony Central air conditioning Refrigerator w/icemaker Microwave oven Electric range Dishwasher Garbage disposal Washer/dryer hookups In-unit washer/dryer*
* (in townhomes; laundry facility on-site)
Window blinds Vinyl plank flooring Ceiling fans Walk-in closets
New Brookhill amenities
2 miles to uptown Brookhill community
.5 miles to future Rampart Street LYNX stop
Accessible to jobs and transportation
Photo credit: Alvin C. Jacobs, Jr. “Welcome to Brookhill”
New Brookhill Tomorrow
Photo credits: 2018 © Alvin C. Jacobs, Jr. Permanent Collection of the Harvey B. Gantt Center
Pre-Development Accomplishments • • • • • • • • • • •
All litigation over New lease executed Leasehold purchase closed MAI Appraisal Survey Phase 1 Environmental Site Assessment Environmental Assessment HUD Noise Study Positive market analysis Website information updated Architectural Plans
Steps Forward
Finance Update City of Charlotte/HTF: City Council approved $3MM. Mecklenburg County: request in review on annual rent subsidy support. Inlivian: proposed to assist low income New Brookhill families with up to 65 Project Based Vouchers (PBV’s) for 30% AMI.  Construction/Mini-Perm Loan: executed Term Sheet for $47 Million in Construction/Mini-Perm financing and completed lender-ordered MAI As-Stabilized Appraisal of New Brookhill. Current Property Loan: negotiated extension of current note on property to facilitate finding GAP funding for New Brookhill.
Steps Forward
Capital Stack
Let’s Make This Happen Together
Next Steps (1)  Secure GAP funding. (2a) Verify sufficiency of the Construction/Mini-Perm term sheet (executed on May 20, 2020) OR (2b) Secure a construction/forward commitment with a 20-year permanent loan. (3) Update the financing costs. (4) Update the material cost estimates due to the time since the HTF application. (5) Verify City’s plan for public infrastructure.
What Is Needed to Move Forward?
Website - newbrookhill.com Email - info@newbrookhill.com
Stay connected - email questions to: info@newbrookhill.com
#brookhillmatters
Photo credit: 2018 Š Alvin C. Jacobs, Jr. Permanent Collection of the Harvey B. Gantt Center
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New Brookhill Overview Presentation