360 Hilliard Development Process Happening Now Construction is underway for a new affordable and mixed income community at 360 Hilliard Avenue, next to the Aston Tennis Center. Late 2019, the City of Asheville sold land to the Kassinger Development Group to build 86 apartment homes, with a requirement that 34 apartments are affordable, in a downtown location close to jobs and community amenities. Kassinger has built multiple quality projects in the Asheville community, including The Retreat at Hunt Hill Apartments, Weirbridge Village Apartments and Audubon Place Apartments. The affordable apartments will be available to individuals and families ranging in income from $27,900 (single person) to $42,500 for a family of two. Rental rates for the affordable units are currently estimated at $650 to $900 per month based on income. Completion is estimated for spring 2021. Background Getting an affordable housing development off the ground is complex. The City and Kassinger have had to re-work the details of the project multiple times to overcome the challenges of putting together a public-private partnership for affordable housing. The new agreement includes the following terms: The 360 Hilliard Ave. development will be an affordable and mixed-income rental community of 86 units with 34 affordable units. Of those, 18 units would be set aside for 60% Area Median Income (AMI) and below households and 16 units for 80% AMI and below households. A deed restriction guarantees affordability for 50 years. The site size is 1.75 acres. The City sold the parcel for $475,000, which is a discount from market value. In addition to bank financing and private funding, the development borrowed $1.4 million from the City’s Housing Trust Fund. The City provided a Land Use Incentive Grant that totals $560,043. The developer will install a public parking lot at the rear of the tennis courts, with the City to pay for half of the construction costs. The developer will install the trailhead and approximately 400 feet of the Bacoate Branch Greenway as well as the associated stormwater improvements. Construction and Impact on Parking at Aston Tennis Center We appreciate the patience of the WECAN community neighbors and the users of the Aston Tennis Center during construction. Parking is no longer available next to the tennis courts. At the end of the construction period, a new public parking lot will be available at the rear of the courts, with a total of 72 spaces. Tennis Center staff is working on an interim parking plan. Timeline June 2019 – Council approved sale and terms of 360 Hilliard December 2019 – Land was sold to Kassinger Development Group January 2020 – Construction began Fall 2020 – Lease up for market rate and affordable units to begin Spring 2021 – Estimated completion and apartments available for lease Supporting Documents 360 Hilliard Staff Report Development Plans for 360 Hilliard Elevation Drawing Contact Information Nikki Reid, Real Estate Paul D’Angelo, Community Development Updated 1/27/21