On August 23, Asheville City Council voted unanimously to move forward with the purchase and sale agreement of 319 Biltmore Ave, with Laurel Street Residential a Charlotte-based developer. Laurel Street Residential is among the very few black and female owned development companies in North Carolina. This sales approval is a milestone in the advancement of City Council’s strategic goals for affordable housing, using City owned land. The city is excited to see this project reach this major milestone in its development.
Following this approval, the Laurel Street design team will begin designing the development in more detail and then the development review process. After careful consideration, the property is set to sell to LSR for $1.00 with the expectation of creating a mixed income community that complements and supports the Maple Crest Apartments (formerly Lee Walker Heights).
What’s to come
The development is projected to provide 215 units of mixed-income housing. Of those 215 units, 20% or 43 units would be available to households at 60% AMI or below, with half of those units accepting housing choice vouchers. Another 10%, or 22 units, will be available to households at 80% AMI or below, and 150 units would be rented at market rates. These 65 new affordable housing units will be affordable for a period of 30 years. There will also be an additional 1000 square feet of commercial space and standard amenities for the residents.
319 Biltmore Ave was purchased from Duke Progress with $5.3 Million of bond funding. To prepare the site for development, the city put an additional $400,000 into demolition of the existing building, environmental site remediation and infrastructure investment.