CHARLOTTE, NC - The Annex Group®, a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities, today announces plans for Central at Old Concord, a new affordable housing community coming to Charlotte, North Carolina. Located at 5709 N. Tryon, Central at Old Concord will be on 3.5 acres of property and offer 200 one, two and three-bedroom units to households earning up to 70 percent of the area median income (AMI). The more than $57 million community will feature one five-story building.
“Central at Old Concord will have a lot to offer residents,” said Ryan Clark, Senior Vice President of Development for The Annex Group. “The community combines a modern, U-shaped design and robust amenities with a convenient location just steps away from the Old Concord light rail station and the new Ella B. Scarborough Community Resource Center. It’s going to be a place where people enjoy living.”
Amenities planned for Central at Old Concord include: a community room, playground, exercise room and a grilling area. The Annex Group had research conducted into the Old Concord area. Among the findings was the fact that 58 percent of people rented in the area in 2022, compared to about 47 percent throughout the rest of the county.
“As always, The Annex Group seeks out data to make informed decisions about where to create housing that can be impactful,” said Joy Skidmore, Development Consultant for The Annex Group. “In this case, research on current rental market conditions, socioeconomic, demographic, employment data and more underscored the need for more affordable housing in Charlotte, a growing city with a high-level of renters.”
Partners on the project include: Cline Design, McAdams, Shelter Investment Group, ECS Southeast LLP, August Mack Environmental, Capital Consultants, Drucker and Falk, DELCK Group LLC and Impact Housing Indiana, Corp. Financing for the project was secured through several key contributors: Bank of America, serving as both the construction lender (over $39 million) and federal equity provider (approximately $23 million); Stifel Public Finance, which underwrote $28.4 million in bonds issued by INLIVIAN; and the North Carolina Housing Finance Agency (NCHFA), which provided ongoing support of affordable housing in North Carolina through the allocation of four percent tax credits and tax-exempt bonds. Additional permanent financing of over $22 million was also provided. Finally, the City of Charlotte's crucial support includes HTF funding (over $4 million), which was essential for the project's realization.
Central at Old Concord is now under construction with expected completion in the summer of 2027. This is The Annex Group’s second community in North Carolina. Union at Tryon, another affordable housing community, is currently under construction.
ABOUT THE ANNEX GROUP®: The Annex Group® is a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.