Double Oaks Communitiy

Double Oaks Apartments is situated in the Greater Statesville Avenue Corridor. In September 2007, The Housing Partnership purchased Double Oaks. Following behind the revitalization of two surrounding neighborhoods, the development of the Statesville Avenue Corridor Plan, the Park at Oaklawn HOPE VI redevelopment, and the 1^st phase of the revitalization of Druid Hills, the redevelopment of Double Oaks will greatly enhance the ability to complete the full revitalization of the Greater Statesville Avenue Revitalization Corridor.

Double Oaks consists of 576 units in 165 barracks-style low-density single-story 4-6 unit buildings built in 1950. The 60 acres of land on which the apartments sit is a very strategic piece of land. The site is within 1 mile of downtown Charlotte and is a major part of the Greater Statesville Avenue Corridor, where The Housing Partnership has developed projects totaling $71 million over the last 15 years and other public bodies have invested $51 million on road improvements, new school construction, and water and sewer upgrades in just the 5 years since the Greater Statesville Avenue Corridor Plan was developed.

The Housing Partnership plans to demolish the existing structures, combine the 60 acres with 10 adjacent acres already owned by The Housing Partnership and redevelop the resulting 70 acres (98 with infrastructure) as a mixed-use, mixed-income development combining affordable and market-rate rental housing, affordable and market-rate homeownership, and retail and commercial uses with a completed value of over $120 million.

The Housing Partnership will act in two roles in the redevelopment of Double Oaks. First, The Housing Partnership will act as the land developer which includes purchasing the property, master planning the development, demolishing the existing structures, building new infrastructure, and selling development parcels to component developers who will build the various components including market-rate apartments, condominiums, single-family homes and townhomes, and commercial uses. Second, The Housing Partnership will retain 3 to 4 development parcels on which it will build affordable rental developments utilizing low-income housing tax-credits along with other sources of funding.

At total build-out, Double Oaks redevelopment will include approximately 1,000 housing units along with approximately 100,000 sq. ft. of commercial development on 70 acres. Of the 1,000 housing units, The Housing Partnership expects to build approximately 300 affordable rental units. The remaining 700 units will be market-rate units with a combination of apartments, condominiums, townhomes, and single-family homes.