CHARLOTTE, NC (WBTV) – A developer has decided to cancel plans to build a controversial low-income housing project in Charlotte’s Ballantyne area.
This is good news for hundreds of residents who attended a public meeting Monday night to voice their concerns against the project.
The developer wanted to build a bank and 86 low-income housing units at the corner of Johnston Road and Providence Road West.
However, RDG says without city tax credits, the project does not make economic sense.
During the public meeting Monday night, Stuart Proffitt who is with RDG said he should be able to partner with a different non-profit to make the project happen.
In recent weeks, some residents in the Ballantyne area told WBTV they were concerned about the development and the potential drop in property values in the immediate area should the city allow the development to move forward.
One man who said he used to live near an affordable housing project in the past was very concerned.
"They do bring in a climate of drugs, I know, I lived next to them," said John Vancamp. "They threatened my life, and they taught my kids to cuss."
Monday night, Charlotte Mayor Anthony Foxx said it is important to spread affordable housing around the city.
In the statement released Monday, the CHA cited problems with the project’s structure, funding and the development’s density (the total number of apartment units relative to the cost of the land) as reasons for their prompt decision to pull the plug on the plan at this time.
However, the CHA said a mixed-income residential development would still work well in the Ballantyne area like it has in other parts of Charlotte.