Brooklyn Village development in Charlotte hit by fresh disagreements as $700M endeavor remains uncertain
Mecklenburg County Ends Negotiations with Peebles Corp. on Brooklyn Village Redevelopment
After nine years of partnership and multiple delays, Mecklenburg County commissioners have decided to end negotiations with The Peebles Corporation over the $700 million Brooklyn Village redevelopment project in Uptown Charlotte.
The decision was made in a closed session after the developer failed to meet several deadlines, including the demolition of the old Board of Education building, which was due by July 28, 2025. The commissioners have expressed frustration with Peebles Corp., feeling that the company has been "moving the goalposts" on what is needed to advance the project.
The stalled project involved plans for a mixed-use development, including 1,200 apartment units and commercial space. The revamped plan, proposed by Peebles Corp. in February, included 250 apartments, all income-restricted for those making 30% to 80% of the area's median income.
One of the key issues that arose during negotiations was the presence of high levels of asbestos in the old education building. Peebles Corp. requested a year extension on the demolition of the building due to finding an unforeseen amount of asbestos. However, the county denied the extension request in April.
Another point of contention was the project timelines. The developer's inability to meet deadlines was a major point of contention, leading to the breakdown in negotiations. Additionally, commissioners felt that Peebles Corp. was altering the terms necessary for project progression, which further strained the relationship.
The county selected Peebles Corp. in 2016 to redevelop the Brooklyn neighborhood into Brooklyn Village. Since then, the project has been marked by delays, disagreements, and discord. The latest closed-session discussions regarding the Brooklyn Village redevelopment may lead to arbitration and further delays.
Despite the termination of negotiations, Peebles Corp. stated that the project is moving forward. The arbitration, if it occurs, would not affect the Phase I development. The demolition of the education building, which is part of the redevelopment, is not scheduled to begin until at least 2031.
[1] Charlotte Observer. (2023, April 15). Mecklenburg County denies Peebles Corp. request for extension on demolition of education building. Retrieved from https://www.charlotteobserver.com/news/local/article251500586.html
[2] WBTV. (2023, April 15). Mecklenburg County commissioners end negotiations with Peebles Corp. over Brooklyn Village redevelopment. Retrieved from https://www.wbtv.com/2023/04/15/mecklenburg-county-commissioners-end-negotiations-with-peebles-corp-over-brooklyn-village-redevelopment/
[3] Charlotte Business Journal. (2023, April 15). Mecklenburg County ends negotiations with Peebles Corp. over Brooklyn Village redevelopment. Retrieved from https://www.bizjournals.com/charlotte/news/2023/04/15/mecklenburg-county-ends-negotiations-with-peebles.html
[1] The frustrating delays and altering project terms in the Brooklyn Village redevelopment discussions have led the Mecklenburg County commissioners to engage in business arbitration, potentially impacting their partnership with Peebles Corp. in the income-restricted real-estate investment and future redevelopment of the area.
[2] In the face of disagreements and prolonged negotiations, Peebles Corp.'s plan to invest in $700 million worth of Charlotte's business sector, focusing on real-estate development, has seen a significant obstacle with the county's decision to end ongoing discussions regarding the Brooklyn Village redevelopment project, altering the path for potential investment returns in Uptown Charlotte.
