Brooklyn Village Site in Charlotte Changes Hands Twice

An integral part of uptown Charlotte’s Brooklyn Village redevelopment was sold to a local Charlotte group, the second time in two months the property changed hands.

Charlotte-based First and Early Partners dropped $24.3 million to acquire 700 and 800 East Brooklyn Village Avenue from Peachtree Group, who acquired the deed from Peebles Corporation in May. In 2023, Peachtree greenlit $23.8 million in funds to New York-based Peebles to secure the location and fund construction, according to the Charlotte Business Journal.

Peachtree initially filed for foreclosure on the deed in early May, but voluntarily dismissed the action before the May 21 deed transfer. First and Early formally acquired the 5.8 acre pair of properties on June 29.

First & Early representatives have not formally released plans for the site, according to the outlet.

The initial phase of the Brooklyn Village project was meant to be the springboard for the $700 million redevelopment. 496 market-rate multifamily units, 56 units that would be priced for residents making 60 percent of the area median income and around 20,000 square feet of space earmarked for retail use were included in the first phase’s plans, according to the outlet. The next phases were set for Marshall Park at 303 South McDowell Street, and nearly six acres of the former Charlotte-Mecklenburg Schools Board of Education building.

Mecklenburg County, who owns the rest of the land set for redevelopment, named Peebles and Charlotte-based Conformity Corporation, who operated under the BK Partners banner, as the master developers a decade ago. BK Partners completed demolition work of the Bob Walton Plaza along with a smattering of infrastructure work.

Chief operating officer of the Charlotte Regional Business Alliance Tracy Dodson told the outlet that the space is still ripe for a public-pritvate partnership to be successful. Dodson cited the Pearl innovation district that was developed by a joint effort of Atrium Health and Wexford Science & Technology as a successful example.

— Hunter Cooke