Winston-Salem Finance Committee Endorses Two Apartment Projects

Winston-Salem’s finance committee has endorsed two projects that would include apartments. The first is the redevelopment of the Pepper Building on the corner of Liberty and Fourth streets:

Coe Pepper would spend $8 million to renovate the building, including the $1.6 million loan from the city. City administrators are proposing to get the $1.6 million from money the voters approved as part of the 2014 bond package.

When the loan is repaid the money would go for future housing and neighborhood development projects…

Under the proposal the city is considering, rents on the affordable units would be $575 per month, with units charging the market rate going for $675 to $1,218 per month depending on the square footage.

The Pepper building would have 44 one-bedroom units, five two-bedroom units and five studio apartments.

The second project is a proposal from Goler CDC for a 115-unit apartment community:

Goler Community Development Corporation and Laurel Street Residential LLC will be asking the city for a $325,000 grant and a $1.25 million loan to develop a 115-unit apartment complex on land in between Martin Luther King Jr. Drive, Chestnut Street and Patterson Avenue.

The development would consist of 14 studio apartments, 83 one-bedroom apartments and 18 two-bedroom apartments. A quarter of the units — 29 apartments — would be set aside for people who make no more than 80 percent of area median household income.

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