Winston-Salem City Council Approves Aid for Mixed Use Development

The Winston-Salem City Council approved, by a 7-1 vote, aid for a mixed use development near BB&T Ballpark that will include 250 apartments. From a story in the Winston-Salem Journal:

Brand Properties Real Estate Investment Group will build 250 luxury apartments on land to the northeast of the ballpark, along with 50,000 square feet of retail space that would include a grocery store.

The $53 million investment by Brand would create a project bringing in about $300,000 in annual tax revenue to the city, although that money and more will be needed to make the payments on a parking deck the city would build to bring in the Brand investment.

The city contribution in the form of a 510-space parking deck would be built by Brand and sold to the city for $8.3 million. The city would finance the purchase at a 4 percent interest rate over 20 years, with the city making about $610,000 in annual payments over that period.

Some council members expressed concern that the first phase of development does not include more affordable workforce housing, but Brand has stated that it will included workforce housing in the second phase of the project.