Developer blames economy for drawn-out Uptown project

CHARLOTTE — The developers for the long-drawn-out Brooklyn Village project in Uptown Charlotte’s southeast side got an earful Wednesday night from Mecklenburg County commissioners.

“I was the only one who voted no four times because I wasn’t buying what your group was selling,” said Commissioner Pat Cotham, at-large.

“I was against it from the very beginning,” said Commissioner Elaine Powell, District 1.

One of the developers of the project, which was approved in 2016, was called to the meeting to explain the latest development in the project’s timeline: The vertical construction for Phase 1 isn’t slated to begin until June 2026.

“There is a significant part of the population that is outraged about this,” Powell said.

Donahue Peebles Jr. with Peebles Corporation told commissioners that high interest rates, unfavorable economic conditions, and an oversupply of apartments in Uptown have extended the timeline.

“Truth of the matter is, there are more apartments units coming online than there are new renters, and the federal reserve has raised interest rates to a point they make it exceptionally challenging to make new investments,” Peebles told commissioners.

However, some commissioners didn’t buy the excuse.

“I don’t think the economy is as bad as you are making it out to be,” said Commissioner Laura Meier, District 5.

Some are questioning the potential legal obligations of the county and its taxpayers if the project fails to reach completion.

“What happens if they don’t break ground,” Powell said. “Where are we legally?”

Peebles said he isn’t deterred and is still committed to completing the project.

“Not concerning at all,” Peebles said. “We’re excited to push forward on the project. We understand that these kind of deals are challenging.”

The project currently includes retail space, parking, and hundreds of apartments with some affordable.

However, county commissioners told Peebles it may be time to re-work that mix since the market has drastically changed since 2016.

VIDEO: Vertical construction of Brooklyn Village won’t start until June 2026

Vertical construction of Brooklyn Village won’t start until June 2026

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