Brooklyn Village developer explains delays

Economic conditions, including high interest rates, are delaying the start of the project, the developer says

The following article appeared in the August 9, 2024, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.

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Quotable, Part 1: Brooklyn Village developer on the economic malaise that is postponing the project (again)

From Wednesday’s Mecklenburg County commissioners meeting, at which Donahue Peebles III of BK Partners explained why construction on the Brooklyn Village project uptown is being pushed back to June of 2026. The contract was awarded in 2016, and the company estimated in May that construction would start in 2025.

We are anxiously awaiting the opportunity to put a shovel in the ground.

I can assure you that there is no group more heavily incentivized to start construction than ours. As it sits today, we spend more than $315,000 a month on interest, taxes, insurance, repairs and maintenance.

There is no one here who wants to see those two towers dot the Mecklenburg County skyline more than I do.