Asheville City Council has voted to sell city land at 360 Hilliard Avenue in support of an affordable housing and mixed-use residential development.
The initiative will add 34 new affordable apartments to the Asheville community in a downtown location close to jobs and amenities. Local developer Kassinger Development Group is working with the city on the project. Kassinger has worked on multiple projects in the community in the past, including The Retreat at Hunt Hill Apartments, Weirbridge Village Apartments, and Audubon Place Apartments.
Getting an affordable housing development off the ground requires a great deal of planning and cooperation. The city and Kassinger have had to re-work the details of project multiple times to overcome the challenges of putting together a public-private partnership for affordable housing. The new agreement includes the following terms:
- The 360 Hilliard Ave. development will be an affordable and mixed-income rental community of 86 units with 34 affordable units. Of those, 18 units would be set aside for 60% Area Median Income (AMI) households and 16 units for 80% AMI households.
- The site is expanded to 1.75 acres.
- The city will sell the parcel for $475,000, which is a discount from market value.
- $1.4 million will be available from the City’s Housing Trust Fund loan.
- $560,043 will be available from the Land Use Incentive Grant.
- The developer will install a public parking lot at the rear of the tennis courts, with the city to pay for half of the construction costs.
- The developer will install the trailhead and approximately 400 feet of the Bacoate Branch Greenway as well as the associated stormwater improvements.
The affordable units will be available to individuals and families ranging in income from $27,900 (single person) to $42,500 for a family of two. Rental rates for the affordable units are currently estimated at $650 to $900 per month based on income.
The council resolution authorizes the city manager to execute the new agreement under the revised terms. The City of Asheville continues to build partnerships — with nonprofit, mission driven, tax credit and for-profit developers — to produce, preserve and protect affordable housing. Kassinger Development Group is ready to begin construction in late summer.
A copy of the staff report and the council resolution related to this project is now available online.