City of Durham, NC

10/17/2024 | Press release | Distributed by Public on 10/17/2024 11:34

Durham Continues Revitalization of Southside Community with Lofts at Southside Phases III and IV

Durham Continues Revitalization of Southside Community with Lofts at Southside Phases III and IV Groundbreaking October 23

Who

City of Durham Community Development Department and McCormack Baron Salazar, Inc.

Speakers include:

  • City of Durham Mayor Leonardo Williams
  • City of Durham Community Development Director Reginald J. Johnson
  • U.S. Congresswoman Valerie P. Foushee representing North Carolina's 4th District
  • Durham County Board of Commissioners Chair Nida Allam
  • U.S. Department of Housing and Urban Development Greensboro Field Office Acting Director Richard Thomason
  • American Rescue Plan Act Implementation Senior Advisor Devin O'Connor
  • McCormack Baron Salazar, Inc. President Vincent Bennett
  • U.S. Bank Community Development Corporation Assistant Vice President Jasmine Johnson
  • North Carolina Housing Finance Agency Board Chair Adam Abram
  • St. Joseph AME Church Reverend Dr. Jonathan C. Augustine
  • Lofts at Southside Resident Oreta Byas

What

A groundbreaking event to kick off the building of 100 affordable housing units for individuals or families who make 60% of the area median income - $44,520 for an individual and $63,540 for a family of four.

When

Wednesday, October 23, 2024, from 9 - 11 a.m.

Where

703 South Roxboro Street, Durham, N.C. 27707

Note: Event parking will be off Memphis Street and Chestnut Street. St. Joseph Street will be temporarily closed to through traffic. Only news media and elected officials may access St. Joseph Street for event parking.

Background

  • After years of planning, building, and community-wide investment, the City of Durham and McCormack Baron Salazar are set to celebrate the next major milestone and mark the final phases of revitalization of the historic Southside community with the groundbreaking for Phases III and IV of the Lofts at Southside.
  • Phases III and IV will consist of 100 affordable units for those with incomes that are 60% of area median income or less and is financed with City funds, tax credits, and American Rescue Plan Act funding from the federal government. Once completed, projected in April 2026, the Lofts at Southside will include 317 units with 238 affordable units.
  • Phase I, completed in 2014, provided 132 garden, townhouses, and live/work apartments some of which were specifically designed with handicap-accessible features. Eighty of the apartments are affordable rental units for households earning less than 60% of the area median income with the balance available for rent at market rates.
  • Phase II, completed in 2016, added an additional 85 garden, townhouses, and apartments combining affordable rental apartments with apartments at market rates.
  • The entire Southside redevelopment area consists of approximately 125 acres on the southern edge of downtown and includes a mix of homes, apartment communities, and commercial development. Prior to redevelopment, the area had the highest concentration of vacant lots and homes in the city, and the lowest rate of homeownership.

About the City of Durham Community Development Department

The Community Development Department is responsible for coordinating the City's housing resources and various housing assistance programs as well as promoting affordable housing by working with investors and community housing development organizations. The department also administers the Forever Home, Durham program and the City's entitlement programs from the U.S. Department of Housing and Urban Development. Guided by the City's Strategic Plan, the department helps to ensure that the City has connected, engaged, and inclusive communities by making housing more affordable for Durham residents.

About McCormack Baron Salazar, Inc.

McCormack Baron Salazar is the nation's leading for-profit developer, manager and asset manager of economically integrated urban neighborhoods. Since 1973, the firm has been an innovator in community development and urban revitalization in 42 cities, having built more than 19,500 high-quality homes for families, children, seniors and veterans.