50-52 Coxe Avenue 

 

Solicitation Period Now Open

Buncombe County, with support from the Development Finance Initiative (DFI), is now solicitating proposals from prospective development teams. The County seeks an experienced development partner to realize the private development of at least 200 LIHTC rental units and 5,900 square feet of non-residential space located on 1.6 acres of land at 50 and 52 Coxe Avenue in downtown Asheville, NC.

 

For information, contact Sarah Odio at odio@sog.unc.edu or Buncombe County Procurement to learn more.

 

Solicitation Period of Coxe Avenue

 

At its April 2 meeting, the Board of Commissioners voted to move forward developing affordable housing on County-owned properties at 50 and 52 Coxe Avenue in downtown Asheville. With 200 proposed units, the estimated construction cost comes in at $59.1 million. Units are designated at 80% or less of area median income. The current area median household income is $68,019.

The proposal comes after more than 120 community members provided input on two possible development options through in-person and virtual opportunities. The other option included a reduced footprint that only utilized the property at 50 Coxe Avenue for 130 units.  

Partnering with the UNC School of Government Development Finance Initiative (DFI), the Board of Commissioners determined the development should:

  • Maximize the number of new apartments affordable to low- and moderate-income households in a mixed income setting.

  • Include active ground floor uses that serve residents and commuters and increase pedestrian traffic along Coxe Avenue.

  • Maintain direct and safe access from Coxe Avenue to Church Street for pedestrians and cyclists.

  • Balance maximum density and pedestrian-scale design that extends the vibrant, urban streetscape from Patton Avenue to the South Slope area.

  • Attract as much private investment as possible to maximize the impact of public investment in affordable housing.

With the approval, the County will begin soliciting development partner(s) and negotiating agreements. Construction on the property is tentatively slated to begin early in 2026.

Additionally, the County is now seeking right-of-way closure for Sawyer Street through the City of Asheville's Technical Review Committee. The Sawyer Street closure would allow for the construction of more affordable housing units and the completion of a pedestrian pass through.

50-52 Coxe Avenue Option 2 Sawyer Street Closure View

A bird's-eye view of Option 2 requires the closure of Sawyer Street and supports pedestrian access.

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Coxe Avenue Affordable Housing Development Community Engagement Meeting Summary Video

 

 

 

Background 

Buncombe County is continuing its work to transform underused County-owned properties into affordable housing.  The County hired the Development Finance Initiative (DFI) at UNC Chapel Hill’s School of Government in September 2022 to help meet the County’s goal to deliver at least 1,500 affordable rental units for low- and moderate-income households by 2030.   

 

In March 2023, following the results of an initial evaluation of publicly-owned properties, the Buncombe County Board of Commissioners prioritized 50-52 Coxe Avenue for development. DFI then began a pre-development process to identify public interests specific to this location. Those interests were then used to guide the development of conceptual plans that meet market needs, are compatible with the site and neighboring uses, and will stretch limited public resources by attracting private funding.  

 

Once a preferred plan is selected, the County will lead a competitive process to identify a qualified private development partner for each project. Development of the sites will occur only once important agreements that secure the public interests are executed between the County and its development partner(s).   

 

Coxe Avenue Site Map Outline

 

Guiding Public Interests 

In the first series of meetings with community members, Buncombe County worked with DFI to identify public interests specific to the site in order to guide development. A memo summarizing the feedback heard is available here. The following public interests were endorsed by the Buncombe County Board of Commissioners in August of 2023: 

 

Development of the 50-52 Coxe Avenue site should: 

  • Maximize the number of new apartments affordable to low- and moderate-income households in a mixed income setting.  
  • Include active ground floor uses that serve residents and commuters and increase pedestrian traffic along Coxe Avenue.  
  • Maintain direct and safe access from Coxe Avenue to Church Street for pedestrians and cyclists. 
  • Balance maximum density and pedestrian-scale design that extends the vibrant, urban streetscape from Patton Avenue to the South Slope area.  
  • Attract as much private investment as possible in order to maximize the impact of public investment in affordable housing. 

 

DFI worked with the architecture firm McMillan Pazdan Smith (MPS) to explore the various ways the property could be developed given the public interests, physical site limitations, and local regulations.  MPS created multiple plans including options with more or less residentials units of various designs and heights with commercial uses on the first floor. DFI then estimated the total construction cost for each scenario and estimated the sources of debt and equity funding that the private partner would likely be able to secure. With any development that restricts rents to keep those rents affordable, a funding gap is likely to exist once private or non-charitable sources, including Low-Income Housing Tax Credit equity, are exhausted. The County’s potential investment in any project will be to fill the funding gap for the development of units that are reserved for low- and moderate-income households.    

Community Meetings

Find Affordable Housing Options in Buncombe County with this New Video Tutorial

Click on the image below to read the full article and learn more about the Affordable Housing Map Tool.Affordable Housing Map Tool Article Link

Watch: Tapped In Episode: Housing Matters

with Buncombe County's Community Development Division Manager Matt Cable who shares more about affordable housing initiatives and how the community can get involved. 

Board of Commissioners Approve Process to Access Additional Opioid Settlement Funding, Advance Affordable Housing Study, & More

Click the image below to read the full article

Do You Qualify for Housing Services in Buncombe County?

Determining household income is the first step in qualifying for housing services. Many housing services use income caps, based on federal Area Median Income (AMI) data, to ensure they help people who need the most assistance. Click here to use our AMI Calculator to see if you qualify for the needed program.