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Buncombe County authorizes negotiations with Urban Atlantic for Ferry Road affordable housing project
Summary
County commissioners authorized the manager to negotiate a memorandum of understanding with developer Urban Atlantic to advance a mixed-income Ferry Road development that staff says would create about 645 housing units, more than half of which would be affordable.
The Buncombe County Board of Commissioners on June 17 authorized the county manager to enter into negotiations with Urban Atlantic to develop a memorandum of understanding for the Ferry Road housing project.
Evie Otterstall, a county staff member presenting the item, said staff issued a solicitation in May 2024, received two proposals and—after interviews this spring—are recommending Urban Atlantic as the development partner. "Urban Atlantic demonstrated alignment with the guiding public interest for this project, which include creating a diverse, mixed income, multi generational community, maintaining the conservation area, providing equitable access to amenities and recreation opportunities for all of our residents," Otterstall said.
Otterstall and staff provided a unit breakdown from the developer's proposal: of 530 rental units, 270 would be designated affordable, and the project would include 115 homeownership units, bringing the county's goal to about 645 new units in the project area.
The requested action was narrowly procedural: authorize the county manager to negotiate an MOU that would set responsibilities, milestones and the pathway to a later development agreement. Commissioner Sloan moved to authorize the county manager to enter negotiations; Commissioner Moore seconded the motion. The board voted in favor and the motion carried.
County staff said representatives from Urban Atlantic and MHO were available to answer questions but provided no additional public financial commitments at the June 17 meeting. Next steps described by staff include drafting an MOU, establishing milestones in that MOU, and returning to the board with a proposed development agreement for formal approval.
The commission did not adopt a development agreement at the June 17 meeting; the action taken only authorized the manager to begin negotiations toward an MOU and eventual agreement.
