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Winfield Properties updates council on Walnut Ridge, Baker & Main and other projects
Summary
Winfield Properties updated council on Walnut Ridge (revised to two stories, $14 million, 60 units), Baker & Main (72-unit pre-application to NC Housing Finance Agency for LIHTC targeting 40–80% AMI), and other pipeline projects including Flats at Old Winston and Brentwood site planning.
Craig Stone of Winfield Properties briefed the council on several affordable housing projects in various stages of development and financing, including a site-plan revision at Walnut Ridge, a LIHTC pre-application for Baker & Main, and progress on the Flats at Old Winston.
On Walnut Ridge, Stone said the developer revised an earlier three-story design to a two-story plan following community concerns about building height. “It was originally awarded as a 3 story project… That award allowed us to move forward without reducing any units,” Stone said, noting the project has secured a competitive award from the Federal Home Loan Bank of Atlanta that helped maintain the unit count. Stone described Walnut Ridge as “around a $14,000,000 total development cost investment” and said the project will continue to provide 60 units as designed, though site-plan and regulatory reviews are ongoing.
Stone described Baker & Main as a new apartment community for which the developer submitted a pre-application to the North Carolina Housing Finance Agency for low-income housing tax credits. Baker & Main is currently contemplated as 72 units of one-, two- and three-bedroom apartments targeting households at roughly 40–80% of area median income. Stone warned the council the tax-credit round is highly competitive this year — the developer counted 118 applications statewide competing for roughly 25–30 awards — and said the project may need unit reductions or other adjustments to be competitive under the agency’s Qualified Allocation Plan and tie-break rules.
Stone also reported success in the current cycle for the Flats at Old Winston Road, which received an award and is moving forward with about a $12,000,000 investment. He said Brentwood is being evaluated for alternative financing: the site did not score strongly enough for the 9% tax-credit round and is being considered for a 4% bond application or a targeted elderly project to improve competitiveness.
Council members asked questions about building height, traffic and stormwater details; Stone said the design team submitted revised plans to the technical review committee and is working with city staff and engineers on stormwater, detention/retention calculations and other regulatory checks. Stone said financing syndication is in place for at least one project and staff will continue to assist with gap financing options when available to strengthen applications.
No formal council action or vote was recorded for these project updates; staff and developer said they will return with additional details as projects advance through financing and permitting.
