Local nonprofit outlines 46-unit Reynolds Cottages infill project near downtown Brunswick

Forward Brunswick's executive director Lance Savi presented Reynolds Cottages on Nov. 19, describing a two-acre infill development at 2400 Reynolds Street that would add 46 residential units near downtown Brunswick.

Savi said the plan preserves four historic live oak trees, places homes close to the sidewalk to foster a walkable character and divides the site into 21 for-sale units on the north half and 25 rental units on the south. "Overall, we're looking at a little over $8,000,000 investment in our community," Savi said during his presentation.

Savi outlined the intended price range for the for-sale homes and described the ownership restrictions intended to keep the units affordable: one-bedroom for-sale units were described as starting at $145,000 and three-bedroom units not to exceed $290,000, and sales contracts would require owner-occupancy with a right of first refusal back to the city of Brunswick. He said the for-sale units are intended to help first-time buyers build equity while rentals are intended to remain below full market rates and not be subsidized.

On financing, Savi said the project relies on a multi-part capital stack, including a $2,500,000 infrastructure grant from the Department of Community Affairs and a $1,000,000 construction loan from DCA; he said roughly $3,000,000 in conventional bank financing remains and that the team is seeking local, state or federal support to reduce the portion that would carry market-rate interest. "So at this time, what we're trying to do is offset that $3,000,000," he said.

Savi named Bill Gross as the contracted builder and said the design firm Cronenberg Urbanists and Architects is producing plans intended to match neighborhood character and maintain street parking and front porches. He said the site includes green space and alley access for rear parking and that the team has preserved and evaluated the large live oaks with an arborist.

Commissioners asked whether the site is in a floodplain; Savi replied the site is "out of the flood plain," at 19 feet of grade, and that homes will be elevated an additional 2' to 3 feet on piers with improved hurricane ratings. On affordability supports, Savi said Forward Brunswick will pursue partnerships with local banks and nonprofit down-payment-assistance programs and will provide financial counseling; he also noted a website for inquiries, ReynoldsCottages.org.

Savi asked the commission to consider potential financial support and to author a general letter of support to help secure additional private and institutional partners. Commissioners who spoke congratulated the team and noted the project aligns with long-discussed visions for the site.

Next steps included continued fund-raising and development of financing commitments; Savi said letters of commitment to secure larger financing were already part of the DCA application process. The commission did not take formal action on the request at the meeting.