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Council approves Alexander Company—s plan for 734 South Elm: 128 apartments and retail potential cleared to move forward
Summary
The Greensboro City Council approved a sales development agreement with the Alexander Company for 734 South Elm, authorizing a 90‑day inspection period and directing next steps for financing and design review. The proposal includes 128 apartments, future retail (grocery‑sized floor plates) and parking; financing depends on LIHTC outcomes.
The Greensboro City Council unanimously approved a sales development agreement on Dec. 16 that allows the Alexander Company to pursue redevelopment of 734 South Elm into a mixed-income project that includes 128 apartment units and space sized for future retail, including a potential grocery anchor.
Russ Clay of the city—s long-range planning division summarized the agreement—s structure: a sales price slightly above $2.5 million based on recent appraisal, a $30,000 deposit (becomes nonrefundable after the inspection period), a 90‑day due-diligence and inspection window, and a 12‑month financing period with a commitment to begin construction within one month of closing and to complete the project within 24 months of closing. The redevelopment program calls for 128 apartments, interim public parking (149 spaces) and the design flexibility to add structured parking if a grocer or other large retail tenant commits.
David Voss, a project manager with the Alexander Company, described two financing scenarios: apply in January for 9% Low-Income Housing Tax Credits (LIHTC) to capture a more favorable funding route and reduce city subsidy needs, or fallback to a 4% LIHTC program if 9% awards are not secured. Under the 9% scenario the applicant proposed setting aside roughly 41.4 percent of units at lower AMI bands (50–70% AMI), with market-rate units making up the balance. Voss emphasized prior community engagement and design revisions done after neighborhood input.
Community representatives including James Griffin (Warrensville Community Coalition) spoke in support, highlighting redevelopment and neighborhood connections. Council members asked whether city funding would be required depending on LIHTC outcomes and pressed the applicant on retail conditions and long-term commitments. Council expressed interest in drafting conditions that clarify allowable retail uses and protections to ensure the intended mix is durable.
Motion to approve the sales development agreement passed unanimously. Next procedural steps include the Alexander Company completing its inspection and financing work, final site plan and elevations review by staff and the redevelopment commission, and any subsequent city approval steps required before closing.
