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Developer updates council on Walnut Ridge, Baker & Main and Brentwood sites; financing and design changes explained
Summary
Winfield Properties told council the Walnut Ridge project will be built as two‑story structures after community feedback and that the project secured Federal Home Loan Bank of Atlanta funding; Baker & Main was submitted for low‑income housing tax credits and faces a highly competitive award cycle; Brentwood remains under study for alternative fund/
Winfield Properties provided the council with project updates on Walnut Ridge, Baker & Main and the Brentwood site, describing design changes, financing awards and continued work on competitive funding applications.
Craig Stone of Winfield Properties told the council Walnut Ridge was modified from a three‑story design to a two‑story layout to address neighborhood concerns about building height. Stone said the change increased construction costs but that the project recently received an award from the Federal Home Loan Bank of Atlanta. He said the project remains a roughly $14 million total development cost and will continue to provide 60 units; financing and syndication have been secured with a partner group based in Virginia, and the project is proceeding through the city’s TRC (Technical Review Committee) and regulatory review.
Stone also updated the council on Baker & Main, a proposed apartment community for which Winfield submitted a pre‑application to the North Carolina Housing Finance Agency (NCHFA) for low‑income housing tax credits (LIHTC). He said Baker & Main is currently planned as a 72‑unit development with one‑, two‑ and three‑bedroom units targeting households at roughly 40–80% of area median income (AMI) and that the estimated total development cost is about $14 million. Stone warned the NCHFA competitive round was unusually crowded this year — he said there were 118 applications for roughly 25–30 awards — and that the development team may need to reduce unit count or otherwise adjust the application to improve the project’s score under NCHFA’s Qualified Allocation Plan and tiebreaker rules.
On the Brentwood school site, Stone said Winfield is actively studying options. He told council that the Brentwood site did not score as strongly under the 9% LIHTC rules and that the team is looking at 4% tax‑credit applications, bond financing, or reconfiguring the project (for example, converting from family to elderly housing) to improve competitiveness. He said work is ongoing and that the city and developer have no final application to present at this time.
During the discussion, a council member raised questions about stormwater features near a floodplain and whether a retention or detention pond was planned. Stone said the project’s engineer (BWA) will calculate stormwater controls during the TRC municipal review and that TRC will verify pond design and water‑management details prior to permitting.
No formal council action was taken; the presentation was informational and staff described ongoing assistance with financing and application strategy.
