Project Narrative Pierson PointeNew Hanover County
Workforce Housing Services Program - RFP
PROJECT NARRATIVE
Our organization has recently gone through the rezoning process and was successful in obtaining a new Zoning of R-5. Our plan is to develop 48 townhome units, all meeting the workforce housing guidelines for income.This will increase our stock of For Sale units that we are in a deficit for of over 3600 units, according to the market study done by the City/COunty Affordable Housing Committee. We will also have a deed restriction to require any owner to be an occupant (so no renters allowed). This restriction will be for a minimum of 15 years, possibly longer. 100% of the units will be affordable for Workforce Housing clients in a very desirable location in New Hanover County.
We anticipate breaking ground on the first units by May 2023. We hope to be completed within 12-18 months. This depends on availability of materials for the construction process, as this has been a challenge for many builders in the past year. The builder is also pursuing grants to install energy efficient HVAC and water heater units to assist in affordability for the homebuyers.
Since the property is not located in a service area for public water and sewer, this will be a big expense for us. Our developer, Steve Shuttleworth is in communication with CFPUA engineers to come up with the most efficient plan possible. We will also require a turning lane off of Carolina Beach Road which adds additional infrastructure costs. We also believe that this section of Carolina Beach Road will be in full development mode in the coming years if sewer becomes available, which will increase the county tax base even further.
Our development team consists of a commercial Realtor with lots of experience in development of affordable housing, Brian Fleer with Keller Williams, Robert Jackson, Manager of American Homesmith LLC, Deborah Butler, legal counsel and NC Representative, Steve Shuttleworth, Shuttleworth, Inc. and me, Jody Wainio, Realtor of over 35 years in the area, Managing Broker at Keller Williams Realty, and Affordable Housing Advocate for the last 15+ years in New Hanover County.
Commercial loan has been obtained through Paragon Bank to complete the purchase of the land. Other financial assistance has been promised from the NC Realtor Housing Foundation through grants from Wells Fargo and Truist Bank. We anticipate needing $1,00,000 to support Sewer and water access, which is critical to our success.