MOORESVILLE – A proposed 424-unit apartment complex on Talbert Road would be the first project to incorporate density incentives through a year-old amendment to the town’s planning ordinance.
Under a conditional rezoning approved by the town board July 15, developer Gross Residential will be permitted 83 more apartments than Mooresville’s planning rules would ordinarily allow for the 28.5 acre parcel between N.C. 150 and Brawley School Road, not far from the new Costco Discount Warehouse and Academy Sports + Outdoors.
That’s because the developer has committed to meeting “workforce housing” guidelines for the additional units.
“Based upon the town of Mooresville’s Inclusionary Housing Ordinance (passed by the town board last summer), individuals and families who need workforce housing generally earn between 50 and 110 percent of the area median income (AMI) for Iredell county and are gainfully employed, but sometimes cannot afford the average or market-rate rents,” said Rawls Howard, the town’s director of planning and community development.
The U.S Department of Housing and Urban Development sets the AMI and fair market rents for every county and Metropolitan Statistical Area in the U.S. The income targets for the Talbert Road apartments’ inclusionary units are between $38,885 and $77,700, based on household size. HUD’s fair-market rents for the apartments are between $763 and $1,133 for units ranging from one to three bedrooms.
The average income for a non-family household in Mooresville is $80,653, according to the U.S. Census Bureau, while the average income for a household with a family is $91,621. The median Mooresville rent is $1,037, the census reported.
Off the shelf
The initial application of the Inclusionary Housing Ordinance was worth the wait, Howard said.
“It shows that the policy works, is attractive to developers and is a valid tool for encouraging the development of workforce housing in Mooresville,” he explained.
Commissioners agreed when they unanimously approved the rezoning.
“We’ve been letting it sit on the shelf,” said Commissioner Thurman Houston in describing the year that passed between the adoption of the ordinance and its application to a project.
Because 85 percent of Mooresville residences are single-family homes, “we don’t have a lot of diversity” in terms of rents and prices, Commissioner Lisa Qualls added. “This is well-needed and long overdue.”
The Revere at Mooresville project is planned for the east end of Terrace Road, a popular route into the Mooresville Consumer Square shopping center anchored by Walmart.
The complex would include 12 three-story buildings and seven “carriage” units with garages on the ground floor and apartments above, a design Rawls said will be unique in Mooresville. A pool and clubhouse also would be part of the complex.
A traffic signal will be added at the intersection of Talbert and Terrace roads, and a privately maintained road will run through the middle of the complex and connect to Romany Lane in the Meadows at Reed Creek subdivision.