Brooklyn Village redevelopment moves forward after $10.3M sale

Driving the news: Mecklenburg County and BKV Phase I Development, LLC, closed on the sale of Brooklyn Village South in Second Ward on Friday, July 28, for $10.3 million. This is the first phase of the project.

Catch up quick: BKV Phase I Development, LLC is a subsidiary of BK Partners, LLC (a partnership between two developers: New York-based The Peebles Corporation and Charlotte-based Conformity Corporation).

• The county selected BK Partners to redevelop 17 acres of publicly owned land in 2016.

Why it matters: The site of the development is in the heart of what was once a thriving Black community known as Brooklyn. It was razed in the name of urban renewal, which cost Black Charlotteans millions in generational wealth, per an Axios analysis.

Details: Brooklyn Village South is more than 5.5 acres and is located at the intersection of E. Brooklyn Village Avenue and S. McDowell St. It includes the Bob Walton Plaza Building, which will be demolished during phase I, and the parking lot it connects to. The exact address is 700 & 800 E. Brooklyn Village Avenue.

• Phase I of the project also includes installing horizontal infrastructure (things like storm drainage and utilities).

The big picture: Brooklyn Village will ultimately include multi-family housing, office and hotel space, retail and a park. The full three-phase buildout of the 17-acre project will take at least 12 years, Axios reported in December.

What’s next: Construction on the first phase set to start this fall. Future phases will include Marshall Park and former site of the Board of Education Building.