Eagle Market Place
Co-Developed by Eagle Market Streets Development Corporation and
Mountain Housing Opportunities, Inc.
On Thursday, August 23, the North Carolina Housing Finance Agency (NCHFA) awarded approximately $7 million in new funds to Eagle Market Place, a partnership of Eagle Market Streets Development Corporation (EMSDC) and Mountain Housing Opportunities (MHO). This new commitment of $7 million from NCHFA is in addition to over $4.1 million already committed in loans and grants from the City of Asheville and Buncombe County – a total of $11.1 million committed. This new award from NCHFA ensures that Eagle Market Place will move forward, with construction to begin in 2013.
Overview of Eagle Market Place
- Eagle Market Place, a planned mixed use development that includes renovation of three historic buildings and construction of one new building, will total over 90,000 SF built to Energy Star standards.
- Three historic buildings will be restored and incorporated into the mixed use complex: the Dr. Collette building on Eagle Street, the Del Cardo building at the corner of Eagle and South Market Streets, and the Ritz Building on South Market Street. The buildings will be handicapped accessible throughout.
- Eagle Market Place will provide 62 affordable/workforce apartments, over 6,000 SF of community and neighborhood space, and almost 7,000 SF of commercial, retail, and office space. There will be 42 one-bedroom apartments, 17 two-bedroom apartments, and 3 three-bedroom apartments. Rents will range from approximately $200 for smaller units to $780 for the largest units.
- Apartment amenities include spacious floor plans, balconies, Energy Star appliances, washer/dryer hook-ups, beautiful interior lighting, ceiling fans, ample closet space with pantry and master bedroom walk-in closet, and long term storage units for each apartment.
- Site amenities include a beautifully landscaped interior courtyard, an indoor playground, laundry facilities, fitness center, computer/business center, leasing office, large community/multipurpose room with full kitchen, covered drop off area, and youth center. An additional $150,000 is being raised by EMSDC and MHO from charitable donors to enhance and enrich the public and community spaces, including historic renovations and landscaping. The Chaddick Foundation has already contributed $10,000 toward historic signage and displays.
- The overall design strategy is to “remember the past and plan for the future.” Historic displays and signage will commemorate “The Block” and its significance in Asheville’s history.
- Eagle Market Place will infuse this historic African American neighborhood and Asheville’s downtown with over $11 million of new investment. Approximately 500 construction workers in various trades will build Eagle Market Place over the course of the 18-24 month construction period. The proposed construction timeline is June 1, 2013 through June 1, 2015. NC Contractors including local contractors will be selected for the work, and minority and women owned businesses will be actively sought and included.
- Approximately 50 permanent jobs will be created in the apartments, businesses, and community space.
- An independent market study demonstrates huge demand for apartments at Eagle Market Place, estimating that there are over 2,200 families or individuals who will seek these 62 apartments. There are over 10,000 workers who work within one mile of the Eagle Market Place site and earn less than $40,000 per year in wages or salary – the target income market for the apartments at Eagle Market Place.
To download a PDF file of the history and more information of "The Block" and more information about the development of Eagle Market Place, click here. This is a 4MB file and might take a few minutes to download.