Atrium Health land swap clears way for affordable housing, boosts investment to $51 million
CHARLOTTE - Atrium Health has finalized a land-swap agreement with Charlotte's public housing authority that will pave the way for new affordable housing developments while supporting future expansion of The Pearl innovation district in Midtown.
The agreement, executed Tuesday between Atrium Health and INLIVIAN, involves the exchange of two similarly valued 3-acre properties. Atrium Health transferred its parcel at 720 E. Morehead St. in Dilworth to INLIVIAN, while receiving a vacant 3-acre tract at Baxter Street Park in Midtown.
The Morehead Street property is expected to be developed for affordable housing. The Baxter Street parcel will support future growth of The Pearl, Charlotte's emerging medical and technology innovation district.
The transaction also helps advance affordable housing plans on a separate 14-acre Atrium Health-owned site off North Tryon Street that has been designated for development by INLIVIAN.
With the completion of the deal, Atrium Health said it has contributed more than $51 million toward affordable housing and homelessness initiatives in the Charlotte region over the past five years.
"When families have a safe place to call home, we see it in their health and well-being," Steve Smoot, executive vice president and president of the North Carolina and Georgia division of Advocate Health, Atrium Health's parent organization, said in a statement. "By partnering with INLIVIAN, we are helping create meaningful opportunities and impact for families across Charlotte, while also supporting the continued growth of The Pearl."
The North Tryon property, located between North Tryon and North Poplar streets, was deed-restricted by Atrium Health in June 2024 to ensure future affordable housing development. The site sits adjacent to another 16-acre affordable housing project planned by INLIVIAN.
Under the restrictions, at least 25% of residential units built on the property must be designated as affordable housing. Half of those units must be reserved for residents earning 50% or less of the area's median income.
Atrium Health also worked with INLIVIAN to secure rezoning of the Morehead Street property to allow future affordable housing construction.
INLIVIAN Chief Executive Officer Fulton Meachem said the partnership demonstrates the type of collaboration needed to address Charlotte's housing challenges.
"The affordable housing crisis cannot be solved by any one organization alone," Meachem said. "This agreement creates opportunities far beyond the exchange of land. It opens the door for new mixed-income communities where children can grow up in safe neighborhoods, seniors can age with dignity, and working families can live close to jobs, schools, healthcare, and the opportunities that help them thrive."
Affordable housing is also being incorporated directly into The Pearl development. Wexford Science & Technology, a development partner in the innovation district, is constructing a residential building on approximately one acre of the site, with 5% of units deed-restricted for affordable housing.
The Pearl, anchored by medical, educational and technology organizations, is being developed as Charlotte's first innovation district and is expected to serve as a hub for research, workforce development and economic growth.
Atrium Health has contributed more than $5 million toward Roof Above and $1 million toward A Home For All, in addition to the $15 million to the Housing Impact Fund.
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