Sugar Creek Motel Site to Become Affordable Housing

The Economy Inn that sits off of I-85 is being redeveloped into 30 affordable townhomes.

Residential house construction — Source: Pgiam / Getty

A former budget motel on Sugar Creek Road is being transformed into 39 affordable townhomes for first-time buyers, priced between $190,000 and $230,000. The development, named Hoover Townes after longtime Hidden Valley teacher Brenda Hoover, will serve families earning 60–80% of the area median income.

“For a three-bedroom, two-and-a-half bath townhome — you can’t find those price points anywhere in the city of Charlotte,” says Marcus Kornegay, executive director of local developer Prosperity Alliance.

Backed by the City of Charlotte, which sold the land for $1 after purchasing it for $4.2 million, the $8 million project is being built at cost by True Homes. Monthly mortgage payments are expected to range from $1,000 to $1,400.

Four homes will be reserved for Charlotte-Mecklenburg Schools teachers. DreamKey Partners and Pinnacle Financial are helping buyers with down payment assistance. Applications are already open