Deal increases health system’s recent investment in affordable housing to more than $51M
Atrium Health has contributed 14 acres off North Tryon Street to enable affordable housing to be developed by INLIVIAN, Charlotte’s public housing authority. This contribution has been years in the making and was catalyzed yesterday by the execution of a land swap agreement between Atrium Health and INLIVIAN.
Under the agreement, Atrium Health exchanged its 3-acre property at 720 E. Morehead in Dilworth – which will also be developed for affordable housing – for a 3-acre property at Baxter Street Park in Midtown, a similarly valued vacant parcel owned by INLIVIAN. The exchange supports future growth at The Pearl, Charlotte’s first innovation district.
With the closing of this agreement, Atrium Health will now have contributed over $51 million toward affordable housing and homelessness solutions in the Charlotte region over the past five years, marking one of the largest total contributions by any locally based organization.
“When families have a safe place to call home, we see it in their health and well-being. This agreement reflects our commitment to strengthening the communities we serve by investing in ways to expand access to safe, affordable housing,” said Steve Smoot, EVP and president of the North Carolina and Georgia division at Advocate Health, of which Atrium Health is a part. “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.”
Onsite at The Pearl, Wexford Science & Technology is also developing a residential building on about an acre of land that will include 5% of units that have been deed restricted for affordable housing.
The North Tryon property was deed restricted by Atrium Health to enable affordable housing in June 2024. The land is between North Tryon and North Poplar streets and adjacent to another 16-acre INLIVIAN affordable housing development. At least 25% of the residential units constructed on the site must be reserved for affordable housing, and half of those must be made available for those earning 50% or less of the area median income.
Atrium Health worked with INLIVIAN to ensure that the Morehead Street property was rezoned to allow for future affordable housing.
“The affordable housing crisis cannot be solved by any one organization alone. It requires partners who believe that housing is more than a roof over someone’s head; it is the foundation for health, educational success, economic opportunity, and hope,” said Fulton Meachem, Chief Executive Officer of INLIVIAN. “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.”
In addition to the land Atrium Health is transferring to INLIVIAN and its commitment to onsite affordable housing units at The Pearl, Atrium in recent years has donated more than $15 million to the Housing Impact Fund to help preserve affordable rental units around Charlotte, more than $5 million toward Roof Above and $1 million toward A Home For All.
