Brooklyn Village Negotiations Collapse as County Walks Away from Peebles Corp.
After nine years, no apartments, and a missed demolition deadline, Mecklenburg Commissioners end their relationship with the Miami Beach developer.
A Decade-Long Partnership Ends
Mecklenburg County has officially decided to cut ties with The Peebles Corporation, the Miami Beach–based firm hired in 2016 to redevelop Brooklyn Village in Charlotte’s Second Ward. In a closed session on August 6, all nine commissioners agreed to terminate negotiations, directing outside counsel Womble Bond Dickinson to deliver the message.
The decision ends nearly a decade of delays, design revisions, and unmet milestones. Not a single apartment has been built since the county awarded Peebles the rights to lead the $700 million redevelopment project—a sweeping mix of housing, retail, office, and hotel space intended to acknowledge and partially repair the destruction of the historic Black neighborhood of Brooklyn during 1960s urban renewal.
The Breaking Point
The turning point came on July 28, 2025, when Peebles failed to meet a contractual requirement to demolish the old Board of Education building on Martin Luther King Jr. Boulevard. The company argued that the discovery of asbestos constituted a “force majeure” event—an unforeseeable obstacle excusing performance under the contract. County staff rejected the claim as “meritless” and refused to grant an extension.
This followed years of mounting frustration among commissioners, who accused the developer of shifting requirements and stalling while other uptown projects surged ahead.
Affordable Housing Talks Collapse
Earlier this year, Peebles had pivoted from its original plan for a 550-unit, mixed-income building to a smaller, fully affordable complex of 200–250 units on a 5.5-acre parcel it already owns near the Mecklenburg Aquatic Center. The proposal targeted households earning 30%–80% of the area median income, with a 99-year affordability covenant.
To fund it, Peebles requested $13.5 million from Charlotte’s Housing Trust Fund—the largest request in the city’s history. In April, the City Council deferred the request after staff cited “challenges” in the financials and concerns about nearly exhausting the rental housing allocation for the current funding cycle. The developer withdrew its request soon after.
With the county’s termination decision, those negotiations are effectively dead.
Legal and Financial Stakes
Peebles still holds title to the 5.5-acre parcel, and could argue that it retains purchase rights to other properties under the 2018 master development agreement. Litigation is expected and could stretch on for years.
The county now faces the question of whether to seek a new development partner, repurpose the land for public use, or leave it idle while legal disputes play out. For now, the Brooklyn Village site remains a reminder of an unfulfilled promise—vacant land and government buildings where a thriving neighborhood once stood.
A Broader Pattern
The Charlotte breakdown mirrors Peebles’ experience in Durham earlier this summer, when the city ended talks over redeveloping an old police station. In that case, the developer’s financial request increased from roughly $4 million in subsidies and a $57 million loan to $78 million in subsidies and no loan, stalling the deal entirely.
What Comes Next
For Mecklenburg County, the immediate next steps involve bracing for litigation while reassessing long-term redevelopment goals for the Second Ward. For Charlotte residents, the collapse of the partnership raises broader questions about accountability, the use of public land, and whether restitution projects tied to historic displacement can survive the realities of the modern real estate market.
About the Author
Jack Beckett is Senior Writer for The Charlotte Mercury. Still reporting, still caffeinated—if I’m not at the keyboard, I’m refueling at Summit Coffee. If I am at the keyboard, someone please bring me another cup before I start filing stories in Morse code.
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This article, “Brooklyn Village Negotiations Collapse as County Walks Away from Peebles Corp.,” by Jack Beckett is licensed under CC BY-ND 4.0.
“Brooklyn Village Negotiations Collapse as County Walks Away from Peebles Corp.”
by Jack Beckett, The Charlotte Mercury (CC BY-ND 4.0)
