Community investment where it matters most
Writer: Ryan Gandolfo
May 2024 — In an effort to address fragmentation that can lead to economic inertia, the city of Charlotte developed its Corridors of Opportunity (COO) program in 2020 to connect and grow communities equitably and thrive economically. Fast forward four years and progress is taking shape, with nearly $150 million invested in more than 75 projects spanning 20-plus partners.
Recent initiatives like the Start-Scale-Sustain (S3) Grants have been launched to support the local organizations tasked with establishing a collective vision for their districts.
“This grant will build the capacity of established and emerging business district organizations (BDOs), enabling them to more effectively support the businesses and residents in their districts and promote their districts as vibrant and successful neighborhood centers,” Anthony Mendez, a representative from the city manager’s office, told Invest:.
Districts historically underinvested in Charlotte include West Sugar Creek, Beatties Ford/Rozzelles Ferry, North Graham/North Tryon, Albemarle/Central, West Boulevard, and Freedom/Wilkinson. Charlotte City Council approved $1 million for the grant program to BDOs for organizational capacity building support and technical assistance, and business support and development.
Mendez noted that since 2020 there has been public and private investment of $72 million each — totaling more than $144 million toward different types of projects and redevelopments, such as the Economy Inn site in the Sugar Creek Corridor.
WCNC reported the former motel site was purchased by the city in 2023 for about $4.2 million and demolished to make way for 39 townhomes that would be earmarked as affordable housing to boost homeownership opportunities.
In the 2023 COO annual report, notable projects included the funding and rezoning of Three Sisters Market on West Boulevard, Prospera’s Small Business Partner Grant, which engaged 48 business owners, particularly benefiting Hispanic-owned businesses, and a $490,000 E-Bike Pilot Program, funded by the city and Wells Fargo.
For the S3 Grants, funding is expected to be put to use in the near term. “Organizations will have until the end of 2026 to spend the funds awarded to them,” said Mendez.
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