Brown Capital Group 240-unit apartment development at the Promenade
Summary
A $63 million market-rate apartment project is moving forward with city TIF support for roads and infrastructure. It's financed through tax-increment bonds with no general obligation on the city — the developer bears any shortfall. Completion targeted for summer 2028.
At a glance
- Total mentions
- 1
- Last 30 days
- 1
Discussed at 1 meeting in the last 60 days; most recently Oct 20, 2026.
Impact analysis
About $63 million total investment, with TIF capturing future property taxes to service roughly $8.5 million in bonds — no city general obligation.
Future residents get new market-rate housing, and the city gets roads and infrastructure in a currently undeveloped area.
None identified, though TIF diversion means those property taxes won't flow to other taxing units until the allocation area burns off.
Mentions & discussions (1)
Related development
Brown Capital Group Multifamily Development at the Promenade
Adds 240 rental units near the Promenade shopping area, with TIF financing to be worked out later.
BCG Economic Development Area and Allocation Area
Unlocks bond financing for the factory conversion, with completion eyed for late 2026 or early 2027.
Brown Capital Group Economic Development Agreement
The agreement would set out developer obligations and any public incentives; terms were not provided.
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