In 2021, The Industrial Commons was approached with an opportunity to purchase 10.29 acres of land near the Innovation Campus. Previously the site of the Drexel 6 factory, the land sits in an existing well-loved neighborhood, at the intersection of Church and Dixon Street. This parcel has been rolled into an exciting master planning process in conjunction with the adjoining Innovation Campus. 

Current zoning of the site will allow for approximately 55 units, and we are working on a mix that will reflect the needs of the current housing market. We anticipate creating a mix of single family and attached units. The anticipated breakdown of the mix of units will be approximately 9 four bedrooms, 30 three bedrooms, 14 two bedrooms, and 2 one bedroom units. In addition to the homes built, plans for the site include a playground, sports court, community garden, and shared community club house. 

The Industrial Commons has conducted intensive research and outreach talking to affordable housing experts as we refine our ownership models. We are honing in on an innovative approach that combines the creation of a land trust, and a limited equity cooperative. Through this model, TIC would retain ownership of the land of the development, while the homes built would become part of a housing cooperative. The limited equity cooperative model puts a limit to how much the value of any unit can increase in a given year. This ensures that the cost of buying into this cooperative remains accessible and affordable for a long time, while also creating a modest rate of return for those who may sell their homes.

Read more about Cooperative Housing for Rural Communities: Options and Opportunities for Burke County, NC.

We are excited to share our ambitious Vision Plan for our future Innovation Campus and Cooperative Housing site. This document is a first attempt to articulate our goals for land, and imagine what this site can be.