West Boulevard property dodges federal foreclosure
West Boulevard, one of Charlotte’s “corridors of opportunity” caught the attention of the federal government due to a high rate of crime and drug trafficking in the area.
As a result of the high crime activity the property, which is home to a few businesses, was at risk of federal foreclosure.
Last night’s City Council business meeting saw the purchase of the land to prevent foreclosure.
The price? $1,200,000.
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In order for the federal government to dismiss interest in the property, the City must manage the property under conditions put in place to decrease recurring crime at the location.
These terms include terminating current leases in a practical time frame and completing renovations.
The West Boulevard Neighborhood Coalition is working with the Economic Development Department to “revitalize” the corridor and plan for tenancy of the property’s retail spaces.
Closing will occur by May 16.