Work Begins to Replace Former Economy Inn Site with Affordable Housing

City leaders, community advocates and housing developers broke ground today on Hoover Townes, a new affordable housing community in the West Sugar Creek Corridor of Opportunity. Designed to create affordable homeownership opportunities for families seeking long-term stability, the development will create 39 townhomes on the former site of the Economy Inn near Sugar Creek Road and I-85, an area known for chronic disinvestment and instability. 

The project marks a significant milestone in Charlotte’s effort to convert distressed and underutilized properties into sustainable, community-oriented developments through its Corridors of Opportunity initiative. 

“Turning this space into homes people can call their own is how we build stronger communities,” said Dante Anderson, Charlotte Mayor Pro Tem. “This project shows what we can accomplish when we work together to prioritize people and progress over business as usual.”

Led by local developer Prosperity Alliance with construction partner True Homes, the project is focused on opening the door to homeownership for first-time buyers who are often priced out of the market.

“We believe everyone deserves the opportunity to own a home in the community they love,” said Shawn Kennedy, Executive Director of Prosperity Alliance. “Hoover Townes is about making that belief a reality, one family at a time.”

"Our passion for creating a fast path to generational wealth has brought community organizations, builders, financing partners, and civic leaders together to deliver attainable homeownership opportunities in the Hidden Valley community" said Marcus Kornegay, Executive Director of Prosperity Alliance.

Through a partnership with Pinnacle Financial Partners, Hoover Townes will offer enhanced down payment assistance via the House Charlotte Plus program. Eligible buyers can access up to $80,000 in combined support – $30,000 through the House Charlotte program and an additional $50,000 through House Charlotte Plus – for homes in designated areas like the Corridors of Opportunity.

“Today’s groundbreaking represents more than the start of construction, it’s a symbol of what’s possible when we invest in people and places,” said Erin Gillespie, executive manager of the Charlotte’s Corridors of Opportunity program. “Hoover Townes is not just about housing, it’s about hope, stability and legacy.”

This initiative specifically helps teachers, first responders, healthcare workers, and others who serve the community but often cannot afford to live in the neighborhoods they support every day.

Construction at the site will begin now and be completed in 2026.