Buncombe County Advances Ferry Road Development Project

Buncombe County, North Carolina, July 23, 2025

News Summary

Buncombe County Commissioners are set to vote on the Ferry Road Development, which aims to construct 645 residential units, with over half designated as affordable housing. The project will cost approximately $160 million, with significant funding from Buncombe County and additional partners. The development is part of the county’s initiative to address the affordable housing crisis, with construction expected to commence by the end of 2027. Another project on Coxe Avenue in Asheville will provide 206 affordable units as part of the county’s ongoing commitment to housing solutions.

Buncombe County, North Carolina – In a significant move towards addressing the affordable housing crisis, the Buncombe County Commissioners are poised to vote next week on a major development project along Ferry Road. This initiative, known as the Ferry Road Development, will introduce 645 residential units, over half of which will be allocated as “affordable housing” for local residents.

The estimated cost of the Ferry Road project is $160 million, with Buncombe County committing $19 million to subsidize the affordable units, and an additional $7 million expected from other funding partners. County staff have recommended Urban Atlantic as the master development partner for this ambitious project, which will be supported by Mountain Housing Opportunities in the creation of affordable homes.

The Ferry Road site encompasses approximately 137 acres, located southwest of Tanger Outlets, an area acquired by the county back in 2015. The development plans include 530 rental units and 115 homeownership units, with 308 units available specifically for residents earning 80% or less of the area’s median income. In order to proceed, a memorandum of understanding (MOU) will be established to delineate the responsibilities of each party involved, paving the way for a formal development agreement.

The motion to advance with the MOU with Urban Atlantic was passed unanimously by the Buncombe County Board of Commissioners. Predevelopment activities are expected to continue until 2027, with construction projected to commence by the end of that year, allowing for possible housing sales to start at the end of 2029.

In addition to the Ferry Road initiative, Buncombe County is also moving ahead with another affordable housing project on three county-owned properties located on Coxe Avenue in downtown Asheville. This downtown initiative is set to offer 206 units, all reserved for households earning 80% or less of the area’s median income. The total estimated cost for this project is $74.5 million, which necessitates the closure of a section of Sawyer Road along Coxe Avenue.

Commissioners will finalize an agreement with developer Harmony Housing for the Asheville project on March 18, marking another step in the county’s commitment to increasing affordable housing opportunities.

Background Context

The drive towards these substantial developments comes amid growing concerns over housing affordability in Buncombe County, where a significant number of residents struggle to find adequate housing within their financial means. The Ferry Road Development and the downtown Asheville project aim to provide solutions by expanding the availability of affordable housing options to individuals and families in need.

Key Features of the Projects

Feature	Ferry Road Development	Downtown Asheville Project
Estimated Cost	$160 million	$74.5 million
Total Residential Units	645 units	206 units
Affordable Units	More than half	All units
Target Income Level	80% or less of median income	80% or less of median income
Partnerships	Urban Atlantic, Mountain Housing Opportunities	Harmony Housing
Projected Construction Start	End of 2027	To be determined
Housing Sales Start	End of 2029	To be determined

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Additional Resources

• WLOS: Buncombe County Commissioners Vote on Ferry Road Project
• Mountain X: County Takes Next Step for Ferry Road Development
• WLOS: Buncombe County Plans 206 Units on Coxe Avenue
• Google Search: Buncombe County affordable housing
• Wikipedia: Affordable housing