Retreat at Renaissance: A Brownfields Project

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As part of the North Carolina Brownfields Program (as adopted from the Brownfields Property Reuse Act of 1997), which supports land re-use and area revitalization throughout the state, the Retreat at Renaissance redevelopment offers benefits to the community, environment and homebuyer.

Community and environmental benefits:
  • Revitalizes land that is otherwise unused and, in turn, helps to stimulate the local economy and contribute to a cleaner, healthier neighborhood
  • Can help to restore environmental impairment from former industrial or commercial use
Homebuyer benefits:
Under a special tax exclusion provided by the Brownfields Program and North Carolina's tax statutes, buyers are eligible for a net tax savings of approximately 50 percent (cumulatively) over the first five years of ownership.

The schedule is a front-end-loaded sliding scale for five years:
  • Year 1: 90%
  • Year 2: 70%
  • Year 3: 50%
  • Year 4: 30%
  • Year 5: 10%
Specific to Retreat at Renaissance, homebuyers will enjoy an aggregate tax savings of $7,000 to $10,000 (estimation over the first five years of ownership). The specific amount is determined by purchase price and appraisal.

View the resources below for more information about the Brownfields Program at Retreat at Renaissance: