Construction Projects Progress in Cherryville

3:08 PM EST |April 30, 2025|Wise News Network|Business, Cheery-Ville Column, News Articles, Recreation

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By: Wise News Network Staff

Cherryville, NC (WNN) — Change is currently underway in Cherryville, most noticeably with two major construction projects. Meritage Homes is building new houses, and apartments are being built on Academy Street. These projects are driving much of the town’s current growth.

Meritage Homes: Progress and Community Welcome

Since January of this year, Meritage Homes has been building homes in a new residential development located off of Requa Road at 5211 Georgette Trl in Cherryville. According to Tracie Bober, the Marketing Director for Meritage Homes Charlotte Division, the community has warmly welcomed the project. “We’re really excited about the progress and how warmly the community has welcomed us,” said Bober. Everything is running on schedule.”

Aerial photo of Calico Creek off of Requa Road in Cherryville, NC. April 11th, 2025 by Mason Beam (WNN)

Currently, 20 homes are in various stages of construction, with 7 already completed. Of those completed homes, 4 have been sold. Additionally, land development is complete, and all lots are now ready for construction. The frontage landscape and a playground with enhanced landscaping have been finished, creating a welcoming entrance to the neighborhood.

The Playground on the Meritage Homes Property in Cherryville, NC. April 10th, 2025. By: Lauren Ramsey (WNN)

“We’ve got 20 homes in various stages of construction, including 7 that have been completed. We’ve sold 4 of those as of this past weekend. The land development has been completed, and the lots are ready for construction. The frontage landscape, as well as the playground with enhanced landscaping, is complete, providing a welcoming entrance.” Bober stated. The playground is the only amenity on sight.

Rutherford Crossing Apartments: New Rental Housing Underway

Adding to the dynamic growth in Cherryville is the Rutherford Crossing apartment complex, a significant new housing development located at 1465 W. Academy St. in Cherryville. Additionally, this project, spearheaded by Rutherford Crossing Limited Partnership, will introduce 120 new multifamily rental units to the area.

Some of the apartments at Rutherford Crossing on Academy Street in Cherryville, NC. April 10th, 2025. By: Lauren Ramsey (WNN)

These apartments are designed to meet the needs of a diverse range of residents, with unit sizes including 36 one-bedroom, 72 two-bedroom, and 12 three-bedroom layouts. The complex will also offer residents access to a community room, a playground, a picnic area, and a gym.

A key aspect of Rutherford Crossing is its focus on providing affordable housing options, with rental restrictions set for households earning 50, 60, and 70% of the Area Median Income (AMI).

According to the U.S Department of Housing and Urban Development (HUD), the Charlotte-Concord-Gastonia Fair Market Rent (FMR) area— which includes Gaston County where Cherryville is located has a median family income of $112,200. HUD uses FMR areas to help determine fair rental prices for housing assistance programs. This FMR area also includes Cabarrus, Mecklenburg, and Union counties in North Carolina, as well as York County in South Carolina.

Financial Breakdown of the Rutherford Crossing Project

The project is being financed through Conduit Revenue Bonds totaling $12,075,000. The lender for the construction and permanent phases is Bank of America, with Cedar Rapids Bank & Trust Company also involved in the construction phase.

Aerial photo of Rutherford Crossing on Academy Street in Cherryville, NC. April 30th, 2025 by Mason Beam (WNN)

Interestingly, only interest payments will be made for the first three years, followed by principal and interest payments. Consequently, the loan is expected to be fully paid off by December 31st, 2041. The total funding for the project amounts to $23,595,605, sourced from the construction loan ($12,075,000), investor equity ($1,095,918), taxable construction loan (8,460,000), energy credit equity ($5,819), and deferred fees ($1,958,868).

Furthermore, the Gastonia Housing Authority views this project as necessary and expedient for promoting low and moderate-income housing in the City of Gastonia, a conclusion supported by market analysis and the positive review of the North Carolina Housing Finance Agency (NCHFA).

New Housing Projects Promise Growth and Opportunity for Cherryville

As these construction projects progress, they will ultimately reshape the landscape of Cherryville, offering new homes and housing opportunities for a diverse range of residents. Furthermore, the welcoming atmosphere noted by Meritage Homes and the focus on affordable housing at Rutherford Crossing suggest a new trajectory for the town’s continued growth and community spirit.

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