Chris Foley is the Founder of Alchemy Development, a full-service real estate development and consulting firm specializing in both market-rate and affordable housing providing end-to-end expertise. Chris also works with Give Impact as a Network Consultant bringing his vision to help develop communities that shape the future of both urban and suburban environments by crafting distinctive, sustainable, and socially responsible real estate projects.

We sat down to discuss the affordable housing side of Alchemy Development and the growing development interest amongst municipalities, landowners, and developers – especially within Charlotte and the neighboring cities of the Carolinas...

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Branden Piks:

You’ve worked on affordable housing not only in Charlotte but also in places like Raleigh. From your perspective, how are we doing here in Charlotte and Mecklenburg County - what’s being done well, and where are we falling short? Are there opportunities here for developers, architects, or engineers who want to get involved in this space, and what would that path look like?

Chris Foley:

Charlotte and Mecklenburg County have really bought into affordable housing. For example, I’m working on a 25-unit project in Raleigh and a 200-unit project in Charlotte, both supported by city partnerships through Give Impact. In NoDa, we were able to secure a site surrounded by market-rate apartments with help from a city land loan.

Charlotte is also supporting smaller-scale solutions - updating code to allow ADUs, launching the Faith and Housing Fund to activate underused church land, and using fee-in-lieu funds to maintain affordability in TOD areas. These programs create opportunities that simply don’t exist in many municipalities that lack resources.

​Read the Full Conversation Here​

Work Begins to Replace Former Economy Inn Site with Affordable Housing

"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." Read Full Article.​

How does this impact our region?

When I first read about what’s happening on Sugar Creek with the Hoover Townes project, it felt like the kind of story we talk about building - but rarely see executed with this level of intention. Taking a shuttered, troubled motel and turning it into 39 affordable townhomes for teachers, first responders, and working families? That’s exactly the kind of design-forward, equity-driven infill Charlotte needs more of.

What makes this more than just another housing development is that it sits within one of the city's designated Corridors of Opportunity - areas where the city has committed serious resources (we’re talking $250M+ from public and private sources) to ensure historically disinvested neighborhoods don’t get left behind. This corridor-based approach reframes how we, as architects and builders, can contribute - not just by delivering buildings, but by helping reshape systems.

And while Hoover Townes isn't tied directly to the city’s Faith in Housing initiative, it parallels it in powerful ways. Faith groups across Charlotte are being invited to explore how their underused land could support affordable housing - and the city’s now backing them with training, technical support, and connections to professionals like us. It’s exactly the kind of cross-sector work that aligns with what I believe in: community-rooted design that’s about more than just profit.

This project also drives home how important it is to engage outside of high-end residential or commercial markets and focus on the missing middle and attainable housing space too. The homes at Hoover Townes will soon be available with up to $80K in down payment assistance which creates realistic paths to ownership for families who often get priced out entirely.

This project is more than a start but a real blueprint for how we can rebuild trust in design and community uplifting, one thoughtful project at a time. As someone committed to shaping this city with purpose, I’m watching this one closely - and looking for ways to align our work with more projects like it. I applaud the work of Prosperity Alliance and their partners for taking this on and hopefully creating a domino effect for those to follow!

We recently completed design for a 19-unit townhome community in Waxhaw, NC, thoughtfully planned across 1.97 acres of land. The site is zoned N2-B with 120 feet of primary frontage and is comprised of five buildings that create a walkable, neighborhood-scale development. Each residence is just under 1,900 square feet across two stories, featuring a single-car garage, open living, kitchen, and dining spaces, along with three bedrooms and 2.5 baths - ideal for families looking for modern living with convenience and comfort.

Our process began with working through the challenges of the site itself - its narrow width, the preservation of a tree save area, and a significant stormwater control measure requirement. These constraints pushed us to think critically about density, layout, and green space, ensuring the development balances both livability and environmental responsibility.

The architectural style leans contemporary, with clean rooflines, fiber cement exteriors, and warm wood accents highlighting the entries. Large windows, landscaped setbacks, and the rhythm of repeating gables create a cohesive streetscape that feels modern yet rooted in a sense of community.

Being situated in Waxhaw, one of Charlotte’s fastest-growing suburban markets, the design reflects the desires of homeowners who want a stylish, low-maintenance home within a close-knit community - all while staying connected to the broader Charlotte region.

This project is a reflection of how we approach complex sites: blending smart planning, sustainable integration, and contemporary design to deliver homes that not only fit the land but enhance the community fabric.

"Growth demands discomfort." | James Clear